Econ Literacy Test

Front

The part of economics that deals with behavior and decision making by small units, such as individuals and firms?

Back

Microeconomics

Front

A good or service that is used in conjunction with another good or service. (For example, peanut butter and Jelly)

Back

Complements

Front

What is a payment representing a portion of the corporate earnings divided among stockholders?

Back

dividend

Front

Under normal circumstances, when the price of a good falls, the quantity demanded for that good will _______________.

Back

increase

Front

A Monopoly is when there is a single _______?

Back

seller

Front

Which of the following is a primary characteristic that helps to determine the type of economy a country has? For example, is an economy socialist, communist, or free market: How many consumers and producers are in the marketplace, The amount of government involvement in decision making, How educated the citizens are in that country, Voter participation levels?

Back

The amount of government involvement in decision making.

Front

What best describes the type of economy in the United States? Options: Free Market, Communist, Mixed, Socialist (Go Bernie!)

Back

Mixed

Front

In terms of GDP, what country in the world has the biggest economy?

Back

United States

Front

What is meant by the statement the every economic system faces the fact of scarcity?

Back

There are not enough resources to satisfy all wants of society

Front

The opportunity cost of building a brand new public high school is the

Back

the most desirable alternative to building the high school