Economics

What is defined as the branch of knowledge concerned with the production, consumption, and transfer of wealth?

• Business Administration

• Finance

• Economics

• Social Science

What was the USAs GDP in 2023?

• $27.7T

• $17.9T

• $4.5T

• $21.3T

As of Feb. 2025 what was the US unemployment rate?

• 2.4%

• 3.5%

• 4.1%

• 7.1%

According to BLS, the price of a dozen eggs increased how much between Jan 2024 and Jan 2025?

• 37%

• 44%

• 68%

• 96%

What does PPI standfor?

• Producer Price Index

• People Purchasing Index

• Phased Purchase Index

• Producer Production Index

"Economics" is ultimately derived from ancient Greek meaning for the "way to run a..." what?

• Country

• Household

• Wallet

• Business

Adam Smith, sometimes called the "father of economics" wrote which famous book?

• The General Theory of Employment

• The Road to Serfdom

• Principles of Economics

• The Wealth of Nations

What country was Karl Marx from?

• England

• Germany

• Poland

• Italy

What is defined as "The value of the next best alternative forgone when making a choice"?

• Scarcity

• Incentives

• Supply and Demand

• Opportunity Cost

Who controls the economy in a Command Economy?

• Individuals and Businesses

• The Government

• Customs and traditions

• Companies only