Economics Final

Front

What is the central problem with which the study of economics is concerned?

Back

Scarcity

Front

Which is NOT one of the three basic economic questions? For whom to produce? How to produce? What to produce?

Back

Where to produce?

Front

Which point is an impossible level of productivity? Options: Point B, Point E, Point G, Point F

Back

Point F

Front

What is the opportunity cost when production moves from point C to point A?

Back

30 wheat

Front

Which point on the graph represents an efficient use of resources? Options: Point E, Point B, Point F, Point G

Back

Point B

Front

Which of the following is NOT one of the productive resources? Land, Labor, Human capital, Bartered item

Back

Bartered item

Front

One function of money is to allow comparisons between goods. For example, it would be difficult to compare "apples to oranges" if we could not say that apples cost $1.59 per pound, while oranges cost $0.99 per pound. This shows that money can be used as a:

Back

Unit of account

Front

If Bryanna decides to increase her volleyball workout from 1 hour to 3 hours, her opportunity cost is

Back

2 hours of leisure

Front

Which statement is a PRIMARY characteristic of a capitalist system? Options: governmental regulation of business, equal distribution of resources, graduated income tax, private ownership of property

Back

private ownership of property

Front

In a command economy, how is it determined what goods and services will be produced?

Back

Central government planning decides what will be produced.