HST 413 1.04 Quiz

Which is not a game?

• basketball

• baking

• checkers

• hockey

Which do all players in every game have?

• a team

• a position

• a score

• a role

Which is a feature that is common to all games?

• a playing field

• a team

• a score

• an outcome

In the game of economics, which word is used to describe actions that other people value?

• goods

• resources

• services

• goals

Which does not take place in the game of economics?

• production

• evaluation

• consumption

• distribution

Which situation demonstrates meeting the goal of efficiency?

• when you do something with as little waste as possible

• when you allocate resources to people who deserve them

• when you use up all of the available resources

• when you make sure you produce as much of something as possible

Which best explains why not all goals in economics can be met?

• Some goals are not worthy of pursuing.

• Not all people know what their economic goals are.

• Some goals are incompatible with each other.

• Only certain goals can be understood in monetary terms

Which explains why scarcity is a basic fact of life?

• There will always be too many people on the Earth.

• Demand will always be greater than supply.

• Technology has not advanced far enough yet.

• People cannot make good allocation decisions.

You are organizing an economy. Which question must you answer first?

• What is the most effective allocation of resources?

• How are goods and services to be distributed?

• What is to be produced?

• How is production to be organized?

Which is one way that land contributes to production?

• Roads allow for the transportation of goods.

• Tools are created by humans to aid production.

• Energy from the environment fuels production.

• Ideas are needed to figure out how to use natural resources.