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Economics Unit 1

Total questions: 97

Worksheet time: 1hrs 11mins

Name
Class
Date
1.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
2.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
3.
Which of the following would be an example of human capital? 
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike 
c)
Philip Knight, the CEO of Nike 
d)
The land that the Nike headquarters is located on in Beaverton Oregon
4.
What is the opportunity cost of increasing production of chicken nuggets from 17 to 41 orders? 
a)
11 French Fries 
b)
11 Chicken Nuggets 
c)
14 French Fries 
d)
14 Chicken Nuggets 
5.
What is the benefit of decreasing the amount of chicken nugget orders from 48 to 29?
a)
19 Chicken Nuggets
b)
12 French Fries 
c)
19 French Fries 
d)
27 French Fries 
6.
Only the government decides what goods and services will be produced in a market economy.
a)
True
b)
False
7.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
8.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
9.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
10.
Is this shelter a want or a need?
a)
Want
b)
Need
11.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
a)
What goods should be produced ?
b)
What is the price of the goods? 
c)
How should the goods be produced? 
d)
Who gets to consume the goods? 
12.
Type of economy that is based on trading and bartering?
a)
Socialist
b)
Traditional
c)
Free Enterprise
d)
Command
13.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land 
b)
Labor  
c)
Capital  
d)
Entrepreneurship
14.

A share of value of a company which can be bought, sold, or traded as an investment

a)

Stocks

b)

401K Plans

c)

S & P 500

d)

The NASDAQ Composite

15.

the largest exchange in the U.S., located in the New York City

a)

NASDAQ

b)

AMEX

c)

S & P 500

d)

NYSE

16.

NASDAQ

a)

A market capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estates investment trusts (REITs) and tracking stocks. The index includes all NASDAQ listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or Debentures.

b)

The Dow jones Industrial Average is a price weighted index of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DIJA was invented by Charles Dow back in 1896.

c)

the first electronic stock market listing over 5,000 companies. The NASDAQ stock market comprises two separate markets, namely the Nasdaq national market, which trades large, active securities and the Nasdaq small cap market that trades emerging growth companies

d)

An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S & P 500 is designed to be a leading indicator of the U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe

17.

DJIA

a)

A market capitalization weighted index of the more than 3,000 common

equities listed on the Nasdaq stock exchange. The types of securities in the

index include American depositary receipts, common stocks, real estates

investment trusts (REITs) and tracking stocks. The index includes all NASDAQ

listed stocks that are not derivatives, preferred shares, funds,

exchange-traded funds (ETFs) or Debentures.

b)

An index of 500 stocks chosen for market size, liquidity and industry

grouping, among other factors. The S & P 500 is designed to be a leading

indicator of the U.S. equities and is meant to reflect the risk/return

characteristics of the large cap universe

c)

Shares in a company whose earnings are expected to grow at an above-average rate relative to the market

d)

The Dow jones Industrial Average is a price weighted index of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DIJA was invented by Charles Dow back in 1896.

18.

A market capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estates investment trusts (REITs) and tracking stocks. The index includes all NASDAQ listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or Debentures.

a)

DJIA

b)

NYSE

c)

The NASDAQ Composite

d)

AMEX

19.

An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S & P 500 is designed to be a leading indicator of the U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe

a)

NYSE

b)

The James and Tuttle 500

c)

AMEX

d)

S & P 500

20.

a strategy of selecting stocks that trade for less than their intrinsic values. Value investors actively seek stocks of companies that they believe the market has undervalued. They believe the market overreacts to good and bad news, resulting in stock price movements that do not correspond with the company's long-term fundamentals. The result is an opportunity for value investors to profit by buying when the price by buying when the price is deflated.

a)

Value

b)

Income

c)

Growth

d)

Prodigy

21.

