ECONOMICS FINAL EXAM

________ is the most basic economic problem.

• Scarcity
• Labor
• Greed
• Capital

Which of the following would be an example of human capital? 

• The amount of workers who work in a Nike factory
• The skills of the shoe designers at Nike 
• Philip Knight, the CEO of Nike 
• The land that the Nike headquarters is located on in Beaverton Oregon

Only the government decides what goods and services will be produced in a market economy.

• True
• False

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which of the following is a need?

• clothes
• car
• job
• smart phone

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

Is this shelter a want or a need?

• Want
• Need

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods should be produced ?
• What is the price of the goods? 
• How should the goods be produced? 
• Who gets to consume the goods? 

Type of economy that is based on trading and bartering?

• Socialist
• Traditional
• Free Enterprise
• Command

Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?

• Land 
• Labor  
• Capital  
• Entrepreneurship