ECON Final Review

Scarcity results from ___________.

• limited resources and limited wants

• unlimited resources and limited wants

• unlimited resources and unlimited wants

• limited resources and unlimited wants

An example of a good would be _________ .

• a manicure

• a bottle of soda

• an oil change

• after school tutoring

An example of a service would be ____________ .

• a manicure

• a can of soup

• new tires

• laptops

What does an entrepreneur do in a market economy?

• As purchasers of products, they hold all the power.

• They protect consumers from unsafe business practices.

• They create new business, which in turn creates new products and jobs.

• They reflect the will of the majority of the people.

The two branches of economics are ____________ .

• minieconomics and maxieconomics

• exoeconomics and endoeconomics

• supereconomics and supraeconomics

• microeconomics and macroeconomics

What are the three basic economic questions?

• where, why, and how to produce

• what, where, and why to produce

• what, how and whom to produce for

• who, where, and why to produce

What determines the answers to the economic questions under a traditional economy?

• the government

• the free market

• cultural customs

• scarcity

What is a disadvantage to having a command economy?

• The people typically fear changes to the economy.

• The people are driven by self interest.

• The people are hyper-competitive.

• The people tend to be inefficient, as the point of hard work is lost.

Which of the following will hurt your credit score the most?

• Paying the water bill on time when it is in your name.

• Checking your credit report for errors or fraud.

• Opening one credit card account, and paying it off every month on time.

• Closing all your old accounts that you don't use anymore.

Above which number is your credit score considered to be approaching the "excellent" range from the "good" range?

• 570

• 670

• 700

• 800