What is Economics

What is another term for quality of life?

• production possibilities curve

• standard of living

• factor market

• capital good

A fundamental problem in every society is:

• scarcity

• capital goods

• gross domestic product

• standard of living

Which of the following descriptions best explains the meaning of opportunity cost?

• the initial cost of starting a new business

• the cost of business failure

• the cost of choosing one alternative over another

• the risk associated with producing a new team

Which is NOT one of the three basic economic questions?

• What to Produce

• When to Produce

• How to Produce

• For Whom to Produce

Which of the following is NOT a Factor of Production?

• wants

• capital

• labor

• land

Which of the following is an example of a good?

• tune up

• oil change

• car wash

• car

Which is an opportunity cost of purchasing air-pods for $120?

• new Jordan sneakers

• time spent decision making

• time spent waiting at the Apple store

Economics is about allocating resources to produce and distribute which of the following?

• outcomes and properties

• consumers and producers

• goods and services

• wages and profits

Which is not a goal pursued in the game of economics?

• inflation

• freedom

• equity

• efficiency

When there is a ____________ in jobs, society sees a higher percentage of unemployment.