Economics Final Exam Review

Front

Any resources that are made by humans and used to create other goods and services are called

Back

capital.

Front

An example of a shortage is limited amounts of food available because the trucks carrying it are on strike.

Back

food available because the trucks carrying it are on strike.

Front

The resources used to make all goods and services are the

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factors of production.

Front

Why are all goods and services scarce?

Back

All resources are scarce.

Front

What is a factory building an example of? Options: human capital, physical capital, an economic trade-off, technology

Back

physical capital

Front

How would you describe an economy that uses its resources to make the greatest possible number of goods and services?

Back

efficient

Front

Which of the following makes someone an entrepreneur? Options: earning a lot of money as a computer programmer, becoming a highly paid dancer, running a service that hires people to install sprinkler systems in lawns, inventing and selling the rights to manufacture a computer game

Back

running a service that hires people to install sprinkler systems in lawns

Front

You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?

Back

dinner and a movie with your friends this Saturday night

Front

Which of the following lists would an economist consider to be land?
factories, office buildings, assembly lines, workers
farm fields, tractors, pesticides, fertilizers
dams, bridges, rock quarries, oil wells
iron ore, natural gas, fertile soil, water

Back

iron ore, natural gas, fertile soil, water

Front

Which of the following is an example of scarcity, rather than shortage? A person wants an endless supply of everything but cannot have it.

Back

A person wants an endless supply of everything but cannot have it.