Econ NINJA QUIZ

1 Ninja QUIZ

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Question 1

What is a rational economic decision?

one in which there is no opportunity cost

one in which benefits are greater than costs

one in which benefits are unknown, but costs are low

Question 2

Factory buildings, Telephone equipment, Assembly line equipment are all examples of what?

Labor resources

Land resources

Capitol resources

Question 3

Which of the following is a positive incentive?

Saturday school assigned for low grades

Free parking passes for the top 50 senior students

After school detention assigned for fighting in school

Question 4

A great variety of goods and services is characteristic of

a command economy

a traditional economy

a market economy

Question 5

In England, the government owns industries such as the airline, TV stations, hospitals, universities, and defense contractors. However, most other industries in England involve privately owned firms. What type of economy is this?

command

market

mixed

Question 6

The alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2) watch two half-hour TV shows, (3) play pool, and (4) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?

Watching two half-hour TV show.

Playing pool.

The sum of watching two half-hour TV shows and playing pool

Question 7

The economic term “scarcity” relates MOST directly to a situation in which

businesses lack customers needed to make a profit

employees lack experience needed to earn a promotion

manufactures lack raw materials needed to satisfy demand

Question 8

In a market economy, the decision of WHAT to produce is determined by…

consumer demands

government regulations

multinational corporations

Question 9

Economic growth would most likely be the result of…

An investment in capital goods

An increase in workplace safety conditions

An decrease in a country’s average education

Question 10

Sally has bananas but wants ice cream. Mark has ice cream but wants bananas. They decide to trade. Sally gives Mark one banana for one ice cream. Who benefits from this trade?

Sally but not Mark

Both Sally and Mark

Mark but not Sally

Question 11

According to the American Lung Association, for every ten percent increase in the price of a pack of cigarettes, youth smoking rates drop about seven percent. If lawmakers want to create a negative incentive for smoking, this information would support what action?

decreased taxes on cigarettes

lower the legal age to purchase tobacco products

increase taxes on cigarettes

Question 12

What is the difference between paying with a debit card and paying with a credit card?

Debit cards borrow money to buy now and pay back later, while credit cards are not a loan

Credit cards borrow money to buy now and pay back later, while debit cards are not a loan

Debit cards are not widely accepted, while credit cards are

Question 13

One benefit of mutual funds as a form of investment is…

They allow investors to diversify their investments into many companies

They prevent investors from losing any money

They place investors money into only one company's stock

Question 14

John borrows $100 dollars from Ed. They agree that John will pay back the loan in two months at a rate of 10% monthly. If john pays back exactly $120, the the interests was . . .

Simple

Compound

Usurious

Question

Annabell is tired of making less than $40,000 a year. Which of the following is the BEST way for her to raise her earning potential?

Acquire more education and training

Save more of her income

Support subsides that will protect US jobs

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