FALL 2020 Econ Unit 1 Quiz Review

Economics is the study of how people make choices when faced with scarcity and their unlimited wants & needs.

• True

• False

The idea that resources are limited. As the Rolling Stones sang "You can't always get what you want".

• supply

• demand

• inflation

• scarcity

What are the 3 basic questions all societies must answer?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

• What to produce? How To Produce? For whom to produce?

• What to produce? How to produce? When to produce?

All of the following are examples of the factors of production except

• Steve Jobs

• a diamond necklace

• A machine used to print signs at a printing shop

• Ms. Harmon

When sellers are attempting to get consumers of a reveal by offering the best deal possible is known as:

• Profit Motive

• Economic Freedom

• Voluntary Exchange

• Competition

When Coach Cody gets paid for teaching and coaching at Westlake High School, he is participating in...

• the factor market

• the product market

• human capital

• command economy

A Production Possibilities Curve shows the maximum amount of profit a firm could make.

• True

• False

What role does the government play in a command economy?

• Laissez-faire (hands off)

• a very limited role

• it makes most, if not a key economic decisions`

• it doesn't play a role.

What are the key characteristics of a free-enterprise economy?

• private property, profit motive, economic freedom, voluntary exchange, competition

• traditional, command, and market

• the government makes most of the key economic decisions

• economically nonproductive

In economics, utility is...

• the degree to which a product can be useful and provide satisfaction.

• the key characteristic of all command economies.

• the ability of a product to be used by many different people.

• the amount of resources required to make a product.