WorksheetsITB: 2020 Spring in Review
Total questions: 20
Worksheet time: 3mins
Term: unlimited wants and limited resources
shortage
scarcity
scary city
opportunity cost
If you spend your $10 on gas instead of pizza, what is your opportunity cost?
gas only
pizza only
$10
all other things including the pizza
You should always stop when
Marginal Benefit = Marginal Cost
Marginal Benefit > Marginal Cost
Marginal Benefit < Marginal Cost
Never stop...just keep moving forward...
The graphic represents a
demand curve
supply curve
equilibrium curve
price curve
What economic system stresses the economic goals of freedom and efficiency
command
traditional
market
Which economic indicator stresses growth?
Gross Domestic Product (GDP)
Unemployment
Inflation
What type of unemployment is caused by the Virus lockdown (Covid-19)?
frictional
cyclical
seasonal
structural
A general rise in prices over time is called
deflation
inflation
the business cycle
a trough
To be able to do something with a lower opportunity cost is called
absolute advantage
competitive advantage
comparative advantage
Advantage McEnroe
When something like the iPhone replaces 100s of products (VCRs, cameras, maps, etc) this is known as
creative destruction
regression of goods
destruction
absolute advantage
A tax on foreign goods.
quota
embargo
voluntary constraint
tariff
US dollar= $1.00. The Japanese Yen= 123.00 Y. Which is stronger?
Japanese Yen
US Dollar
the Euro
cannot be determined with the data
Ownership in a company.
bonds
stocks
money
collectibles
The two keys to investment are
start late, diversify
start early, buy only 1 or 2 things
start late, buy only 1 or 2 things
start early, diversify
Most businesses are
sole proprietorships
partnerships
corporations
Has limited liability, makes the most revenue, and sells stock
sole proprietorship
partnership
corporation
Risk takers who try to make something better or create something new.
bureaucrats
entreprenuers
elected government officials
babies
What economic goal is key to allowing entrepreneurship and small business to thrive (in video)?
economic equity
economic freedom
economic stability
economic growth
Which of the following is NOT a 4 P of Marketing?
price
promotion
protection
product
likes, beliefs, religion, hobbies, and opinions are
psychographics
demographics
geographics
infographics
