Arkansas Economics Quiz

What is economics the study of?

• The study of ecological systems and environments

• The study of historical events and their impacts

• The study of the production, distribution, and consumption of goods and services

• The study of human behavior and social interactions

What are opportunity costs?

• The financial expenses associated with starting a new business

• The costs of purchasing opportunities in the stock market

• The costs related to educational opportunities

• The costs of giving up something else when making a decision

What type of economic system does the US have?

• Socialist system

• Capitalist system

• Communist system

• Mixed economy

What role does the government play in the US economic system?

• The government owns and operates all businesses.

• The government has no role in the economy.

• The government steps in to regulate the economy.

• The government prevents people from owning businesses.

What type of business structure is characterized by being owned by one person?

• Corporation

• Partnership

• Proprietorship

• Non-profit organization

Which business structure is formed by two or more people who share responsibilities and risks?

• Corporation

• Partnership

• Proprietorship

• Cooperative

What is a characteristic of a corporation?

• Owned by one person

• Owned by two or more people with limited liability

• Owned by many people who pool their money together

• Owned by government entities

Which of the following is an example of a corporation?

• Independent farmers

• Law firms

• Walmart

• Family restaurants

What are goods?

• Tasks performed by people with special training

• Services provided by the state and local governments

• Products people want or need

• Public education and health services

Which of the following is an example of a service?

• Gasoline

• Food

• Doctors

• Clothes