You May Already Know Some Economics...Maybe?

From an historic perspective, who is considered the "founder" of modern economics?

• Mansa Musa

• Nicolaus Copernicus

• Adam Smith

• Levitt & Dubner

True or False: Economics is a social science that analyzes human choices made to meet needs and wants.

• True

• False

Which type of economic system does the U.S. have?

• Traditional

• Free Market

• Command

• Capitalist

True or False: In an economic sense, all choices made involve some sort of a cost.

• True

• False

The price of a product is primarily determined by which of the following?

• Banks & Lenders

• Supply & Demand

• Entrepreneurs & Business Owners

• Government & Officials

True or False: According to the law of supply, if the price of a product increases, businesses will produce less of it.

• True

• False

For the vast majority of the population, which of the following makes up the highest percentage of an individual's income?

• Salary/Wages

• Stock Market Investments

• Value of Real Assets Owned

• "Off the Books" Cash-Only Earnings

True or False: China produces the highest dollar amount of goods and services in the world.

• True

• False

What is the current unemployment rate in the U.S.?

• 3.3%

• 4.3%

• 5.3%

• 6.3%

When comparing this year to last year, what is the current inflation rate in the U.S.?

• 1.7%

• 2.7%

• 3.7%

• 4.7%