Economics Midterm Review

Which two basic economic principles create the need for choices?

• Scarcity and contentment

• Unlimited wants and limited resources

• Subjective value and utility

• Utility and opportunity

Conservation of natural resources primarily shows which economic concept?

• Microeconomics 

• Utility

• Public goods

• Scarcity

What biblical concept refers to a person's responsibility to make proper choices with his resources?

• Stewardship

• Contentment

• Utility

• Public good

What is the economic cost of a good or service?

• The price charged for it

• The regret a consumer feels after choosing it

• The value people place on it

• The cost of making and marketing it

Which of the following is an economic service rather than an economic good?

• Computer monitor

• Sports car

• Haircut

• Cell phone

What approach to economic study focuses on value judgments?

• Microeconomics

• Positive economics

• Macroeconomics

• Normative economics

Goods that a consumer must pay to have removed are called _____ goods.

• consumer

• free

• economic

• nuisance 

The worth of the good because of its nature is called _____ value.

• extrinsic

• intrinsic

• natural

• economic

What is subjective value?

• Worth of something based on its nature

• The cost of the materials required to make it

• Worth of something based on its usefulness to a buyer

• The price tag at the store

The satisfaction that someone feels from choosing an option is called _____ benefit.

• opportunity

• economic

• subjective

• scarcity