Review for IA 2_Economics

Which of these is a way to increase productivity?

• Requiring employees to write reports at the end of each day

• Investment technology that allows the product to be produced faster

• Increase the price of a product

• Selling the product on the factor market instead of the product market.

Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?

• studying for a quiz

• watching TV

• eating dinner

• taking a nap

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

• Time

• Money

• Food

• Oil

One who decides how to combine resources to create goods and services and who takes a personal risk to do so:

• Entrepreneur
• Inventor
• Assembly Line Worker
• Factory Manager

Deals used to motivate buyers. 50% off, coupons, etc.

• incentives
• supply
• price
• consumer sovereignty 

Tax on imported goods is ___________

• a tariff
• a quota
• an embargo
• the reason we can't have nice things

When we completely stop trading with another country, it's called ____________________

• a tariff
• a quota
• an embargo
• a hissy fit

385. Which might make an embargo against a country successful?

• Merchants are able to continue doing business.
• People in the country are not affected by the embargo.
• The country does not need to trade with other countries.
• The citizens in the country suffer because of the embargo and demand a change from their government.

I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older. I’ve wanted to be one since I was a little kid. This is an example of which economic goal?

• security

• equity

• stability

• freedom

I love the supermarket in my neighborhood. They always have what I need, and everything is so reasonably priced. It helps me keep to my budget, which helps me have money to pay my rent every month. This is an example of which economic goal?

• stability

• freedom

• growth

• security