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