econ final study guide

Front

Which is NOT an example of a public good? Options: Roads, Bridges, Military, Banks

Back

Banks

Front

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

Back

Capital

Front

Which is NOT a factor of production? Options: Land, Labor, Capital, Scarcity

Back

Scarcity

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

Front

The opportunity cost is your NEXT best option in making a decision.

Back

True

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.

Front

What is a factory building an example of?

Back

Physical Capital

Front

Workers becoming more educated to increase efficiency and specialization is an example of an increase of

Back

Human Capital

Front

What does specialization do for an economy?

Back

Makes it more Efficient

Front

What incentive motivates a manufacturer to sell a product? Options: Making Profits on sales, Putting others out of business, Helping people out by over paying them and under cutting competitors., Make the most popular product in the world.

Back

Making Profits on sales