Economics Final

What is the fundamental problem of economics?

• How to keep consumers out of debt?

• How to figure out the way to make the most money?

• How do we ensure all people get a college education?

• How to fulfill our unlimited wants and needs with limited resources?

Opportunity Cost is best defined as

• The price you pay to purchase something

• The amount of debt you take on by making a decision

• The best rejected alternative you give up when making a decision

• The benefit you gain by making a decision

A person that takes a risk by starting a new business.

• capital goods

• human capital

• tariff

• entreprenuer

The difference between a good and a service is that:

• Services are available in unlimited quantities and goods are not

• Goods are available in unlimited quantities and services are not

• Goods are tangible and services are not

• goods help satisfy unlimited wants and services do not

Opportunity Cost is best defined as

• The benefit you gain by making a decision

• The price you pay to purchase something

• The best rejected alternative you give up when making a decision

• The amount of debt you take on by making a decision

What does a production possibility curve show?

• The relative profitability of capital and consumer goods

• The quantity of capital and consumer goods that people want to be produced

• The prices of two types of products being produced

• The maximum combo of two goods that can be produced with given resources.

The United States can best be described as having what kind of economy?

• modified free enterprise

• command economy

• traditional system

• pure free enterprise

The minimum wage is an example of a federal law that supports which economic goal?

• economic growth

• full employment

• economic equity

• economic efficiency

The four types of economic systems are:

• Communism, Capitalism, Free Market, and Macroeconomics

• 
  Traditional, Command, Mixed, & Market

• Traditional, Command, Combined, & Market

• Microeconomics, Macroeconomics, Individual, and Traditional.

Which economic system has economic decisions made according to social roles & culture?

• Command economy

• Mixed economy

• Traditional economy

• Market economy