Economics Quiz Competition

Privatization refers to ....

• Transfer of assets from people to government

• Transfer of assets from public to private organizations

• Transfer of assets from corporate to public

• Transfer of assets from corporate to government

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

an economy in which production, investment, prices, and incomes are determined centrally by a government

• traditional economy

• mixed economy

• command economy

• free market economy

Point B represents

• Product Market

• Factor Market

• Individuals

• Businesses

Which description is most correct about opportunity cost (OC)

• impacts small businesses more often than large businesses

• can be avoided if you have enough money

• is inherent in all decisions/choices

• can only be expressed in monetary terms

Which of the following topics are studied in economics?

• People's jobs and their pay

• Government decisions such as taxes

• Business decisions such as prices charged

• People's choices when making purchases

• ALL OF THE ABOVE (HINT IT IS THIS ONE!!!)

What is net income?

• The amount of money you can budget

• The money taken out of your pay (ie. taxes)

• Your take home pay. Gross income minus deductions

• The amount of money you make before deductions

Which economics term describes the physical things that are bought and sold in the economy?

• Production

• Goods

• Services

• Consumption

factors of production that are used in the production of goods and services

• economics

• scarcity

• resources

• choice

A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment

• proprietorship

• partnership

• corporation

• entrepreneur