
econ final study guide
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1.
FLASHCARD QUESTION
Front
Which is NOT an example of a public good? Options: Roads, Bridges, Military, Banks
Back
Banks
2.
FLASHCARD QUESTION
Front
Any resources that are made by humans and used to create other goods and services are called:
Back
Capital
3.
FLASHCARD QUESTION
Front
Which is NOT a factor of production? Options: Land, Labor, Capital, Scarcity
Back
Scarcity
4.
FLASHCARD QUESTION
Front
Which Scenario is best an example of a Shortage: Water available to irrigate crops because its used to water a golf course., Bananas go up in price to $3 a Banana, There is no oil because countries do not want to sell it in American dollars. They want to sell it in Bitcoin, You have 1 hour to finish this test.
Back
There is no oil because countries do not want to sell it in American dollars. They want to sell it in Bitcoin
5.
FLASHCARD QUESTION
Front
The opportunity cost is your NEXT best option in making a decision.
Back
True
6.
FLASHCARD QUESTION
Front
Which statement best describes the principle of scarcity? Options: Some goods cost more than others, All resources are scarce., Some things are needs some things are wants., Some People have more goods than others.
Back
All resources are scarce.
7.
FLASHCARD QUESTION
Front
What is a factory building an example of?
Back
Physical Capital
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