PFET: Weeks 1 and 2 in Review

The advantage of a traditional economic system is:

• economic roles are set and predictable

• lower standard of living

• changes every day

• the government isinvolved

Which of these is neither a good nor a service?

• a gallon of gasoline

• a piano lesson

• a meal at a restaurant

• a $20 bill

Amazon Prime is selling Smencils ( smelly pencils). There are only a few packs left and they are very popular. What will happen to the price?

• The price will go up

• The price will go down

Scarcity is __________

• having everything that you want and unlimited resoruces

• having very little and limited resources

• having unlimited wants but limited resources

• having nothing that you want and no resources

Macroeconomics focuses on_________

• Individuals that make economic decisions

• the big picture,growth and development choices made by large groups

• choices made by countries only

• day-to-day activities

An example of opportunity cost is___________

• If I attend class then I can't go to work.

• If I attend class then I can go to sleep as well

• If I don't attend class then I can't go to work.

The amount of goods or services available is called?

• supply

• demand

• producer

• consumer

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up

• demand stays the same

• demand goes down

• none of the above

Lucas fixes his friend's sink. He is providing a ______________

• trade

• opportunity cost

• product

• service

Physical items that you can touch and see are called:

• Goods

• Needs

• Services

• Wants