Economics Quiz

What type of economy does the US have? (Think about the mix of market and command.)

• Mixed

• Command

• Traditional

• Pure Market

The amount of something that you have.

• Demand

• Supply

• Opportunity Cost

• Scarcity

When there is not enough of something.

• Demand

• Supply

• Opportunity Cost

• Scarcity

This is people's desire for something.

• Demand

• Supply

• Opportunity Cost

• Scarcity

When you're presented with a choice, the ____________ is the value of what you don't pick

• Scarcity

• Demand

• Supply

• Opportunity Cost

This is something that you pay for that you can physically hold or touch.

• Good

• Service

This is something that you pay someone else to do for you to satisfy your wants.

• Good

• Service

Which of the following is a good?

• Computer

• Oil change

• Hair cut

Which of the following is a service?

• Cell phone

• Highlighters

• A cashier

You are presented with the choice of buying tickets to a concert or purchasing a new stuffed toy. You pick the stuffed toy. What was your opportunity cost?

• stuffed toy

• concert tickets