Econ Unit 3 Re-Test: Microeconomics (Mid-Term)

Land, labor, capital, and entrepreneurship are...

• factors of production.

• the basis of employment.

• the results of production.

• results of supply and demand.

What is the most desirable alternative given up as the result of a decision called?

• Opportunity Cost

• Voluntary Exchange

• Marginal Cost

• Positive Incentives

What is the type of economic system where the government has no oversight, and the buyers and sellers have control over prices?

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

What is the limited nature of society's resources called?

• Scarcity

• Specialization

• Natural Resources

• Inputs

A person's gender, marital status, and age all have an impact on the cost of which of the following?

• Car insurance

• Car

• Home

• Wal-Mart Groceries

Low income individuals are impacted the most by which of the following?

• Sales Tax

• Income Tax

• Property Tax

• Inheritance Tax

Routinly checking your credit history from a reporting agency will inform you early about what?

• Identity Theft

• Tax Evasion

• Property Tax Increase

• Insurance Increase

The annual percentage rate (apr) is a great way to compare what?

• Loans

• Stock Dividends

• Property Taxes

• Car Insurances

Investment in education, training, and skill development has been linked to...

• increasing earnings for workers.

• decreasing political participation.

• declining job satisfaction.

• growing financial instability.

The skills MOST LIKELY needed to be successful in the workplace...

• are dependent on the worker.

• depend on the type of job.

• are measured by the U.S. Census.

• must be attained by higher-level education.