• When we are forced to make choices on what types of goods and services we will consume, we are doing so because of what economic concept?*

1 point

Macroeconomics

Scarcity

Factors of Production

Externalities

• Robots used to build cars inside a Ford factory would be categorized as which factor of production?*

1 point

Human Capital

Labor

Entrepreneurship

Physical Capital

Land

• Which of the following is has nothing to do with macroeconomics*

1 point

Economy of McDonalds

Economy of the United States

Economy of the world

Economy of Costa Rica

• The knowledge and skills you gain from attending college, vocational school or additional trainings*

1 point

Physical Capital

Labor

Human Capital

Land

Entrepreneurship

• Patagonia is running a holiday speical where they have cut the price of a sweatshirt by 25%. Samantha is going to buy one sweatshirt for sure. She pauses in the store to consider buying a second or even a third sweatshirt. What economic concept is she modeling?*

1 point

The invisible hand

Scarcity

Explicit Costs

Marginal Analysis (Thinking at the margin)

• Which economic system generally suffers from a lack of competition and a lack of quality made products?*

1 point

Free

Capitalistic

Command

Mixed

• Who answers the economic questions in a free market system?*

1 point

No one

Mr. Hochhalter

Businesses & consumers

The government

• When Ford sets the prices for their new vehicles, which economic question are they answering?*

1 point

Who's going to buy our good?

How are we going to produce it?

What are we going to produce?

• What function does competition serve in a free market system?*

1 point

Your answer

• How does the invisible hand play a role in helping the free market? (relating to price & competition)*

1 point

Your answer

• Which of the following is not a market failure?*

1 point

Monopolies

Public goods

Inequality

Externalities

Competition

• The creation of Saguaro Lake from the building of the Stewart Mountain Damn would be a positive externality for which groups? (Can be more than one)*

1 point

Tourists

Home owners down river

Recreationalists (Fishermen & boaters)

Salt River Electric Company

Conservationists

• An over abundance of trash on the Lower Salt River during tubing season would be an example of what externality phenomenon?*

1 point

Tragedy of the Commons

Negative correlation

Inequality

Monopolies

• The government issuing a sales tax to help fund homeless shelters would be to address which market failure?*

1 point

Public Goods

Inequality

Externalities

Monopolies

• Why does the government need to step in and provide certain public goods within a free/mixed market?*

1 point

Your answer

• What are two examples of public goods that the government must provide because the free market won't provide?*

1 point

Your answer

• Who would consider the widening of the Loop 101 freeway to be a long term negative externality?*

1 point

Drivers

Tourists

Homeowners

Business owners

• What can cause a production possibilities curve to move to the left?*

1 point

A new invention reduces the time it takes to produce a product

An epidemic kills thousands of young men and women

Acquisition of 1,000 new acres of farmland

A generation of youth go to college