3rd Annual Trivia Challenge Economics Edition

1. 3rd Annual • Trivia Challenge • Economics Edition

2. 1.) What are the three economic questions that must be asked? 2.) Susan wants to play Call of Duty: Black Ops and get A’s in her classes. She cannot do both, so she decides to play Black ops. What is her opportunity cost? 3.) According to economists, the real cost of anything is? A. The amount of money you pay for it B. Some other desired item that you sacrificed for it C. The number of workers required to produce it D. The amount of raw material used in making it

3. 4.) Who controls the factors of production in a Market Economy? 5.) Why does scarcity always exist? 6.) What is the difference between a shortage and scarcity? 7.) Which factors of production are used in making a chipotle burrito?

4. 8.) When should you stop eating Twix Bars? A. When the marginal cost of the next was less than the marginal benefit B. There was no marginal cost c. When the marginal cost of the next was greater than the marginal benefit D. There was no marginal benefit 9.) Through what two things did Adam Smith argue that the “invisible” hand regulate the free market? 10.) Which is NOT a goal of a market economy? a. Economic Efficiency b. Economic Freedom c. Economic Equity d. Economic Growth

5. 11.) Which type of Economy is the United States today? 12.) Which economic tool shows the cost of producing one thing in terms of sacrifice of another thing? 13.) If a nation develops new technology, what is likely to happen to their Production Possibility Frontier (PPF) ?

6. 14.) Which of the following is considered a good? a. A haircut b. A burrito c. A doctor’s visit d. Advice from Dr. Phil 15.) Why is the United States NOT considered a completely free-market system? 16.) In a voluntary exchange between two people or businesses, who gains from the trade? a. The buyer b. The seller c. Both the buyer and seller d. The one with the best hair

7. 17.) Which of the following is a capital resource? a. Money in the bank (shawty what you think?) b. Factories, equipment, machinery c. A Federal Accountant d. A mineral deposit 18.) People using their resources, producing and exchanging to satisfy their wants, is best described as the study of? a. Wizardry b. Abstract Calc version 3.5 c. Business Ethics d. Economics

8. 19.) How does the economic idea of guns or butter apply to the U.S. government during wartime? 20.) Why can market economies be compared to giant “voting booths?” Alright, trade your answers with another group’s and let’s see how much you need to study for test.

9. 1.) What are the three economic questions that must be asked? What to Produce, How to Produce, and for whom to produce. 2.) Susan wants to play Call of Duty: Black Ops and get A’s in her classes. She cannot do both, so she decides to play Black Ops. What is her opportunity cost? Getting A’s in her classes. 3.) According to economists, the real cost of anything is? A. The amount of money you pay for it B. Some other desired item that you sacrificed for it C. The number of workers required to produce it D. The amount of raw material used in making it

10. 4.) Who controls the factors of production in a Market Economy? Individuals or the people Because everything is either rare or can be used more than once 5.) Why does scarcity always exist? 6.) What is the difference between a shortage and scarcity? Shortages occur on a short-term basis, while scarcity always exists 7.) Which factors of production are used in making a chipotle burrito? All of them

11. 8.) When should you stop eating Twix Bars? A. When the marginal cost of the next was less than the marginal benefit B. There was no marginal cost c. When the marginal cost of the next was greater than the marginal benefit D. There was no marginal benefit 9.) Through what two things did Adam Smith argue that the “invisible” hand regulate the free market? Self-interest and Competition 10.) Which is NOT a goal of a market economy? a. Economic Efficiency b. Economic Freedom c. Economic Equity d. Economic Growth

12. 11.) Which type of Economy is the United States today? Mixed Economy 12.) Which economic tool shows the cost of producing one thing in terms of sacrifice of another thing? The Production possibilities Frontier (PPF Curve) 13.) If a nation develops new technology, what is likely to happen to their Production Possibility Frontier (PPF) ? Their PPF Curve will likely shift outward because they will be able to produce more with the same resources

13. 14.) Which of the following is considered a good? a. A haircut b. A burrito c. A doctor’s visit d. Advice from Dr. Phil 15.) Why is the United States NOT considered a completely free-market system? Because we still have some government intervention 16.) In a voluntary exchange between two people or businesses, who gains from the trade? a. The buyer b. The seller c. Both the buyer and seller d. The one with the best hair

14. 17.) Which of the following is a capital resource? a. Money in the bank (shawty what you think?) b. Factories, equipment, machinery c. A Federal Accountant d. A mineral deposit 18.) People using their resources, producing and exchanging to satisfy their wants, is best described as the study of? a. Wizardry b. Abstract Calc version 3.5 c. Business Ethics d. Economics

15. 19.) How does the economic idea of guns or butter apply to the U.S. government during wartime? During wartime, the government has to decide if it wants to utilize its resources to serve it’s people (butter) or the war (Guns) 20.) Why can market economies be compared to giant “voting booths?” Because people “vote” for products by purchasing them and this signals producers to make more of these goods. It’s like people re-electing a president because they like what he or she did during office. Alright, trade your answers with another group’s and let’s see how much you need to study for test.

16. Here’s the breakdown of how you did: 35-38 Points = Barbacoa Burrito 31-34 Points = Chicken Burrito 27-30 Points = Chicken Quesadilla 23-26 Points = Bag of Chips and Guac 0-23 Points = What is this?! Qdoba?