All the Econ Quizzes Together!

Question 1

The US ran on the _____ before the Constitution

Answer 1

Articles of Confederation

Question 2

The class of ECON 200 or something similar is required by the state for all college students even international and out of state

Answer 2

True

Question 3

The USA is a____

Answer 3

Republic

Question 4

The___Constitution is the oldest use in the world

Answer 4

US

Question 5

The one word that best describes the economic problem is___

Answer 5

Scarcity

Question 6

If you go to a concert, spend $200, and make your best friend mad at you for not going with them, the opportunity cost of the concert is:

Answer 6

both the $200 and your friends anger

Question 7

An ecoomic good:

Answer 7

is good which someone is willing to pay

Question 8

To an economist, rational behavior means that you do what is in your own self-interest, what is best for you.

Answer 8

true

Question 9

If we increase taxes on business we would expect equilibrium price to fall and quantity sold to fall

Answer 9

false

Question 10

The same philosophy that is in Adam Smith’s Wealth of Nations originating with John Locke is also the philosophy behind the Declaration of Independence.

Answer 10

true

Question 11

Capitalism is called that because____the is (are) privately owned

Answer 11

capital

Question 12

Capitalism and socialism have the same three basic economic questions, just different answers.

Answer 12

true

Question 13

The question of how to produce is answered in capitalism by

Answer 13

markets

Question 14

Capitalism is appreciated by economists because decision making is ______

Answer 14

decentralized

Question 15

Which of the following is not considered one of the potential problems with capitalism?

Answer 15

innovation fades over time

Question 16

Marx anticipated globalization and increasing income inequality as natural outcomes of capitalism.

Answer 16

true

Question 17

Utopian socialists believed that workers and businesses could be made to cooperate using scientific principles would make everybody better off.

Answer 17

true

Question 18

Marx believed that it was necessary to have a violent overthrow of capitalism.

Answer 18

true

Question 19

To Marx, all history is a story of class struggle, and capitalism makes workers an To Marx, all history is a story of class struggle, and capitalism makes workers an appendage of the machine leading to conflict between capitalists and workers

Answer 19

true

Question 19

There are no incentives in a socialist economy.

Answer 19

false

Question 19

The legislative branch makes laws, the executive branch carries them out, and the judicial interprets them, in the intended model of the US government.

Answer 19

true

Question 19

The president of the Senate is the:

Answer 19

vice president

Question 19

The Founding Fathers took their view of separation of powers from a dude named

Answer 19

Montesquieu

Question 19

Which of the following cabinet offices is required by the Constitution?

Answer 19

none

Question 20

The Constitution says that Congress provides “advice and consent” on the acceptance of electoral votes on January 6 after a presidential election.

Answer 20

FALSE

Question 20

Public goods are both non-rivalous and non-exclusive.

Answer 20

true

Question 20

Markets provide too large a quantity of public goods if left alone because of free riders.

Answer 20

false

Question 20

Money that has value because of an order by the government is called ______ money

Answer 20

fiat

Question 20

In US history,

Answer 20

deer and tobacco leaves were used as money
states printed their own money
banks were allowed to print money
Correct Answer
all of the above

Question 20

If two people make a deal and it creates a cost for a third person, that cost is called a(n) _____.

Answer 20

externality (negative)

Question 20

The idea that we can only say economically that an idea is good is if it makes at least one person better off and no one worse off is known as:

Answer 20

parteo optimality

Question 20

The Constitution gives each state legislature power over elections within that state because the Founding Fathers believed that would help prevent:

Answer 20

tyranny

Question 20

An increase in the money supply should _____ interest rates.

Answer 20

decrease

Question 20

The Federal Reserve System is intended to be independent of Congress and the President, because it is believed that countries with independent central banks have lower inflation rates over time.

Answer 20

True

Question 20

The McCulloch v. Maryland decision said that:

Answer 20

states may not tax the federal government

Question 21

Most of the money in the country is actually created by banks when they make loans.

Answer 21

True

Question 22

In Hepburn v. Griswold, the Supreme Court said fiat money was a violation of the Constitution. Two years later, the Supreme Court reversed itself and said it was not.

Answer 22

True

Question 23

Which of the following is true about the Wizard of Oz?

Answer 23

Dorothy’s slippers are made of silver in the book

Question 24

The Cross of Gold speech

Answer 24

supported workers over Wall Street

Question 25

The Constitution says states are forbidden to print their own money.

Answer 25

True

Question 26

Economists believe that politicians act in their own self interest. We call them _______ because they do that.

Answer 26

rational actors

Question 27

Economists believe that government bureaucrats do not respond to incentives, unlike private sector employees who do.

Answer 27

False

Question 28

Rational Ignorance theory says that, because our individual vote does not matter, voters generally don’t benefit by spending the time to inform themselves fully about candidates for office.

Answer 28

True

Question 29

Economists believe that politicians’ primary concern is maximizing

Answer 29

the chance of getting elected or reelected

Question 30

Rational Ignorance tells us that politicians look for issues that benefit _______, whose costs are ________

Answer 30

few, shared among many

Question 31

Because of Rational Ignorance, single issue voters are _____.

Answer 31

more likely

Question 32

To protect us from tyranny and/or the domination of the few, the Founding Fathers:

Answer 32

created a large Congress, and a weak president

Question 33

If we require 100% agreement to create a law, it let’s the minority control the majority. In our current system where we normally require just 50% + 1 vote, the majority can do bad things to the minority. There is no voting system that gives the majority control while protecting completely the minority.

Answer 33

True

Question 34

The median voter model tells us that most presidents will move toward the center of all voters in the country after being elected.

Answer 34

True

Question 35

When politicians trade votes (you vote for my bill and I’ll vote for yours), it is called:

Answer 35

log rolling