PBMF Fall 2024 Final Exam Review

Front

The basic economic problem is

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having unlimited wants and needs but limited economic resources.

Front

An important principle of the U.S. economic system is: the right to private property, the freedom of choice, competition, or all of the above?

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all of the above

Front

If freezing weather damages orange crops in Florida, what will happen? Options: the price of orange juice will decrease, the supply of oranges will remain unchanged, the demand for oranges will decrease, the price of oranges will increase.

Back

the price of oranges will increase.

Front

Water, air, and minerals are examples of

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natural resources.

Front

If you decide to purchase a digital copy of your favorite movie instead of a pair of jeans, the value of the jeans is the

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opportunity cost

Front

In which economic system are resources owned and controlled by the people of the country?

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market economy

Front

In which economic system does the government decide what and how goods are produced?

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command economy

Front

In which economic system do workers often use hand tools and readily available natural resources?

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traditional economy

Front

Which economic system is often adopted by countries as they become more developed? Options: mixed economy, market economy, traditional economy, command economy

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mixed economy

Front

In which economic system do consumers base their decisions on their own self-interest? Options: mixed economy, command economy, market economy, traditional economy

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market economy