Basic Economics Review

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Social Studies

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12th Grade

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Practice Problem

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Alan Long

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1 Slide • 36 Questions

Basic Economics Review

Multiple Choice

The goal of the consumer in an economy is to?

Maximize utility

Minimize utility

Impress others

Buy the least goods and services for the highest price

Multiple Choice

Which is not a basic economic question?

What to produce?

How to produce?

For whom to produce?

What is the cost to produce ?

Multiple Choice

Which of the following is not correct payment?

Land=Rent

Labor=Wage

Capital=Interest

Entrepreneur=Cost

Multiple Choice

An economic system must answer all of the following questions EXCEPT...

What to produce

Why to produce

How to produce

For whom to produce

Multiple Choice

What must be given up to obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

Benefits

Costs

Choice

Multiple Choice

Monetary or non-monetary gain received because of an action taken or a decision made

Benefits

Costs

Choice

Multiple Choice

Which of the following statements is true:

An economist would consider something scarce only if it is limited (not anything else)

A trade off occurs when you give up something you want in order to get something else you want

The economic social goal, economic equity, means everyone gets the same amount of money

In a traditional economy, the government gets to decide the answers to the 3 basic economic questions

Multiple Choice

Examining the cost and the expected benefits of a choice is an aid to decision making

Trade-off

Cost-benefit analysis

Marginal Cost

Marginal Benefit

Multiple Choice

Benefits offered to encourage people to act in certain ways.

Incentive

Utility

economize

Trade-off

Multiple Choice

It means people act based on or following reason or logic

Rational

Choice

Valid

Multiple Choice

Review this quote: "...he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. What is meant by the invisible hand?

An actual invisible hand guides economic outcomes, and freedom is created.

The invisible hand is a metaphor or a symbol of "market forces" in the free-market system. These market forces lead to good outcomes without any central planning.

Multiple Choice

Smith believed that the economy operated according to three natural laws involving this concept...

self-interest

compassion

citizenship

trustworthiness

Multiple Choice

What book, written by Smith, is considered by many to be the cornerstone of capitalism and was Smith's most famous work?

The Wealth of Nations

Capitalism and its Implications

Economics and Political Systems

Multiple Choice

What does the idea of ‘the invisible hand’ in Smith’s Wealth of Nations refer to?

the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest

Protectionism

The idea of French Physiocrats

Multiple Select

Economics is all about? Check all that apply.

choices

using limited resources to meet unlimited wants and needs.

Maximizing our utility

the trade-offs we experience associated with our choices and the opportunity cost that we experience from the loss of our second choice.

Multiple Choice

Something we desire but that is not necessary for survival

Want

Need

Good

Service

Multiple Choice

What term describes the tools and technology used to make a product?

capital goods

human capital

exports

imports

Multiple Choice

Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.

An A on the exam

making a B on the exam

Losing one hour of sleep

gaining one hour of sleep

Multiple Choice

Land, Labor, Capital, and Entrepreneurs

opportunity cost

economic strategy

factors of production

supply and demand

Multiple Choice

The study of how people meet their wants and needs.

economics

supply

demand

opportunity cost

Multiple Choice

Human Resources are

makes goods or service

the amount of goods and services people are willing to buy at a specific time

found in people, like their skills and ideas

the work that people do when producing goods or services

Multiple Choice

Natural resources are

something found in nature that satisfies our wants and needs (like a tree cut down for timber)

the amount of goods and services people are willing to buy at a specific time

the work that people do in nature

making goods or service

Multiple Choice

What does Specialization mean?

Something oe person does for someone else.

Not being able to have everything that you want because of limited resources.

Having more than you want, or need.

When people work in jobs where they produce a few special goods, or services.

Multiple Choice

How do you satisfy your unlimited wants in a world of limited resources?

by making more money

by making choices

by stealing

by setting a budget

Multiple Choice

Which of the following is a need?

clothes

car

job

smart phone

Multiple Choice

What is the major difference between scarcity and a shortage?

They are really the same

Shortages always exist and scarcity is temporary

Shortages are temporary and scarcity always exist.

Scarcity is limited and shortages are unlimited

Multiple Choice

The difference between a good and a service is that:

Goods are available in unlimited quantaties and services are not

Goods are tangible and services are not

Services are available in unlimited quantaties and goods are not

goods help satisfy unlimited wants and services do not

Multiple Choice

A person that takes a risk by starting a new business.

human capital

capital goods

entreprenuer

tariff

Multiple Choice

Soil, minerals, air, water, and coal are all examples of

Fossil fules

Conservation

recycling

natural resources

Multiple Choice

Which of the following is NOT one of the three basic questions of economics when looking at economic systems?

What goods should be produced ?

What is the price of the goods?

How should the goods be produced?

Who gets to consume the goods?

Multiple Choice

What is the fundamental problem of economics?

How to keep consumers out of debt?

How to fulfill our unlimited wants and needs with limited resources?

How to figure out the way to make the most money?

How do we ensure all people get a college education?

Multiple Choice

Things require to survive are categorised as_

Demands

Wants

Needs

Desires

Multiple Choice

What name is given to the value of the next best alternative that you give up when you make a decision?

Trade-offs

Opportunity cost

Lost opportunities

Options

Multiple Choice

A Trade-off is

a purchase in a marketplace.

an alternative that we sacrifice when we make a decision.

any good or service a consumer needs.

a factor of production.

Multiple Choice

The factories, tools, machines used to produce goods

human capital

physical capital

Multiple Choice

What are the 3 basic economic Questions all economies must answer:

Who? What? When? Where?

I? D? K?

What to produce? How to produce? For whom to produce?

Basic Economics Review

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