Economics Quiz

According to Adam Smith, where does our dinner come from?

• The benevolence of the butcher, the brewer, or the baker

• The regard to their own interest of the butcher, the brewer, or the baker

• The self-love of the butcher, the brewer, or the baker

• The necessities of the butcher, the brewer, or the baker

What does economics help us understand?

• How our choices affect our neighbors, community, nation, and world

• How to make everyday life choices

• How to illuminate hidden wonders in the everyday world

• How to shop at the supermarket

How many different items does the average supermarket carry?

• Over 10,000

• Over 20,000

• Over 30,000

• Over 40,000

What is scarcity?

• The unlimited amount of resources available

• The limited amount of resources available

• The unlimited amount of human wants

• The limited amount of human wants

What does scarcity imply?

• Every choice we make requires us to give up something

• Every choice we make requires us to gain something

• Every choice we make requires us to waste something

• Every choice we make requires us to share something

What is the cost of what you choose called?

• Opportunity cost

• Monetary cost

• Benefit cost

• Trade-off cost

What does rationality assume?

• People make choices based on their emotions

• People make choices based on their instincts

• People make choices based on their desires

• People make choices based on comparing benefits and opportunity costs

What do economists call the benefits of an action?

• Opportunity cost

• Monetary cost

• Benefit cost

• Trade-off cost

What do economists call the cost of what you give up?

• Opportunity cost

• Monetary cost

• Benefit cost

• Trade-off cost

What do economists call the concept of individuals specializing in what they do best and trading with others?

• Opportunity cost

• Monetary cost

• Benefit cost

• Gains from trade