Economics Quiz

Which would be the best example of economic security?

• A government establishes a law that prevents overcharging consumers

• A government establishes an anti-discrimination in business law

• A government establishes a law to prevent trading stocks

• A government bans investment in risky cryptocurrency

Scarcity is best defined as what?

• The fully preventable condition which causes poverty

• The human condition of having limited resources and limited wants

• The innate human fear of the economic future

• The human condition of having limited resources and unlimited wants

Which of the following contains all of the factors of production?

• Land, Labor, Capital, Human Capital

• Entrepreneurship, Land, Labor, Funding

• Land, Labor, Risk, Money

• Land, Labor, Capital, Entrepreneurship

If the United States decides to invest in Human Capital, what would most likely happen to their PPC?

• It would stay the same

• It would move to a point beyond the PPC

• It would move to a point within the PPC

• It would move further down the line on the PPC

What allocation method is likely being used when you go to the grocery store to purchase a soda?

• Price

• Force

• Authority

• Lottery

Which of the following is not an example of the factor of production capital?

• Money used to start a business

• A delivery truck used to transport a package

• An AI system used to help customers locate a product on a website

• A forklift used to move products

Each hour Robert works at his job he makes $13, but the babysitter he hired to watch his child charges him $7.50.

• His marginal cost is $13

• He should stay for five hours according to marginal analysis

• His marginal benefit is $7.50

• His marginal cost is $7.50

The United States decides to charge an additional tax on goods like alcohol that could be harmful to civilians. This is an example of a…

• Increased Opportunity Cost

• Positive Incentive

• Investment in Human Capital

• Negative Incentive

Why would a business consider specialization as a strategy?

• It improves the mood of workers

• It often leads to the discovery of new technology

• It improves productivity

• It reduces the risk of workplace injury

In a market system, which group is in charge of answering the three economic questions?

• The people and businesses

• The government

• The people and the government share responsibility