Pig/Econ Review

Front

Which of the following is a method of obtaining U.S. citizenship? Owning property in the U.S., Parent citizen, born on U.S. soil, Working in the U.S. for 5 years, Visiting the U.S. frequently

Back

Parent citizen, born on U.S. soil

Front

What does marginal cost refer to?

Back

Cost to produce an additional item

Front

What are concurrent powers?

Back

Powers shared by federal and state governments

Front

What is federalism?

Back

Division of federal and state power

Front

What are reserved powers?

Back

Powers assigned to the states and the people

Front

What are delegated powers?

Back

Powers assigned to the federal government

Front

What is the study of economics concerned with?

Back

Study of limited resources to satisfy wants

Front

What does scarcity mean in economics?

Back

Wants are greater than resources

Front

What is an opportunity cost?

Back

The cost of a missed opportunity

Front

What are commodities?

Back

Goods