A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders

a)

Dividend

b)

Retained Earnings

c)

Capital Gains

d)

IRA

22.
The DOW Jones Industrial Average is an index of 30 American companies.  Why is the DOW Jones Industrial Average important?
a)
It tells Americans how much debt the country is in.
b)
It helps economists predict when a stock market crash will happen.
c)
It tells Americans how many jobs are out there.
d)
It provides a snapshot of how the stock market and the US economy is doing.
23.
Which investment do most investors buy to own shares in a company?
a)
Common Stock
b)
Preferred Stock
c)
U.S. Treasury Bonds
d)
Junk Bonds
24.
The oldest and most prestigious market in the United States where the most secure corporations trade
a)
New York Stock Exchange
b)
National Association of Securities Dealers Automated Quotation
c)
Standard and Poors 500
d)
Dow Jones Industrial Average
25.
 A group of thirty stocks that measure the performance of the stock market and mainly focuses on one market.
a)
New York Stock Exchange
b)
National Association of Securities Dealers Automated Quotation
c)
Standard and Poors 500
d)
Dow Jones Industrial Average
26.
 A group of stocks that measure the performance of the stock market over many markets.
a)
New York Stock Exchange
b)
National Association of Securities Dealers Automated Quotation
c)
Standard and Poors 500
d)
Dow Jones Industrial Average
27.
A strong market when prices are going up.
a)
Bear Market
b)
Bull Market
c)
Equities
d)
Diversification
28.
A poor market when prices are going down.
a)
Bear Market
b)
Bull Market
c)
Equities
d)
Diversification
29.
The Dow Jones Industrial Average is an example of 
a)
A Stock Market Performance Index
b)
a Stock Market Exchange
c)
a Brokerage Firm
d)
a Mutual Fund
30.
The Stock Market Exchange in which energy and technology stocks are traded in New York City
a)
Dow Jones industrial Average
b)
S & P 500 
c)
Nasdaq 
d)
New York Stock Exchange
31.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
32.
The two major stock exchanges are
a)
NASDAQ & NYSE
b)
Dow Jones Industrial Average & S&P 500
c)
NYSE & American
d)
NASDAQ & DJIA
33.
What is a stock broker?
a)
Someone who is licensed to buy and sell stock on a stock exchange
b)
Anyone who owns stock
c)
Someone who loses all of his/her money after making bad investments
d)
A machine that keeps track of the prices of stocks
34.
What is the primary reason for a company to issue stock?
a)
The stocks help investors earn a higher rate of return
b)
To raise money to grow the company
c)
To distribute the risk of bankruptcy across more investors
d)
To increase greater awareness of the company
35.
Which of the folliwng is NOT one of the three market indicators discussed in class
a)
DOW Jones
b)
NASDAQ
c)
Nimbus 2000
d)
S&P 500
36.
What is NASDAQ?
a)
The biggest stock market in the world
b)
What stocks are called when they are bought and sold
c)
Certificates certifying you own a stock
d)
An automated system for trading stocks
37.

What type of stock would have voting rights?

a)

preferred stock

b)

common stock

c)

chicken stock

d)

stock stock

38.
When you own stock, you have 
a)
a piece of a company
b)
a right to dictate how the business is run
c)
a sure fire money making scheme
39.
Which of the following is NOT a way you can buy stock in the US (be able to list these on the quiz)?
a)
A stock broker
b)
the Internet
c)
a discount broker
d)
directly from the business itself
40.
How many companies are listed on the DJIA?
a)
10
b)
30
c)
40
d)
500
41.
What is the term for companies that are considered the "best of the best" and are listed on the DJIA?
a)
blue chip
b)
poker chip
c)
red chip
d)
diamond chip
42.
What are the two types of stock ownership? On the quiz, be able to describe the difference between them!
a)
common & preferred stock
b)
common & blue chip
c)
preferred & mid-cap
d)
bull & bear stock
43.
The portion of a company's profits that are paid to its shareholders is
a)
dividends
b)
equity
c)
blue chip
d)
liquidity
44.
A penny stock sells for ____ or less
a)
$1
b)
$2
c)
1 cent
d)
$5
45.
One way stockholders make money is by selling their stock for more money than they paid for it.
a)
TRUE
b)
FALSE
46.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
47.

