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

Externalities

Factors of Production

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

1 point

Human Capital

Land

Entrepreneurship

Labor

Physical Capital

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

1 point

Economy of the United States

Economy of Costa Rica

Economy of McDonalds

Economy of the world

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

1 point

Human Capital

Physical Capital

Entrepreneurship

Land

Labor

All of the above

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

Scarcity

The invisible hand

Explicit Costs

Marginal Analysis (Thinking at the margin)

Based on the travel options above, what are the couple's implicit costs if they choose to go to Iceland for the honeymoon?*

$400

$600

$800

$1000

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

1 point

Command

Capitalistic

Free

Mixed

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

1 point

The government

No one

Businesses & consumers

Mr. Hochhalter

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

1 point

How are we going to produce it?

What are we going to produce?

Who's going to buy our good?

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

Externalities

Competition

Monopolies

Inequality

Public goods

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

Salt River Electric Company

Recreationalists (Fishermen & boaters)

Conservationists

Home owners down river

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

1 point

Monopolies

Negative correlation

Tragedy of the Commons

Inequality

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

1 point

Monopolies

Inequality

Externalities

Public Goods

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 generation of youth go to college

An epidemic kills thousands of young men and women

Acquisition of 1,000 new acres of farmland

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

1. Which of these points are efficient?*

1 point

A

B

C

D

2. Which of these points are impossible*

1 point

A

B

C

D

3. Which of these points show underutilization?*

1 point

A

B

C

D

4. What is the opportunity cost of moving from point B to C (Be specific)*

1 point

Your answer

5. What is the production of coordinate B? (Be specific)*

1 point

Your answer

Why do we use a Production Possibilities Curve (PPC) in economics?*

1 point

Your answer

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Submit

Use the scenario provided to answer the question: What is Mr. Hochhalter's 1 point opportunity cost for choosing to hike in the Grand Canyon over Spring Break? * Mr. Hoehhalter really wants to have an awesome Spring Break this year. He wants to tilt up the week with as many activities as possible. However, each activity will take up a chunk of time and he couldn't possibly t them all in one week. He has considered his options and ranked them as follows: 1. Hiking at the Grand Canyon Photographing the wild horses at the Salt River Camping in Sedona Reading a hook on Theodore Roosevelt Binge watching Game of Thrones shesr- Photographing wild horses Camping in Sedona Reading a book on Theodore Roosevelt Binge watching Game of Thrones All of the above OOOOO Which option is the best economic choice for Jaxon? How do you know? * Jaxon (a teacher) is trying to decide where take his fiance for their honeymoon this summer. He finds three attractive flights/destinations. He is trying to decide which would be the best option for their trip. His fiance will need to know ahead of time so she can take work off. She makes $100 each weekday she is working. Which option is the best economic decision for Jaxon? Option 1: Iceland Option 2: Italy Option 3: Spain Thursday Night Saturday morning Friday Morning Days: 8 Days: 6 Days: 4 Fight: $200 per person Flight: $300 per person Flight $400 per person O Italy O Iceland O SpainWhere does the United States fall on this scale of economic systems? * 1 point Mixed Command Market 50/50 split Market Free Market A B C D E Command market Free market leaning leaning O A O B O c O D O EWhy does it take giving up 35 radios (Point D) to only get 20 more TV (Point 1 point E)? * I I i l . 35 umu-u-Ioouuc'-C- O The best resources had already been moved to TV production 0 The best resources had already moved to radio production 0 The worst resources had previously been moved to TV production 0 People are lazier at making TVs because they stop to watch them Use the following graph to answer short answer questions 1-3 (more than one box may be checked) Production Possibilities Curve Output of Y C Output of X