Crash Course Economics Quiz

Who are the hosts of Crash Course Economics?

• Jacob Clifford and Adriene Hill

• Kermit and Miss Piggy

• John and Hank Green

• Statler and Waldorf

What is economics primarily the study of?

• The stock market

• Forecasting market trends

• Money and getting rich

• People and choices

What is the term for the value of the next best alternative when making a choice?

• Sunk cost

• Marginal cost

• Fixed cost

• Opportunity cost

What are the two most important assumptions in economics?

• Profit and loss

• Inflation and deflation

• Scarcity and cost

• Supply and demand

What does the term 'guns or butter' refer to in economics?

• Choosing between different types of weapons

• Choosing between different types of food

• Choosing between military and consumer goods

• Choosing between different types of industries

What is the opportunity cost of military spending according to Dwight D. Eisenhower?

• Increased taxes

• Higher inflation

• Lower GDP

• Resources not used for social services

What can happen if incentives are poorly designed?

• They can be too expensive

• They can always work

• They can backfire

• They can be ignored

What is the main focus of macroeconomics?

• Company profits

• Consumer behavior

• Individual choices

• The overall economy

Which of the following is a microeconomic question?

• How many workers should a company hire?

• What is the inflation rate?

• What is the national unemployment rate?

• What is the GDP growth rate?

What will the Crash Course Economics series cover?

• Both macro and microeconomics

• Neither macro nor microeconomics

• Only microeconomics

• Only macroeconomics