In a free-enterprise economy,

a)

people are free to produce whatever they wish and to buy whatever they can afford.

b)

the government controls every aspect of the economy.

c)

the government owns large businesses, but private ownership of small businesses is encouraged.

d)

there is a mix between different types of economies.

48.

The goal of a communist economy is to

a)

achieve a classless society; equality among all workers

b)

let supply and demand control the economy

c)

give control of the economy to consumers and sellers

d)

adhere to tradition when it comes to the economy

49.

Which of the following is true of traditional economies?

a)

economic decisions are determined by the government.

b)

People have access to private property.

c)

the production of goods is based on custom.

d)

they resemble a communist economic system.

50.

Which of the following countries is an example of a free enterprise?

a)

North Korea

b)

Cuba

c)

USA

d)

Sweden

51.

Which of the following is an example of a traditional economy?

a)

Small scale farmers

b)

Amish

c)

Herders

d)

All other choices are correct

52.

Which of the following is not an example of a free enterprise economic system?

a)

Japan

b)

Germany

c)

Chile

d)

Cuba

53.

Which of the following BEST describes a mixed economy?

a)

An economy that overlaps with other economic structures.

b)

An economy that follows traditional customs.

c)

An economy that does not overlap with other economic structures.

d)

An economy that does not exist.

54.
What is GDP?
a)
The market value of the goods and services produced by a Country's economy and compare it to other countries
b)
 Grand Opening Procedure
c)
Germany Departing Poland 
d)
The grossness of a country an compare it by other countries
55.

What major event led to the development of the economic systems?

a)

Laissez Faire

b)

The Industrial Revolution

c)

The Enlightenment

d)

The Agricultural Revolution

56.

Which economic system is based off of "laissez-faire economics"?

a)

Communism

b)

Socialism

c)

Capitalism

57.
Adam Smith's call for the restricting of government in the economy is called...
a)
The invisible hand
b)
Laissez Faire
c)
Consumer sovereignty 
d)
Competition
58.
What is the invisible hand?
a)
The self-regulating nature of the market place
b)
Self-interest motivating the market place
c)
Competition being the regulating force in the market place
d)
The equal distribution of wealth
59.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
60.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
61.

The human effort involved in the production of goods and services is known as

a)

Capital

b)

Land

c)

Entrepreneur

d)

Labor

62.

All natural resources that go into production of a good and services

a)

Labor

b)

Land

c)

Capital

d)

Entrepreneurship

63.

Any technology machinery involved in production process

a)

Human capital

b)

Physical capital

c)

Enterprises capital

d)

Investment capital

64.

Factory

a)

Entrepreneurship

b)

Capital

c)

Labor

d)

production

65.

What is the best explanation of factors of production?

a)

Money and financing

b)

Raw materials used to produce product

c)

Labor and materials

d)

Resources used by a company to produce good and services

66.

Capital in Economics is defined as . . .

a)

The man-made things used in production.

b)

The cash in bank a firm has.

c)

The amount borrowed by the firm.

d)

The amount invested in the firm.

67.

The Centrally Planned Economy is one that is run mainly by

a)

both business and government decisions.

b)

business decisions.

c)

government decisions

d)

the religous beliefs of the majority.

68.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
69.
The Chromebooks you are using are examples of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
70.

Bill Gates is an example of...

a)

Land (seriously though, come on)

b)

Labor

c)

An Entrepreneurs

d)

Capital

71.

Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

a)

fixed cost

b)

marginal cost

c)

residual cost

d)

opportunity cost

72.
In economics, the value of the next best alternative is called _________.
a)
Scarcity
b)
Productivity
c)
Opprotunity Cost
d)
Supply and Demand
73.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
74.

