Economics Week 1 PRACTICE Quiz

In my Economics class there are _____ points possible for daily classwork.

• 25

• 50

• 75

• 100

In my Economics class there are _____ points possible for daily homework.

• 25

• 50

• 75

• 100

The study of how people choose to use their limited resources to satisfy their unlimited wants is called _____.

• economics

• scarcity

• incentive

• tradeoff

The result of people having limited resources but unlimited wants is _____.

• scarcity

• economics

• incentive

• tradeoff

The exchange of one benefit or advantage for another that is thought to be better is called a(n) _____.

• scarcity

• economics

• incentive

• tradeoff

Something that motivates a person to take a particular course of action is a(n) _____.

• scarcity

• economics

• incentive

• tradeoff

According to Adam Smith a healthy economy requires _____.

• stock markets

• competition

• government control

• a free market

Why might some historians consider Adam Smith one of the most influential people in history?

• He taught that all people should be economic equals.

• He introduced a way of thinking about economic ideas.

• He argued for a larger role for the government in the economy.

• He wrote the economic argument for American independence.

Which of the following is not a market?

• an online auction site

• a large appliance store

• a high school classroom

• a neighborhood garage sale

Which of these terms is most closely related to the term tradeoffs?

• incentives

• scarcity

• resources

• markets