Chapter 1

Niki Binondo
Quiz by Niki Binondo, updated more than 1 year ago
Niki Binondo
Created by Niki Binondo almost 5 years ago
8
1

Description

Final Government and Economics Quiz on Chapter 1, created by Niki Binondo on 02/03/2016.

Resource summary

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
  • Janet Yellen
  • 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
  • Google
  • Youtube
  • 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
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