END OF COURSE REVIEW ECONOMICS

Front

Why could the argument be made that the basic economic problems of scarcity and choice are faced by every society?

Back

Scarcity and choice are basic economic problems in every society because all people, regardless of economic status, have unlimited wants, but resources are limited.

Front

Sue wants to buy apples from the local farmers’ market, but they are out of season. What economic principle is implied by this example, and why?

Back

The apples out of season show the economic principle of opportunity cost because of people wanting to buy apples but having to choose something else.

Front

Based on the information in the map, which country faces a difficulty moving goods from place to place? Options: Brazil, Germany, Japan, Jordan

Back

Brazil

Front

Annie is producing sugar-free lemonade pops to sell. Why would Annie need to consider the economic factors of production before providing goods or services?

Back

Annie needs to ensure she has all the materials needed to produce her lemonade pops, enough employees to meet the demand for her pops, and enough money to pay all her business expenses.

Front

Which scenario best illustrates a trade-off resulting in an opportunity cost? Options: Tom has not seen his friends in three days because he really enjoys playing video games, so playing video games is his opportunity cost. Tom had a trip planned to Peru but his trip was cancelled due to inclement weather, so the trip to Peru was his opportunity cost. Tom has to study for an exam but decides to take a nap before his exam, so taking a nap is his opportunity cost. Tom has $3.00 left in his grocery fund and chooses to buy ketchup instead of mustard, so not having mustard this month is his opportunity cost.

Back

Tom has $3.00 left in his grocery fund and chooses to buy ketchup instead of mustard, so not having mustard this month is his opportunity cost.

Front

How does the chart reflect the concept of opportunity costs?

Back

Finite resources mean that making more of one item requires that you make fewer of the other item.

Front

The production possibilities frontier before economic growth is represented on the chart by—

Back

the line labeled by a

Front

Choosing between the two approaches described in the graphic involves not only questions of efficiency, but also decisions concerning—

Back

trade-offs

Front

The term capitalism is synonymous with—

Back

free enterprise

Front

The soda ban in New York City described in your text is meant to promote public health, but at the cost of—

Back

limiting economic freedom