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

a)

20 whips

b)

30 saddles

c)

50 whips

d)

60 saddles

75.
All the things we sacrifice to obtain another?
a)
Trade-Offs
b)
Opportunity Cost
c)
Scarcity
d)
Factors of Production
76.

How are trade-offs and opportunity costs different?

a)

The opportunity cost is the most desirable trade-off.

b)

A trade-off is the most expensive opportunity cost.

c)

A trade-off can be put on a decision-making grid, but an opportunity cost cannot.

d)

It's more important to be aware of the trade-off when deciding something.

77.
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
a)
Trade-off
b)
opportunity cost
c)
PPF
d)
Scarcity
78.
What is meant by GDP?
a)
General Domestic Product
b)
Gross Domestic Product
c)
Great Domestic Product
79.
A British company purchases a one-year membership to PartyFolks.com, a U.S. based company
a)
GDP increases
b)
GDP decreases
c)
No change
80.
The U.S. Government hired 10 Chinese-language experts to train U.S. Workers.
a)
GDP increases
b)
GDP decreases
c)
No change
81.
Government closes schools for the month of March.
a)
GDP decreases
b)
GDP increases 
c)
No change
82.
Expectant parents buy supplies for the nursery.  Would this be included in GDP? 
a)
Yes - Consumer Spending
b)
Yes - Investment 
c)
No - Intermediate goods
d)
No - Non-market activity
83.
The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry.  Is this included in GDP?
a)
Yes - Consumer spending
b)
Yes - Government Spending
c)
No - Underground Economy 
d)
No - Non-market activity 
84.
A shoe produced in South Korea and sold in the U.S.
a)
Included in U.S. GDP
b)
Included in South Korea GDP
c)
Included in Canadian GDP
85.

Butter and oil are considered:

a)

immaterial goods

b)

free goods

c)

durable goods

d)

non-durable goods

86.
Who is the famous economist, defender of free-markets, author of The Wealth of Nations? His writings are considered a foundation for the economic system of capitalism.
a)
Adam Smith
b)
Karl Marx
c)
Friedrich Engels
d)
Weyland Yutani
87.
What means the government has spent more than it has raised
a)
revenue
b)
surplus
c)
deficit
d)
appropriations
88.
Things that you buy that last a long time are called________________
a)
durable goods
b)
non-durable goods
c)
opportunity cost
d)
job
89.
Contradiction between the high value of nonessential items and low value of essential items. 
a)
Paradox of Value 
b)
Utility 
c)
Wealth
d)
Durable Good
90.
Monetary value of all final goods, services, and structures produced within a country's borders in a 12-month period. 
a)
Gross Domestic Product
b)
Paradox of Values 
c)
Durable Goods
d)
Economics 
91.
The accumulation (gradual gathering) of products that are tangible, are scarce, have utility, and are transferable from one person to another.
a)
Value
b)
Wealth
c)
Utility 
d)
Capital Good
92.
The ability or capacity of a good or service to be useful to someone. 
a)
Value
b)
Wealth
c)
Utility 
d)
Capital Good
93.
The worth of something that can be expressed in dollars and cents. 
a)
Value
b)
Wealth
c)
Utility 
d)
Capital Good
94.

These 2 countries have command economies.

a)

USA and Cuba

b)

USA and Australia

c)

Cuba and South Korean

d)

Cuba and North Korea

95.
Laissez-faire means...
a)
natural rights
b)
iron law of wages
c)
let it happen
d)
tabula rasa
96.
Smith believed that the economy operated according to three natural laws involving this concept...
a)
self-interest
b)
compassion
c)
citizenship
d)
trustworthiness 
97.
While Adam Smith believed that the government should be involved in all of the following areas EXCEPT: 
a)
military
b)
property 
c)
business
d)
nothing at all

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