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Test Questions
Vocab 1
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Vocab 2
Current Events
100
Economists use these to test solutions to questions for which there are no obvious or easy answers
economic models
100
This is the study of the production, distribution and consumption of goods and services
Economics
100
What was the record of the Livonia High School football team this year
10-2
100
Food, clothing, shelter and other things required for survival
needs
100
What team did Peyton Manning recently sign with?
Denver Broncos
200
Variable costs plus fixed costs add up to?
total costs
200
Exchanging one thing for the use of another
trade-off
200
How many presidents has the United States had?
44
200
This is all activity that together affects making, selling and using goods and services
economy
200
What team beat No. 2 seeded Duke in the NCAA tournament last week?
Lehigh University
300
In a _____ economy, most economic decisions are made by individuals looking out for their own interests.
market
300
These are items that make life more comfortable and enjoyable
wants
300
Name one of the U.S. Senators from Louisiana
David Vitter or Mary Landrieu
300
This occurs when people lack the resources to produce the things they want
scarcity
300
Cafeterias across the United State have come under scrutiny lately for serving this food -- a lean, finely textured beef or otherwise called ...
pink slime
400
A ____ system allows businesses to compete for profit with a minimum of government interference.
free enterprise
400
These are expenses unaffected by the number of units produced
fixed costs
400
What was the last state to join the United States
Hawaii
400
Something offered in an attempt to get consumers to take certain economic actions
incentives
400
How large in magnitude was the earthquake that recently hit Mexico?
7.4
500
Economics is sometimes called the science of
decision making
500
This is an additional benefit associated with an action
marginal benefit
500
What is the No. 1 rule broken in Chrestman's class?
Use of cellphones!!!!!!!!!!!!!!!!
500
What you cannot buy or do when choosing to do one thing rather than another.
opportunity cost
500
Who won the Illinois GOP primary?
Mitt Romney