Economic Quiz Chapter 1,2,3,4
Questions With Correct Answers
What is Economics? - CORRECT ANSWER✔✔-The study of how peoples
| | | | | | | | | |
need to satisfy their needs and wants by making choices.
| | | | | | | | |
What are the three factors in every Economic scenario - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Land, Labor, Capital | |
What is a trade-off? - CORRECT ANSWER✔✔-All the alternatives that we
| | | | | | | | | |
give up whenever we choose one course of action over another.
| | | | | | | | | | |
What is a production Possibilites curve/What does it show? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-A graph that shows al alternative ways to use an
| | | | | | | | | |
economy's productive resources. Axes shows different products.
| | | | | | |
example= shoes and watermelon. | | |
What are the three economic questions. - CORRECT ANSWER✔✔-What
| | | | | | | | |
goods and services should be produced? How should these goods and
| | | | | | | | | | |
services be produced? Who consumes these goods and services?
| | | | | | | |
, Why are the three economic questions important? - CORRECT
| | | | | | | | |
ANSWER✔✔-Because economic resources are limited. | | | |
What are the tree types of economies. Be able to explain each,
| | | | | | | | | | | |
advantages and disadvantages, role of government, entrepreneur. -
| | | | | | | |
CORRECT ANSWER✔✔-Market Economy, Command Economy,
| | | | |
Traditional Economy. |
Market Economy - CORRECT ANSWER✔✔-Based on exchange and
| | | | | | | |
trade. The people determine what gets made and how and who. Called
| | | | | | | | | | | |
free market(capitalism). People and firms act in their own best interest
| | | | | | | | | | |
to answer the Who, What and How questions.
| | | | | | |
Command Economy - CORRECT ANSWER✔✔-Government makes all the
| | | | | | |
economic decisions. No one else really has any controle. North Korea,
| | | | | | | | | | | |
Russia, Cuba |
Traditional Economy - CORRECT ANSWER✔✔-The allocation of scarce
| | | | | | | |
resources, and nearly all other economic activity, stems from ritual,
| | | | | | | | | |
habit or custom. Scarce resources.
| | | |
What is the law of Demand? - CORRECT ANSWER✔✔-When a good's
| | | | | | | | | | |
price is lower, consumers will buy more of it. When the price is higher,
| | | | | | | | | | | | | |
consumers will buy less of it. | | | | |
Questions With Correct Answers
What is Economics? - CORRECT ANSWER✔✔-The study of how peoples
| | | | | | | | | |
need to satisfy their needs and wants by making choices.
| | | | | | | | |
What are the three factors in every Economic scenario - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Land, Labor, Capital | |
What is a trade-off? - CORRECT ANSWER✔✔-All the alternatives that we
| | | | | | | | | |
give up whenever we choose one course of action over another.
| | | | | | | | | | |
What is a production Possibilites curve/What does it show? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-A graph that shows al alternative ways to use an
| | | | | | | | | |
economy's productive resources. Axes shows different products.
| | | | | | |
example= shoes and watermelon. | | |
What are the three economic questions. - CORRECT ANSWER✔✔-What
| | | | | | | | |
goods and services should be produced? How should these goods and
| | | | | | | | | | |
services be produced? Who consumes these goods and services?
| | | | | | | |
, Why are the three economic questions important? - CORRECT
| | | | | | | | |
ANSWER✔✔-Because economic resources are limited. | | | |
What are the tree types of economies. Be able to explain each,
| | | | | | | | | | | |
advantages and disadvantages, role of government, entrepreneur. -
| | | | | | | |
CORRECT ANSWER✔✔-Market Economy, Command Economy,
| | | | |
Traditional Economy. |
Market Economy - CORRECT ANSWER✔✔-Based on exchange and
| | | | | | | |
trade. The people determine what gets made and how and who. Called
| | | | | | | | | | | |
free market(capitalism). People and firms act in their own best interest
| | | | | | | | | | |
to answer the Who, What and How questions.
| | | | | | |
Command Economy - CORRECT ANSWER✔✔-Government makes all the
| | | | | | |
economic decisions. No one else really has any controle. North Korea,
| | | | | | | | | | | |
Russia, Cuba |
Traditional Economy - CORRECT ANSWER✔✔-The allocation of scarce
| | | | | | | |
resources, and nearly all other economic activity, stems from ritual,
| | | | | | | | | |
habit or custom. Scarce resources.
| | | |
What is the law of Demand? - CORRECT ANSWER✔✔-When a good's
| | | | | | | | | | |
price is lower, consumers will buy more of it. When the price is higher,
| | | | | | | | | | | | | |
consumers will buy less of it. | | | | |
