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This quiz examines key concepts in economics, focusing on market economies, the role of the Federal Reserve, economic security, equilibrium price, human capital, business organizations, opportunity cost, command economies, and distinctions between microeconomic calculations.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

This quiz explores concepts of resources, demand, supply, scarcity, economic systems (command, market, mixed, traditional), and their impacts on pricing and decision-making in various scenarios.

Who has the Congressional mandate of helping create full employment: the FED. The labor force includes: both the employed and unemployed. Which of the following is NOT employed: 30 year old active military. The equation for calculating unemployment is: . Who gathers the data for the unemployment rate: US bureau of labor statistics. What type of unemployment: lost job to an automatic check out machine at Target: structural. What type of unemployment: Coronavirus shuts things down: cyclical. What type of unemployment: Mr Goldsmith quite Creighton Prep in May, but knows he is starting at Waverly in August: frictional. T or F: The more education, the more likely to be unemployed: False. A general rise in the prices of goods and services is called: inflation. T or F: Inflation erodes your purchasing power: true. When someone says, "I remember when gas was .50 cents" they are referring to what type of price: nominal. To calculate the inflation rate: . What index is used to measure inflation by the BLS: the consumer price index. Who is better off with inflation and who is worst off: borrowers. lenders

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

Test your Economics Vocabulary! Explore trade, currency, supply, and demand. Take the Economics Vocabulary quiz and expand your knowledge now!

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

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Gross Domestic Product measures the  : market value of the final goods and services produced in a given year within a country.. If you make dinner for yourself: only the market value of ingredients that you purchased this year is added to GDP.. Which of the following is a final good or service? : a new replacement muffler installed by Midas Mufflers . Consumption expenditures are defined as spending on goods and services by: households. . Investment is defined as the purchase of: the purchase of new capital goods and additions to inventories. . The purchase of stocks and bonds is : not included in GDP as investment. . Net exports of goods and services is defined as equal to: the value of exports of goods and services minus the value of imports of goods and services.. Which of the following expenditure components of GDP can be negative or positive: Net exports of goods and services. . In order to measure gross domestic product, we can follow: two approaches: the expenditure approach and the income approach.. When calculating GDP, purchases of used goods are: not included. . The purchase of the financial assets, such as stocks and bonds, is not included in GDP because : they don't represent the production of goods or services. . The expenditure approach to measuring GDP is done by using data on only: consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services.. Real GDP measures the value of goods and services produced in a given year valued using: base year prices.

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Economics is: The study of choices. The Opportunity Cost can best be described as: The value lost of the next best alternative choice you could have made. Scarcity is the economic law that needs and wants are ________________ but resources are ________________: . Good economic decisions are made when the benefits of a choice are greater than the: costs. The opportunity cost of spending on the military are all of the following EXCEPT: longer summer daylight hours. In order to have everything we could ever want we would need: unlimited resources. In economics, incentives are used to: influence the choices people make. Incentives often backfire because they rely on predicting how people will behave. For example, an incentive to pay teachers based on the number of students who get A's would likely result in : teachers giving all students A's. A producer asking the question, "Should we use glass or interchangeable plastic on the face of our new phone?" is a: microeconomic question. Lawmakers asking the question "Will cutting taxes end the current recession?" is a: macroeconomic question

Economics is the study of how people choose to use their limited ____________________ to satisfy their unlimited wants. : Resources. The goal of ___________ Economics is to advise how things ought to be done: Normative . __________is the condition that results because people have limited resources but unlimited wants: scarcity. _______________________ Economics is tangible:  So, it can be substantiated by FACTS. : Positive Economics. Whenever you choose one thing over another, you are make a ___________. : tradeoff. A ___________________ is a way to compare the costs of an action with the benefits of that action.  If benefits exceed costs, then the action is worth taking:

Test your knowledge about various economics factors and see how you do on the Economics quiz!

Change in Supply: . Disequilibrium: Occurs when the forces of demand and supply do not balance, is indicated by a surplus or shortage.. Shortage: The quantity which results when demand exceeds or in excess of supply at a given market price.. Determinants of Supply: Factors that can shift the supply curve, which include: Change in the cost of resources used to make the good. Change in the price of other goods these resources could make. Change in technology used to make the good. Change in producers' price expectations.Change in number of sellers in the market.. Surplus: The excess quantity which results when supply exceeds demand at a given price.. Law of Supply: . Incentive: Economists assume human behavior reflects rational self interest and will pursue activities to increase utility, or satisfaction and happiness.. Profit: Equals total revenue, or total dollars received from consumers, minus total costs, or the cost of all resources used from a firm's production.. Price Ceiling: A maximum legal price a seller is permitted to charge.. Price Floor: A minimum legal price below which sellers may not change.. Competition: The opposite of a monopoly. The existence of a market with sufficient buyers and sellers so that no single buyer and seller can control the price.. Equilibirum: When the quantity that consumers are willing and able to buy equals the quantity that producers are willing and able to sell. Graphically, equilibrium is the point at which the two curves intersect.. Elasticity: A measure of responsiveness of consumers and producers to changes in price or quantity demanded.

Which economic indicator is best described as Gross National Product minus inflation and depreciation: Net National Product. Gross domestic product is equal to the market value of all final goods and services:: produced domestically during a period.. Which of the following expenditures would not be included in GDP: Purchase of a silver cup previously sold new in 1950.. Personal consumption expenditures include:: all goods and services bought by households.. In the circular flow model,: money flows from the households to the firms through the product market.. All final goods and services that make up GDP can be expressed in the form:: . Personal income minus personal taxes is:: disposable personal income.. The period between the peak and the trough is the _____; the period between the trough and the peak is the _____: recession; expansion. The unemployment rate equals the number of persons:: unemployed divided by the number in the labor force.. Inflation is defined as an increase in:: the average price level.. What usually happens to inflation during a recession: it decreases. Which of the following is not a component of the business cycle: decline. A worker who was laid off due to a downturn in the business cycle would be considered: cyclically unemployed.. Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing: Structural. A good way to measure standard of living is by calculating: per capita GDP

When the economy experiences an expansion, it is most likely the case that : GDP is increasing, unemployment is decreasing, and inflation is increasing. During recessions all of the following usually happen EXCEPT: GDP increases. GDP is an important economic measurement because it: measures the value of final goods and services produced by a country.. When calculating GDP, which of the following gets subtracted out: Imports. If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle: Recession. What term is used to describe the percent of the labor force that does not have a job but is currently looking for one? : Unemployment rate. What term is used to describe an increase in the general price level: Inflation. Which term describes the phases of expansion and contraction in an economy over time: Business cycles. Which would most likely occur during a period of recession: Real gross domestic output falls. Which of the following is associated with peaks in the business cycle: Relatively low levels of unemployment. Increasing unemployment and decreasing GDP is a sign of what part of the Business Cycle: Recession. "Dunder Mifflin Corporation Fires 5,000 Employees" This headline affects which economic indicator the most: Unemployment rates. "Prices for consumer goods down 5% this year!" This headline affects which economic indicator the most: Consumer Price Index

Something we desire but that is not necessary for survival: Want . Something essential for survival: Need. Physical objects that someone produces: Good. An action or activity that one person performs for another: Service. SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource: Oil. SELECT ALL THAT APPLY: "Ozark" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______: Want. The fact that there are limited amounts of goods and services to meet unlimited wants is called:: Scarcity. Economics is the study of how people seek to satisfy their needs and wants by making choices: True. Scarcity forces us to make economic decisions: True

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