Intro to Econ Quiz

Whatever you "give up" when you do something is called the?

• Net Loss
• Opportunity Cost
• Loss Factor
• Second Choice

The study of production, employment, prices, and policies on a nationwide scale is called?

• Macroeconomics
• Microeconomics

The study of how consumers, workers, and firms interact to generate outcomes in specific markets is called?

• Macroeconomics
• Microeconomics

A farmer milking their cows, a cheese factory using he milk to make cheese, and a restaurant using the cheese to make pizza are examples of what in action?

• Specialization
• Labor Roles
• Mass Production
• Assembly Lines

A curve depicting the maximum amount of planes or shoes that the US can produce is called what?

• Production Possibilities Frontier
• Supply and Demand Chart

Which of the following is not a Factor of Production?

• Land
• Labor
• Capital
• Cash

In what type of economy does the government control the Factors of Production?

• Planned Economy
• Socialist Economy
• Free Market Economy

In what type of economy is their a mix of both public and private ownership of the Factors of Production?

• Planned Economy
• Socialist Economy
• Free Market Economy

In what type of economy is their only private ownership of the Factors of Production?

• Planned Economy
• Socialist Economy
• Free Market Economy

A place where buyers and sellers meet to exchange goods and services is called a?

• Market
• Mall
• Stock Market
• Town Square