Economics: Final Exam Review

Front

What does microeconomics include the study of? Households, Markets, Competition, Employment

Back

Households

Front

Which of the following is NOT an example of a human need?
Food, Oxygen, Shelter

Back

Carbon Dioxide

Front

Which of the following is NOT a factor of production?
Plant Resources, Natural Resources, Capital Resources, Entrepreneurship

Back

Plant Resources

Front

Because resources are limited and wants are unlimited, people must decide how to use the resources...?

Back

Effectively

Front

Specialization increases productivity because...?

Back

It Lets Workers Gain Expertise In Their Assigned Tasks

Front

One strategy which may help a company improve efficiency is to introduce a...

Back

Division of Labor

Front

A production possibilities curve is all the combinations of __________ goods that can be produced.

Back

Two

Front

Which of the following choices is a standard means of exchange?
Options: Money, Trade, Barter, Credit

Back

Money

Front

When economists refer to a product’s usefulness they use the term...?

Back

Utility

Front

People who satisfy their own needs without outside assistance are said to be...?

Back

Self-Sufficient