EOY Economics

Opportunity costs are

• 
  what I buy

• what I don't buy

• what I buy and don't buy

• the lack of resources

an example of PHYSICAL capital would be

• workers

• animals

• scissors

• the person who starts a business by blending all factors of production

If a popular perfume raises their price $10, supply ___________ and demand ____________.

• decreases; decreases

• increases; increases

• increases; decreases

• decreases; increases

Which of the following is a NON-PRICE DETERMINANT of SUPPLY?

• 
  customer preference

• price change of related goods

• 
  taxes

• 
  expectations of future prices

Comparative advantages deal with

• 
  demand

• natural resources

• opportunity costs

• quality

Why do countries focus on doing what they're good at making (aka specializing?)

• 
  government regulations

• 
  unequal distribution of resources/ Not every country has a lot of resources

• market structures

• economic systems

Tariffs are charged on goods that are brought from other countries. If we lower tariffs,

• 
  More exports can be sent to other countries

• We can import more goods from other countries

• We can sell more goods in our country

• Nothing happens

People who support Free Trade believe that it leads to

• higher unemployment

• 
  lower corporate tax rates

• 
  increased immigration

• 
  increased economic growth

In capitalism, resources are allocated by supply and demand. In socialism,

• every person receives the same amount of resources

• the government decides who gets resources

• resources are allocated by supply and demand

What are some benefits of the Free Enterprise System/ Capitalism?

• Freedom of consumer and producer

• Variety of goods and responsive prices

• competition

• All answers are correct