Economics Final Exam

Front

What forces people to make choices? Options: need for shelter, scarcity of resources, surplus of goods, desire for profit

Back

scarcity of resources

Front

According to rational economic decision-making, we should accept an option when: the costs outweigh the benefits, there are no costs, the benefits outweigh the costs, there are no benefits

Back

the benefits outweigh the costs

Front

What economic concept claims that for every choice you make there is a cost?

Back

opportunity cost

Front

Economics is the study of: how businesses compete against each other., how consumers respond to markets., how world markets interact., how people make decisions with limited resources.

Back

how people make decisions with limited resources.

Front

Societies must choose how to allocate resources.

Back

allocate resources.

Front

Which of the following is a method of allocating resources? Options: First come, first served, Lottery, Equal for everyone, All of the above

Back

All of the above

Front

The stock exchange is an example of a

Back

market.

Front

What are the three economic questions?

Back

What to produce, how to produce, for whom to produce

Front

In a command economy, who answers the three economic questions?

Back

the government

Front

Which of the four represents the four factors of production? Options: natural resources, capital, entrepreneurship, labor, capital goods, services, government, entrepreneurship, labor, capital, services, natural resources, needs, wants, goods, and services

Back

natural resources, capital, entrepreneurship, labor