Economics Quiz

The assembly line is an example of ...

• opportunity cost

• specialization

• price incentive

A 50% off sale is an example of a

• opportunity cost

• specialization

• price incentive

the process of making, harvesting or creating something

• voluntary exchange

• playing a video game

• exercising

• production

When customers and business owners exchange products and money, because it will help them both in some way.

• voluntary exchange

• volunteering to help someone for free

• opportunity cost

• reading quizzes

Which is an example of trade?

• Martha and John showing each other their possessions.

• turning down McDonald's to save your money for ice skating

• Martha asking John if he wants her to make him some banana pudding

• Martha and John exchanging the fruit from her banana tree with the books from his shop.

Which is NOT an example of opportunity cost:

• giving up the opportunity to go to McDonald's to save your money for ice skating.

• ice skating AND going to McDonald's

• choosing waffles INSTEAD of eggs

• deciding to take gymnastics class INSTEAD OF art class

Which is NOT an example of trade?

• Mario exchanging his family's eggs for Rita's family's sweet corn

• Ja'ron exchanging his lanyard for Mike's bookmark

• Melanie bringing enough pumpkin muffins to feed the whole class

• Ms. Cole giving Mrs. Dayutis a journal for Mrs. Dayutis' pack of markers

Which is NOT an example of specialization?

• a special awards assembly with the principal at TCE

• a Toyota factory where workers add different car parts on an assembly line

• Kroger, where different bakers add their specialties to the gingerbread houses (one the icing, one the sprinkles, and so forth)

Which is a strategy Wal-Mart uses to try and persuade you to buy their toys?

• pennies

• price incentives

• The Price is Right (tv game show)

• lots of Covid-19 mask choices

Which could people still do, even if they ran out of money?

• opportunity cost

• trade Christmas wreaths that they created for their neighbor's homemade cookies

• buy gas with a twenty dollar bill

• purchase gum from a gumball machine