Economics Final Review

Choosing to make cars instead of trucks results in

• opportunity cost
• increased wealth
• expanding the production possibilities curve
• TINSTAAFL rating upgrade

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

A person's quality of life is most determined by

• marriage
• food
• standard of living
• love

Opportunity Cost is best defined as

• The best rejected alternative you give up when making a decision 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

Which of the following statements is true: 

• An economist would consider something scarce only if it is limited (not anything else) 
• A trade off occurs when you give up something you want in order to get something else you want 
• The economic social goal, economic equity, means everyone gets the same amount of money 
• In a traditional economy, the government gets to decide the answers to the 3 basic economic questions

When people wait in line on Black Friday to get a 70" TV, this is an example of

• scarcity
• consumerism
• product marketing
• consumer responsibility

How much of a product consumers want at a given price is called

• Supply
• Demand
• Equillibrium

How much of a product businesses are willing to make based on a certain price is called

• Supply
• Demand
• Equilibrium

The point at which supply equals demand is called

• Supply
• Demand
• Equilibrium

As the price of a product goes up, what happens to the demand for the product?

• Goes Up
• Goes Down