Economics Final Exam

The amount of goods and services that consumers are willing to buy.

• Shortage

• Supply

• Demand

• Equilibrium Price

The price when the supply and demand curves meet on the chart.

• Supply

• Demand

• Equilibrium Price

• Curve

When more than one country puts up barriers on another country to punish them.

• Human Rights

• Global Interdependence

• Trade Wars

• Dividends

Means when people and countries rely on one another for goods and services.

Choosing to buy a DVD player instead of something else is an example of

• A trade off

• Marginal cost

• Scarcity

• Total War

The choices all societies must make about production are driven by

• Captialism

• Price Systems

• Scarcity

• Total Cost

The Gross Domestic Product examines the

• amount of intermediate goods produced.

• quality of final goods produced.

• quantity of goods and services produced.

•  volume of used goods sold in public markets.

Which of the following terms refers to an individual who starts a new

 business or introduces a new product?

• entrepreneur

• customer

• laborer

• consumer

Which is NOT one of the four parts of the definition of demand?

• The Amount

• The Ability to Buy

• The Price to Resell

• The Willingness to Buy

What is the difference between micro and macro economics?

• Microeconomics looks at the economy as a whole while macroeconomics looks at the economy at the individual level.

• Both look at the economy at the individual level.

• Microeconomics looks at the economy at the individual level while macroeconomics looks at the economy as a whole.

• Both look at the economy as a whole.