Econ Final

Manufactured goods needed to produce other goods and services are called

• nondurable goods.

• capital goods.

• Gross Domestic Product (GDP).

• consumer goods.

The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is

• its standard of living.

• financial capital.

• a cost-benefit analysis.

• Gross Domestic Product (GDP).

Economics is the study of

• numbers

• people’s choices

• how people try to satisfy their unlimited wants through careful use of relatively scarce resources.

• the mind

Which is NOT a factor of production?

• land

• capital

• labor

• wages

What makes a durable good unique?

• it is also a service

• everything is durable

• it lasts at least 3 years when used regularly

• all of the above

A market economy

• does not provide for everyone's basic needs.

• limits the choices of goods and services available.

• permits extensive government intervention.

• offers a high degree of certainty for its workers.

The economic system where you are born into your role is a

• traditional system

• command system

• market system

• mixed system

If we are talking about the incentive to accumulate wealth, we are talking about

• profit motive

• private property rights

• competition

• voluntary exchange

People who choose their own jobs are taking advantage of economic

• equity

• freedom

• security

• efficiency

The purpose of government in a command economy is to

• ensure the availability of consumer products.

• encourage entrepreneurs.

• make major economic decisions.

• promote economic freedom.