Economics Essentials Quiz

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Core econ terms and definitions

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Maria Virginia Rodrigues Herrera

United States

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Economics Essentials Quiz


Froggy Jumps Economics Essentials QuizOnline version Core econ terms and definitions by Maria Virginia Rodrigues Herrera 1 Scarcity a Limited resources and unlimited wants b Opportunity to produce more goods c Trade-off between benefits and costs 2 Trade-off a Giving up one benefit to gain another b Limited resources and unlimited wants c Maximum output of two goods 3 Guns vs. Butter a Prices rise when demand grows b Trade-off between military and consumer goods c One seller in a market 4 Opportunity Cost a Trade barrier to imports b Private ownership of resources c Next best alternative given up 5 Production Possibilities Curve (PPC) a Movement of money between households and businesses b Maximum output of two goods with limited resources c Prices fall when supply exceeds demand 6 Underutilization a Unlimited liability for owners b Producing below capacity c Identical products in a market 7 Three Key Economic Questions a What is the price elasticity of demand? b How are interest rates set by the central bank c What goods and services should be produced? 8 Traditional Economy a Based on custom and tradition b Private ownership of resources c Global free market system 9 Free Market Economy a Public ownership of all resources b Government planning of production c Private ownership of resources 10 Mixed Economy a Total government control b No regulation of markets c Combination of free market and government regulation 11 Circular Flow Chart a Graph of supply and demand b Line showing unemployment levels c Movement of money/resources between households and businesses 12 Law of Demand a Price and quantity demanded move in opposite directions b Demand is constant regardless of price c Prices and demand rise together 13 Demand Curve Shift a Caused by income, preferences, etc. b Prices of inputs changing c Movement along the curve due to price 14 Elasticity of Demand a How demand changes when price changes b Average price of a good c Supply response to price 15 Law of Supply a Prices fall when supply increases b Demand decreases with higher prices c Producers supply more when prices rise 16 Supply Exceeds Demand a Prices fall b Demand equals supply at equilibrium c Prices rise with shortages 17 Perfect Competition a Only one firm in a market b A single seller dominates c Identical products 18 Monopoly a One seller b Many sellers in a market c A cartel of many firms 19 Oligopoly a Few large sellers dominate b Perfect competition c No competition at all 20 Monopoly Limits Production a To raise prices and profits b To decrease barriers to entry c To increase market share 21 Sole Proprietorship a Single owner with unlimited liability b Partnered ownership with liability c A corporation with liability limited 22 Partnership Disadvantage a Unlimited liability b Limited liability for partners c Passive income only 23 Corporation Advantage a No legal separation of income b Limited liability c Unlimited liability 24 Unlimited Liability a Owners responsible for all debts b Limited investors' risk c No personal risk in debts 25 Avoids Double Taxation a Corporation ownership b Partnership taxation rules c Sole proprietorship 26 Role of Banks a Set national interest rates b Circulate money and provide services c Create fiscal policy 27 Compound Interest a Simple interest only b Interest on principal and earned interest c Interest withheld until maturity 28 Debit vs. Credit Card a Debit uses own money; credit borrows money b Credit uses own funds; debit borrows c Both are the same function 29 Saving and Growth a Increases government debt b Provides investment funds c Reduces household wealth 30 Municipal Bond a Corporate stock b Treasury bill c Bond issued by state/local governments 31 Stocks vs. Bonds a Stocks = ownership; bonds = loans b Stocks = loans; bonds = ownership c Both are ownership assets 32 Bear Market a Prices falling b Prices stable c Prices rising 33 Progressive Tax a Flat tax rate for all incomes b Higher incomes taxed at higher rates c Taxes decrease with income 34 Discretionary Spending a Social security b National defense c Interest payments on debt 35 Budget Deficit a Spending exceeds revenue b Revenue exceeds spending c Balanced budget 36 Social Security Taxes a Paid only by employees b Paid only by employers c Paid by employers and employees 37 Benefits-Received Principle a Taxes based on consumption b Taxes based on benefits received c Taxes based on income 38 Monetary Policy a Regulates fiscal spending b Fiscal policy tool only c Controls money supply and interest rates 39 Federal Reserve Decision-Making Body a Federal Open Market Committee b Congress and President together c Board of Governors only 40 Tight Money Policy a Increase inflation and accelerate growth b Unchanged monetary policy c Reduce inflation and slow economy 41 Interest Rates and Spending a Lower rates reduce borrowing b Rates do not affect spending c Higher rates reduce borrowing/spending 42 Federal Funds Rate a Rate consumers pay for loans b Rate businesses pay for credit c Rate banks charge each other overnight 43 GDP a Value of final goods/services produced in a country b Prices of all goods produced c Total capital stock 44 Included in GDP a Computer made in U.S. by Chinese company b Underground economy not counted c Imported cars only 45 Specialization a Producing all goods equally b Producing certain goods efficiently c Self-sufficiency economy 46 Trade Barrier a Restriction on foreign goods b Free movement of goods c Lower taxes on imports 47 Tariff a Tax on exports b Tax on imports c Restriction on domestic sales 48 Protectionism a Restricting trade to protect industries b No government intervention c Open global trade 49 Mixed Economy Dominated by Market System a United States b China c North Korea 50 Inflation a Stable price level b General increase in prices c Deflation in prices

Economics Essentials Quiz

Froggy Jumps

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Economics Essentials QuizOnline version

by Maria Virginia Rodrigues Herrera

Scarcity

Trade-off

Guns vs. Butter

Opportunity Cost

Production Possibilities Curve (PPC)

Underutilization

Three Key Economic Questions

Traditional Economy

Free Market Economy

Mixed Economy

Circular Flow Chart

Law of Demand

Demand Curve Shift

Elasticity of Demand

Law of Supply

Supply Exceeds Demand

Perfect Competition

Monopoly

Oligopoly

Monopoly Limits Production

Sole Proprietorship

Partnership Disadvantage

Corporation Advantage

Unlimited Liability

Avoids Double Taxation

Role of Banks

Compound Interest

Debit vs. Credit Card

Saving and Growth

Municipal Bond

Stocks vs. Bonds

Bear Market

Progressive Tax

Discretionary Spending

Budget Deficit

Social Security Taxes

Benefits-Received Principle

Monetary Policy

Federal Reserve Decision-Making Body

Tight Money Policy

Interest Rates and Spending

Federal Funds Rate

GDP

Included in GDP

Specialization

Trade Barrier

Tariff

Protectionism

Mixed Economy Dominated by Market System

Inflation