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Unit 1 quiz refresher

Total questions: 10

Worksheet time: 12mins

Name
Class
Date
1.

Goods and Services sold to other countries

a)

Exports

b)

Imports

c)

comparative advantatge

d)

Command Economy

2.

who made the Laissez-faire

a)

John Locke

b)

John Stuart Mill

c)

Karl Marx

d)

Adam Smith

3.

which is market equilibrium

a)

Refers to a price at which the supply and demand curve meet up and intersect

b)

This occurs when the quantity produced is enough to supply the consumers

c)

Occurs when the market shifts resulting in the equilibrium changing

d)

Unstable production rate

4.

How do the ideas of Adam Smith, such as the “invisible hand”, manifest in the world?

a)

it is the reason why people work to make invisible technology

b)

Adams Smiths philosophies are the invisible hand that pushes others

c)

The idea of the invisible hand is what we use to reference in the world when people indirectly help others when they try to benefit themselves

d)

Adam Smith used the invisble hand to defeat Karl Marx

5.

Why should we study economics?

4 lines
6.

If you spent almost 9 minutes on a question on the final and your still stuck on answering what should you do?

a)

stare into space

b)

Move on to the next question

c)

give up

d)

Continue on the question until you write response

7.

which one represents shift in supply

a)

b)

John Locke

c)

d)

8.

why do all choices incur an opportunity cost?

a)

So we now the price we pay for our action

b)

Cause our choices come in pros and cons depending on the one we pick

c)

so that you can pay

d)

not enough information to answer question

9.

draw an example of scarcity

10.

what is the best and only way to explain globalization

a)

the reason why I have anime in american due to the mobile spread of idea

b)

the way things spread all over globablly due to technology and interaction with other

c)

Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

d)

Globalization is the word for the current era of global free trade, in which virtually all countries can engage in free trade with one another.