Crash Course Economics Quiz

What is economics primarily the study of?

• People and choices

• The stock market

• Men in bow ties forecasting markets

• Money and getting rich

What is the opportunity cost?

• The cost of the next best alternative

• The cost of not making a choice

• The total cost of all alternatives

• The cost of the chosen option

What are the two most important assumptions in economics?

• Inflation and unemployment

• Supply and demand

• Scarcity and opportunity cost

• Profit and loss

What is the main focus of macroeconomics?

• Individual choices

• Company profits

• The economy as a whole

• Consumer behavior

What is the main focus of microeconomics?

• Individual and business decisions

• Government spending

• National output

• Inflation rates

What did the French colonial regime in Vietnam issue a bounty on?

• Birds

• Snakes

• Insects

• Rats

What is the role of incentives in economics?

• To predict market trends

• To guide public policy

• To improve decision-making

• To increase spending

What is the opportunity cost of military spending in the US?

• Lower unemployment

• Increased taxes

• Higher inflation

• Hospitals, schools, and roads

What is the main reason for the US spending more on healthcare but getting worse outcomes?

• High population

• Low technology

• Lack of resources

• Poor incentives

What is the main difference between macroeconomics and microeconomics?

• Macro is about money, micro is about resources

• Macro deals with supply, micro with demand

• Macro focuses on the economy as a whole, micro on individual choices

• Macro focuses on individual choices, micro on the economy as a whole