Econ 1st sem Ex Mod 24

What is the study of how people manage resources and make choices?

• Geography

• Economics

• Psychology

• Sociology

What term describes the limited nature of society's resources?

• Abundance

• Scarcity

• Surplus

• Shortage

Which of the following refers to all natural resources used to produce goods and services?

• Capital

• Labor

• Land

• Goods

What term describes the effort people contribute to the production process?

• Land

• Labor

• Capital

• Management

What do we call the tools and equipment used to produce goods and services?

• Land

• Labor

• Capital

• Goods

What do we call the value of the next best alternative that is forgone?

• Trade-off

• Opportunity Cost

• Scarcity

• Economic Cost

Which term studies the behavior of individuals and businesses in making decisions?

• Microeconomics

• Macroeconomics

• Economics

• Global Economics

What is the study of the economy as a whole called?

• Microeconomics

• Macroeconomics

• Personal Finance

• Economic Theory

What type of economy relies on supply and demand to determine prices?

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

What type of economy is controlled by the government?

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy