EPF Exam

The study of decisions that go into making, distributing, and using goods and services is called ___.

• Opportunity cost

• Resources

• Elasticity

• Economics

The idea that resources are limited

• scarcity

• supply

• demand

• inflation

How much of something is available

• supply
• demand

How much people want something

• supply
• demand

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Which is an investment in human capital?

• unemployment benefits

• paid vacations

• new machines

• employee training & education

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

Steven  is considering taking a job with a company that  is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called :

• employee benefits
• job perks

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource