Final Exam Review

What does a good use of scarce resources leads to an increase in?

• investment

• scarcity

• productivity.

• capital

Which of the following is not an economic goal of policy makers?

• Keep prices stable

• Promote economic growth

• Make sure people have enough money to pay for what they want to bye

• Limit unemployment

The most commonly used measure of a nations economic growth is provided by?

• inflation

• real GDP

• nominal GDP

• Lorenz Curve

Changes in price and changes in quantity demanded have a(n) _____ relationship.

• inverse

• indirect

• neutral

• positive

Which of these would be an example of a public good?

• a car

• a grocery store

• a restaurant

• an airport

What is the GDP Per Capita?

• A country's economic output per person, and is calculated by dividing the GDP of a country by its population.

• GDP calculated without taking inflation into account

• The total value of goods and services produced in a country in a year

What is the opposite of a surplus?

• price floor

• price ceiling

• market equilibrium

• shortage

Consumers waiting in long lines for a new product it is an example of:

• shortage

• consumerism

• scarcity

• consumer rights

Which of the factors of production involves taking risks and using resources to produce a good or service?​

• land

• labor

• capital

• entrepreneurship

What is the most common type of economy in the world today?

• command

• market

• mixed

• traditional