Economics Exit Ticket

Economics is best defined as the study of:

• How to increase a nation's wealth.

• How people make choices to satisfy their unlimited wants with limited resources.

• The financial systems of different countries.

• The production and distribution of goods and services by the government.

Which of the following is a focus of microeconomics?

• National unemployment rates.

• The impact of government fiscal policy on the economy.

• The behavior of individual consumers and firms.

• The inflation rate in a country.

Which of the following topics is studied in macroeconomics?

• The pricing strategy of a particular company.

• The unemployment rate of a nation.

• The decision-making process of a single household.

• The cost of production for a single firm.

Scarcity in economics refers to:

• The limited availability of resources to meet unlimited wants.

• The high cost of producing goods.

• The abundance of resources available for all.

• The shortage of money in the economy.

Opportunity cost is:

• The cost of all the goods and services produced.

• The cost of an alternative that is given up when a decision is made.

• The monetary cost of a product.

• The difference between the benefits of the chosen option and the next best alternative.

If a student chooses to spend time studying instead of working at a part-time job, the opportunity cost of studying is:

• The time spent studying.

• The money the student could have earned working.

• The satisfaction from getting a good grade.

• The cost of textbooks.

A trade-off in economics refers to:

• A situation where resources are abundant.

• The decision to produce one good instead of another.

• The allocation of resources to produce maximum output.

• The additional benefit gained from producing one more unit of a good.

In economics, the difference between a want and a need is:

• Wants are necessary for survival, while needs are not.

• Needs are basic requirements for survival, while wants are additional desires.

• Needs are always more expensive than wants.

• Wants are unlimited, but needs are limited.

Which of the following is NOT considered a factor of production?

• Land

• Labor

• Money

• Capital

Which of the following is an example of a service rather than a good?

• A smartphone

• A haircut

• A pair of shoes

• A textbook