4421644
Quiz by Niki Binondo, updated more than 1 year ago
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Created by Niki Binondo
almost 5 years ago
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Description
Question 1
Question
What is the fundamental economic problem in any society?
[blank_start]Scarcity[blank_end]
Answer
-
Scarcity
Question 2
Question
Identify factors of production
Answer
-
Labor
-
Entrepreneurs
-
Land
-
Capital
-
Utility
-
Food
Question 3
Question
What does the acronym GDP stand for?
[blank_start]Gross Domestic Product[blank_end]
Answer
-
Gross Domestic Product
Question 4
Question
Explain the Difference between needs and wants.
[blank_start]need[blank_end] is what is necessary for living.
[blank_start]Want[blank_end] is a way to express the need.
Answer
-
Want
-
need
Question 5
Question
GDP measures the amount of goods and services in a country, and it is sometimes divided by the population to see individuals goods within a year.
Answer
- True
- False
Question 6
Question
What is opportunity cost?
What [blank_start]value[blank_end] you [blank_start]lose[blank_end] when you choose to perform the [blank_start]alternative[blank_end].
Answer
-
value
-
lose
-
alternative
Question 7
Question
What does the acronym TINSTAFFL stand for?
[blank_start]There is no such thing as a free lunch[blank_end]
Answer
-
There is no such thing as a free lunch
Question 8
Question
What government agency issues currency, overseas the money supply and regulates interest rates?
Answer
-
Federal reserves
-
National Bank
Question 9
Question
Who is the chairman of the Federal Reserve?
Answer
-
Pete Aguilar
-
Janet Yellen
-
Jeon Jungkook
Question 10
Question
Who is the Secretary of the treasury?
Answer
-
Jacob Lew
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Janet Yellen
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Park Jimin
Question 11
Question
What does it mean for a company to go public?
Everyone can [blank_start]buy/sell stocks[blank_end] of the company.
Answer
-
buy/sell stocks
Question 12
Question
What company owns Youtube?
Answer
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Google
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Youtube
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YG Entertainment
Question 13
Question
1.Wealth, whether physical or financial, invested to create more wealth.
[blank_start]Capital[blank_end]
2.A network in which buyers and sellers interact to exchange goods and services for money.
[blank_start]Market[blank_end]
3.Coins and banknotes issued by a government.
[blank_start]Currency[blank_end]
Answer
-
Capital
-
Market
-
Currency
Question 14
Question
4. A Stock exchange that lists many major industrial stocks
[blank_start]Dow Jones Average[blank_end]
5. A person who buys economic goods and services
[blank_start]Consumer[blank_end]
6. The performance of any duties or work for another; helpful or professional activity.
[blank_start]Services[blank_end]
Answer
-
Dow Jones Average
-
Consumer
-
Services
Question 15
Question
7. The controlling financial interests of the United States. Physically, it is located in New York City. This term is also used to refer to the financial industry of the U.S.
[blank_start]Wall Street[blank_end]
8. The Amount of money one ears. This can be through one's job or through investments.
[blank_start]Income[blank_end]
9. Increase in the overall level of prices over an extended period of time.
[blank_start]Inflation[blank_end]
Answer
-
Inflation
-
Income
-
Wall Street
Question 16
Question
10. Anything that anyone needs or wants to obtain
[blank_start]Goods[blank_end]
11. Alternative choices when making an economic decision.
[blank_start]Trade-offs[blank_end]
12. When a business chooses to invest in projects that make the mos profit and governments evaluate the effectiveness of a service (how much bang for the buck) they are making a _.
[blank_start]Cost-benefit Analysis[blank_end]
Answer
-
Goods
-
Trade-offs
-
Cost-benefit Analysis