Post test Practice

Front

If supply increases and demand does not change, what will happen to the price?

Back

The price will decrease

Front

The value of the next best alternative

Back

Opportunity cost

Front

The trees used to build a piece of furniture would be classified as

Back

Natural Resource

Front

Social Security and Welfare make up the governments largest part of...

Back

Mandatory Spending

Front

This type of investment earns higher interest rates than savings accounts, is meant to be "liquid" at a certain date, and allows you to roll your interest payments back into the investment to earn compound interest.

Back

Certificate of Deposit AKA C.D. or COD

Front

How is an increase in quantity demanded best represented on the graph?

Back

Moving from A to B

Front

If a country can produce a good at a lower opportunity cost than another country, that country has the _____ _______ in producing that good.

Back

Comparative Advantage

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats

Front

The risk taker who started a furniture building business would represent

Back

Entrepreneurship

Front

Which of the following tends to make economies more efficient? specialization, government ownership of property, income redistribution, regulations aimed at economic equity

Back

specialization