Intro to Econ Quiz

What is economics?

• The study of how people use scarce resources to fulfill their wants and needs

• The study of how people use unlimited resources to fulfill their wants and needs

• The study how people can use math to put students to sleep

• The study of how people can use their wants and needs to create resources.

Which of these best describes scarcity?

• Scarcity is a myth

• There is a place called Scar City that houses the King of Economics

• Scarcity is when you have a shortage of resources

• Scarcity occurs when there is an abundance of resources

Is this a want or a need: Water

• Want

• Need

Is this a want or a need: Airpods?

• Want

• Need

Is this a want or a need: Shelter?

• Need

• Want

Microeconomics is:

• The study of small money, like loose change

• Studying economics on a personal/smaller scale

• Studying economics on a larger/corporate scale

• Looking at money with a magnifying glass

Macroeconomics is

• The study of small scale economics

• The study of computer macros

• The study of large scale economics

• The art of making macramé with money

Which of these best describes opportunity cost?

• The value of the next best choice

• The amount of money for a given opportunity to happen

• How people should budget their time

• The amount of money lost from not taking an opportunity

An example of an opportunity cost is

• A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else.

• A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). 

• A commuter takes the train to work instead of driving. It takes 70 minutes on the train, while driving takes 40 minutes. The opportunity cost is an hour spent elsewhere each day.

• A person spends 6 hours playing a new video game and misses work the next morning. The opportunity cost is their job

Who is winning Superbowl 57?

• Chiefs

• Eagles

• Rihanna