econ quiz ch.1

True or False: Microeconomics is the study of an economy as a whole.

False

True or False: Macroeconomics is the study of how households, companies, and individual markets use their resources.

False

True or False: Jay-Z is an example of an entrepreneur due to his various successful businesses.

True

True or False: Producers are those who make goods and services.

True

True or False: Consumers are those who purchase goods and services to satisfy their wants and needs.

True

True or False: A hammer is a natural resource.

False

True or False: Economics is the study of how people and countries choose to use their scarce resources to satisfy their unlimited wants and needs.

True

True or False: Scarcity occurs when there are unlimited resources with limited wants and needs.

False

True or False: A McDonald's worker is an example of a hum resource.

True

True or False: Productivity is the rate at which goods are produced, and the amount produced, compared with the work, time, and money needed to produce them.

True

The following is NOT an example of a capital resource: hammer vs. government worker

Government Worker

The following are the basic economic questions that must be asked EXCEPT:

Why should we produce?

Mr. McNabb is decides to play video games instead of studying. What is his opportunity costs?

* Grades
* A good night sleep
* Studying

Davin Garcia has to decide whether to attend a party or do his homework. He decides to go to the party. What is his opportunity cost?

Grades

which of the following are considered wants? (Choose All that apply)

* Netflix
* Starbucks
* Rolex Watch

Which of the following are considered needs? (Choose ALL that apply)

* A house to live in
* Gas to drive to work

A cost that remains constant is called

fixed cost

A cost that can change or fluctuate is

Variable cost

If a business’s total cost went fro $20 to $35 after adding one more unit of output, what is the marginal cost?

$15