Intro to Econ Quiz 2024

Which of the following best describes gasoline?

• Service

• Good

• Producer

• Consumer

Which of the following best describes babysitting?

• A Service

• A Good

• A Producer

• A Consumer

Which of the following best describes Nike?

• A Service

• A Good

• A Producer

• A Consumer

What is a fundamental necessity required for survival called?

• A Need

• A Want

• A Good

• A Consumer

When you sign up for streaming platforms like Netflix, Hulu, or Disney+, you are considered a:

• Service

• Good

• Producer

• Consumer

We are required to make economic decisions because we understand that resources are NOT available in unlimited quantities. What is this concept called?

• Supply and Demand

• Scarcity

• Economic Choice

• Opportunity Cost

The value of the next best alternative that a person gives up when making a decision is known as:

• Opportunity Cost

• Transferable

• Scarcity

• Trade-Off

Why is it impossible to produce an unlimited quantity of consumer goods?

• We do not have enough economic resources

• The costs are too high

• We have too many economic resources

• All of the above

Due to scarcity, what are we required to make?

• Money

• Products

• Choices

• Durable good

Whenever we make an economic decision, which two outcomes always occur?

• Profit and a loss.

• A benefit and profit.

• A benefit and a cost.

• None of the above.