Economics and Personal Finance Exam One

The value of your next best alternative whenever you make a choice is called

• competition

• opportunity cost

• value

• decision

An economy in which the government tells you what to produce is a

• traditional economy

• command economy

• mark economy

• mixed economy

Things that are not necessary for survival, but add comfort to your life is

• needs

• opportunity

• alternative

• wants

The contest among sellers to win customers is

• happiness

• goals

• competition

• value

A mixed economy is a mixture of a market economy with some aspects of a

• capitalist economy

• traditional economy

• command economy

• none of these

A purchase made on a whim without using a decision make process is a(n)

• trade-off purchase

• impulse purchase

• option purchase

• rational purchase

Tribes in remote areas still live in a

• traditional economy

• mixed-economy

• command economy

• market economy

The situation in which unlimited wants exceed the limited resources available to fulfill those wants is

• market

• equity

• tradeoff

• scarcity

Advertising that educates you about a products qualities is called

• comparative advertising

• informative advertising

• persuasive advertising

• brand advertising

A person's life-span goals change as he or she learns and grows

• True

• False