Econ Week 1 Quiz

The basic elements from which all goods and services are produced are known as:

• a society
• an economy
• tradeoffs
• resources

What is the fundamental economic problem?

• Resource inefficiency

• Specialization

• Scarcity

• Economic Enigmas

Thinking at the margin means asking this question:

• What's the benefit of analyzing opportunity cost?

• What's the benefit of adding one more?

• What's the benefit of human capital?

• What's the benefit of identifying incentives?

What is a "tradeoff" in economics?

• The fundamental economic problem.

• Giving up something to get something else.

• Accepting high prices even though you suspect price gouging.

• Any good or service provided in the market.

Which is an example of "allocation?"

• Centennial decides to close the Mind Center.

• Centennial decides to change from hard-copy production to only accepting digital work.

• Centennial decides to change the Warrior Walk to 2nd period instead of 4th period.

• Centennial decides that the 25 seats in Disco next hexter will only be available to incoming seniors.

Activities produced in an economy, such as healthcare and haircuts.

• Services

• Allocation

• Goods

• Resources

What is opportunity cost?

• The increased salary value of a college degree or trade school certification over an entire career.

• The value of all of your assets combined.

  (assets are property that work in your favor financially).

• The value of the next best alternative that could have been chose, but was not.

• The value of the incentive you are working toward.

Which Principle of Economic Thinking describes the idea that Scarcity forces us to choose which needs and wants to satisfy with available resources?

• Incentives Matter

• Scarcity Forces Tradeoffs

• Trade Makes People Better Off

• Thinking At The Margin

Pick the factor that DOES NOT contribute to a comparative advantage when trading.

• Climate

• Technology Differences

• Governmental Regulations

• Wage Levels

How can you tell something is "scarce," not "rare?"

• When something is scarce, it exists frequently, there just isn't enough for everyone who wants it. When it's rare, it hardly ever exists or can hardly ever be found.

• When something is rare, it exists frequently, there just isn't enough for everyone who wants it. When it's scarce, it hardly ever exists or can hardly ever be found.

• When something is scarce, it exists only in nature and there is only enough for everyone who wants it if they find it themselves. When it's rare, it doesn't exist in nature and must be made by a factory.

• There is no difference between scarce and rare.