Intro to Econ

What is economics?

• The study of money

• The study of people and the choices they make

• The study of governments and citizens

• The study of the past

Which of the following is NOT one of the three questions of economics?

• What to produce?
• How to produce?
• For whom to produce?
• When to produce?

What is scarcity?

• The study of how people choose to use limited resources
• The problem of unlimited wants and limited resources
• The problem of limited wants and unlimited resources
• The problem of having too few options

"Gold" is an example of which factor of production?

• Land
• Labor
• Capital
• Entrepreneurship

A mine worker is an example of which factor of production?

• Land
• Labor
• Capital
• Entrepreneurship

What is the value of the next-best alternative when you make a trade-off?

• Fruit snacks
• Opportunity Cost
• Scarcity
• Second-Best

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

Which of the following is not a Factor of Production?

• Land
• Labor
• Capital
• Cash

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

• Market
• Mall
• Stock Market
• Town Square