Unit 6 - Economics Quiz

What is the difference between a cost and opportunity cost?

• The cost is your expenses, while the opportunity cost is how you spend your income.

• The cost is your plan for spending money, while the opportunity cost is your plan for saving money.

• The cost is a short-term goal, while the opportunity cost is a long-term goal.

• The cost is the price you pay for what you get, while the opportunity cost is what you did not get instead.

Which of the following is made by the aerospace industry in California?

• semiconductors

• aircraft

• missile systems

• radar technology

If a person does something simply for the enjoyment of it, which of the following would best describe what that person was influenced by? (1 point)

• behavior

• non-monetary incentive

• customer

• negative incentive

What helped prevent flooding in the Central Valley? (1 point)

• communication technologies

• major ports

• irrigation projects

• semiconductors

Which word is used when an entrepreneur earns more money than it costs to make products? (1 point)

• service

• labor

• capital

• profit

What happens when the economy and the stock market are both doing well? (1 point)

• People spend more money in the economy.

• People are trading stocks and not making a profit.

• People decide to save their money and not invest their money.

• People are unemployed and wages are lower.

Which statement best shows why ancient civilizations wanted durable currency? (1 point)

• People were worried that shells or wheat would break making it difficult to purchase goods or services.

• People had to carry around bags filled with shells or heavy currency to make payments.

• People could rely on the government to determine how much money is in circulation.

• People could not cut a shell in half to make a payment.

What did the Franciscans want to teach the Indians in California? (1 point)

• hunting

• missions

• fishing

• religion

Which word describes what happens when you give or sell one item to get another item? (1 point)

• trade

• import

• export

• deflation

What kind of tax do some people pay when they buy goods and services? (1 point)

• sales tax

• property tax

• income tax

• payroll tax