Government Restrictions

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The opportunity cost in this example is_____.

• Maximizing my well-being on a Sunday

• 3 hours of my human capital

• watching football

• studying for my econ class

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The RESOURCE in this example is_____.

• Maximizing my well-being on a Sunday

• 3 hours of my human capital

• watching football

• studying for my econ class

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The CHOICE in this example is_____.

• Maximizing my well-being on a Sunday

• 3 hours of my human capital

• watching football

• studying for my econ class

laws that designate certain areas in a town for residential and business use

• Business License

• Zoning Laws

• Liability

• Unlimited Liability

What is GDP?

• Gosh Dang Problem

• Gross Domestic Product

• Game Domination People

• Gross Directive Program

The study of the economy as a whole--the "big picture"--is called

• Microeconomics

• Mercantilism

• Macroeconomics

• Macronutrition

A general increase in prices is called

• inflation

• purchasing power

• the CPI

• a price index

Unemployment affects the economy by

• Raising wages

• Forcing Businesses to shut down

• Reducing demand and spending

• Increasing production

Long-term unemployment may affect the nation by

• Increasing poverty

• Increasing volunteerism

• Lowering crime rates

• Lowering the value of the currency

High levels of GDP per capita indicate...

• Higher levels of happiness

• Higher standard of living

• Equal levels of wealth

• Self-sufficient communities