Economics Final Exam Review

Front

Which of the following best defines economics? Study of supply and demand, Study of microeconomics and macroeconomics, How to share limited resources amongst wants/needs, How citizens can best produce resources

Back

How to share limited resources amongst wants/needs

Front

Which best defines scarcity?

Back

Insufficient supply; not enough to go around

Front

Which best defines opportunity cost?

Back

The value of the next best alternative

Front

What defines "factors of production"?

Back

Resources used to produce goods and services

Front

Which of the following best defines a traditional economic system?
Political leaders organize production,
Everyone is involved in production and distribution,
Customs and traditions are used to organize production and distribution,
None of the above

Back

Customs and traditions are used to organize production and distribution

Front

Which of the following best defines a command economic system? Options: Political leaders organize production and distribution, Everyone is involved in production and distribution, Customs and traditions are used to organize production and distribution, None of the above

Back

Political leaders organize production and distribution

Front

Which of the following best defines a market economic system?
Options:
Political leaders organize production and distribution
Everyone is involved in production and distribution
Customs and traditions are used to organize production and distribution
None of the above

Back

Everyone is involved in production and distribution

Front

The most important goal of a market economy is: Competition, Winning, Profit, Economic equality

Back

Profit

Front

Which of the following best defines the law of demand? As price increases, quantity demanded decreases, As price increases, quantity demand increases, How a change in price effects the quantity demanded, How a change in price effects the quantity supplied

Back

As price increases, quantity demanded decreases

Front

Which of the following best defines the law of supply? As price increases, quantity supplied decreases, As price increases, quantity supplied increases, How a change in price effects the quantity demanded, How a change in price effects the quantity supplied

Back

As price increases, quantity supplied increases