WorksheetsEconomics Midterm Quizizz
Total questions: 53
Worksheet time: 53mins
A rational decision maker:
ignores marginal changes and focuses instead on "the big picture".
ignores the likely effects of government policies when he or she makes choices.
takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.
takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.
Being an expert in one job, product, or service is called ___________________.
economic interdependence
economic specialization
opportunity cost
scarcity
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
The idea that resources are limited
scarcity
supply
demand
inflation
an increase in the price of a complementary good.
a fall in income for most buyers.
an increase in the price of a close substitute
an increase in wages for workers who produce the good.
Goods and services that are provided by the govt, paid for by taxes, are low to no cost to use, and to benefit all people are called:
Private property
Businesses
Public goods
What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?
resolve market failures
redistribute income
invest in technology
protect property rights
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
A maximum price consumers are required to pay for a good or service.
Price Ceiling
Equilibrium
Market Clearing Price
Price Floor
Which of the following demonstrates price equilibrium?
Which of these demonstrates a shortage of goods?
Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?
Product Market
Factor Market
Firms
Individuals
Where are factors of production (land, labor, etc) exchanged in the circular flow model?
Factor Market
Product Market
Firms
Individuals
Which economic system is based on government control?
Traditional
Command
Market
The law of demand argues that as prices rise
the quantity demanded will fall
the quantity demanded will rise
the demand curve will shift to the right
quantity demanded will fall due to a decrease in demand
The 'law of supply' suggests that
price and quantity supplied are directly related
price and quantity supplied are inversely related
movements along the supply curve are caused by a price fall
supply will expand until market equilibrium is reached
Which of the following is an example of a natural monopoly?
Coca-Cola
City of McKinney water service
United Airlines
Levi Jeans
what is Human Capital?
Money Assets of a Company
Immigration of people into America
Treating yourself to a nice dinner
A worker's skill, knowledge, and experience
Which of the following is an investment in your own Human Capital? Select all that apply
On the job training
Getting an college degree
Attending a workshop in your occupation
Donating clothes to the local Goodwill
According to the law of demand, the relationship between "price" and "quantity demanded" is:
Inverse
Direct
Not correlated
Using the pizza store graphic, what market structure best fits the pizza industry?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
Identify the correct determinant of supply:
Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases
Cost of production/resources
Number of sellers
Change in expectations
Change in technology
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
Is the minimum wage a “price ceiling” or a “price floor?
price ceiling
price floor
Which of the following best describes an oligopoly?
many monopolistically competitive firms
a few firms sharing monopoly power
a former monopoly that has been broken up by the government
a government-granted franchise or monopoly
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
