econ final study guide

Which is NOT an examples of a public good?

• Roads
• Bridges
• Military
• Banks

Any resources that are made by humans and used to create other goods and service are called:

• Services
• Production
• Capital
• Factories

Which is NOT a factor of production?

• Land
• Labor
• Capital
• Scarcity

Which Scenario is best an example of a Shortage:

• Water available to irrigate crops because its used to water a golf course.
• Bananas go up in price to $3 a Banana
• There is no oil because countries do not want to sell it in American dollars. They want to sell it in Bitcoin
• You have 1 hour to finish this test.

The opportunity cost is your NEXT best option in making a decision.

• True
• False

Which statement best describes the principle of scarcity

• Some goods cost more than others
• All resources are scarce.
• Some things are needs some things are wants.
• Some People have more goods than others.

What is a factory building an example of?

• Human Capital
• Physical Capital
• Land
• Child Labor

Workers becoming more educated to increase efficiency and specialization is an example of an increase of

• Land
• Human Capital
• Labor
• Entrepreneurship

What does specialization do for an economy?

• Eliminates Unemployment
• Fosters Competition
• Makes it more Efficient
• Makes people unemployable by not being diverse

What incentive motivates a manufacturer to sell a product

• Making Profits on sales
• Putting others out of business
• Helping people out by over paying them and under cutting competitors.
• Make the most popular product in the world.