Final Review

Front

Point 6 represents which of the following situations: scarcity, demand, efficiency, underutilization?

Back

underutilization

Front

Points 1, 2, 3, 4, and 5 represents which of the following situations: needs, efficiency, underutilization, scarcity?

Back

efficiency

Front

Any point outside the curve of a PPC represents a goal that is

Back

impossible to meet because resources are fixed

Front

Which of the following buys goods for personal use? consumer, producer, advocate, client

Back

consumer

Front

Into what four categories do economists divide factors of production?

Back

land, labor, capital, and entrepreneurship

Front

The value of what you give up by choosing one alternative over another is called

Back

opportunity cost

Front

When individuals or businesses produce a narrow range of products, it is referred to as

Back

specialization

Front

The ability of one trading nation to make a product more efficiently than another trading nation is called

Back

absolute advantage

Front

Consumers benefit from imports because they cause the 

Back

selection of goods to increase and prices to increase

Front

Taxes on imported goods that minimize the price advantage they have over domestic goods are called

Back

protective tariffs