1st Annual

TRIVIA CHALLENGE

Econ Edition

1.) What are the three economic questions that must be asked?

2.) Susan wants to play Halo 3 and get A’s in her classes. She cannot do both, so she

decides to play Halo 3. 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

4.) Who controls the factors of production in a Market Economy?

5.) Does scarcity always exist? Why?

6.) What is the difference between a shortage and scarcity?

7.) Which factors of production are used in making a chipotle burrito?

8.) When should you stop eating the Twix bars?

A. When the marginal cost of the next twix was less than the marginal benefit

B. There was no marginal cost

C. When the marginal cost of the next twix 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

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) ?

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 a completely 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

17.) Which of the following is a capital resource?

A.Money in the bank (shawty what you think?)

B.Factories, equipment, machinery

C.A Kate Spade bag

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

19.) Why can market economies be compared to giant “voting booths?”

20.) How does the economic idea of guns or butter apply to the U.S. government during

wartime?

1.) What are the three economic questions that must be asked?

1.) What to Produce? (1pt)

2.) How to Produce it? (1pt)

3.) For Whom to produce it? (1pt)

2.) Susan wants to play Halo 3 and get A’s in her classes. She cannot do both, so she

decides to play Halo 3. What is her opportunity cost?

Getting A’s in her classes (2pts)

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

(1pt)

C. The number of workers required to produce it

D. The amount of raw material used in making it

4.) Who controls the factors of production in a Market Economy?

Individuals, Households, Private Ownership, etc. (1pt)

5.) Does scarcity always exist? Why?

Yes, because people’s wants will always exceed them amount of resources available

(3pts)

6.) What is the difference between a shortage and scarcity?

A shortage can be temporary or long-term, but scarcity always exists. (2pts)

7.) Which factors of production are used in making a chipotle burrito?

Land, Labor, and Capital (3pts)

8.) When should you stop eating the Twix bars?

A. When the marginal cost of the next twix was less than the marginal benefit

B. There was no marginal cost

C. When the marginal cost of the next twix was greater than the marginal benefit

(1pt)

D. There was no marginal benefit

9.) Through what two things did Adam Smith argue that the “invisible” hand regulate the free

market?

Competition and Self-Interest (3pts)

10.) Which is NOT a goal of a market economy?

A.Economic Efficiency

B.Economic Freedom

C.Economic Equity (1pt)

D.Economic Growth

11.) Which type of Economy is the United States today?

Mixed/Modern (2pts)

12.) Which economic tool shows the cost of producing one thing in terms of sacrifice of

another thing?

Production Possibilities Frontier (PPF) (1pt)

13.) If a nation develops new technology, what is likely to happen to their Production Possibility

Frontier (PPF) ?

Their PPF curve will move out (to the left) (3pts)

14.) Which of the following is considered a good?

A.A haircut

B.A burrito (1pt)

C.A doctor’s visit

D.Advice from Dr. Phil

15.) Why is the United States NOT a completely market system?

Because we have some government interventions in place. (2pts)

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 (1pt)

D.The beaver that kicked Honest Abe in the family jewels

17.) Which of the following is a capital resource?

A.Money in the bank (shawty what you think?)

B.Factories, equipment, machinery (1pt)

C.A Kate Spade bag

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 (1pt)

19.) Why can market economies be compared to giant “voting booths?”

Because businesses react to “votes” that consumers make with their dolla dolla bills ya’ll.

(4pts)

20.) How does the economic idea of guns or butter apply to the U.S. government during

wartime?

The government must decide whether to make more or less military or consumer goods

(4pts)

Results:

35-38 = A (Barbacoa Burrito)

31-38 = B (Chicken Burrito)

27-30 = C (Chicken Quesadilla)

23-26 = D (Bag of Chips with guac)

22 or less = F (You disgrace the name of Chipotle)