Economics Quiz

Allows you to earn money in the short term.

• Unskilled labor

• Wages

• Job

• Career

Personal value that an individual can offer to a company.

• Career

• Human capital

• Salary

• Income

Jasmine has to decide between going to college and the workforce. What is the opportunity cost if she decides to go to college?

• Cost of tuition, books, housing

• Money & experience from the workforce

• The amount of time she will have to study

• There is no opportunity cost

What is the average weekly median for an individual with a high school diploma?

• $712

• $626

• $712

• $767

What is the average unemployment rate % for someone who has a high school diploma?

• 10.3%

• 15%

• 9%

• 8.2%

Based on the list below, which is an effect of an individual’s life choices on his or her financial future?

• An individual who attends college will always have a higher income than an individual who does not attend college.

• An individual who obtains a college diploma will usually have a higher income than an individual who chooses a vocational path.

• An individual who fails to earn a high school diploma has a better chance of achieving all of his or her financial goals than an individual who pursues additional education.

• An individual who chooses a career that requires a college education or vocational training is more likely to have a higher income than an individual without a high school diploma.

How can education influence a person’s career plans and goals?

• Obtaining an education reduces debt and makes it easier to pay bills.

• Going straight into a job allows someone to skip over entry-level positions.

• Going straight into a job helps a person to earn necessary certifications more quickly.

• Earning a degree or certification can lead to a person getting a job with a higher starting wage.

Which of the following best describes when there are not enough resources to produce all of the things a society needs and wants?

• scarcity

• opportunity cost

• trade-offs

• human capital

Which of the following is an example of human capital?

• graduating from high school

• taking classes to learn Spanish

• working a summer job in a career you are passionate about

• all of the above

How do deductions affect your net income?

• Deductions decrease the amount of money you owe to the government.

• Deductions increase your gross income, giving you more money to spend.

• Deductions decrease your take home pay, giving you less money to spend.

• Deductions increase the amount of money you put in savings