Econ DCA 1st 9 Weeks

Which one describes a free enterprise society?

• Follows customs and traditions

• Market sets prices

• State owns everything

• Individuals exchange goods

Which factor of production is increased by a high school diploma?

• Capital Expenses

• Human Capital

• Land

• Physical Capital

If you decided to buy a fuel efficient car to save on gas, which effect is this an example of?

• Learning

• Substitution

• Complimentary

• Income

Which retirement plan has delayed tax benefits and the potential for matching contributions from an employer?

• 401 K

• Banking

• Mutual Fund

• Certificate Fund

What are the factors of production?

• Land, people, dinosaurs, capital

• capital, mushu, people, labor

• labor, people, capital, land

• land, labor, capitol, entrepreneurship

What did Adam Smith pioneer

• Communism

• Free enterprise

• Traditional

• central market

What is a demand determinate?

• A new cell phone being released

• Godzilla attacks a phone company

• Korea makes new laws about phones

• Steve Job's ghost appears and demands more money per iPhone.

Equilibrium is achieved when supply and demand are--

• 50-50

• 40-60

• 70-30

• 20-80

You friends decide to have a Halloween party, but you stay home to study for your econ test. What is your opportunity cost?

• An A on the test

• Being allowed to graduate

• Not getting COVID

• Missing out on some epic tea at the party

What is the opportunity cost of choosing C

• 1 Tamale

• 2 Tamale

• 12 Cheeseburgers

• 4 Tamales