Economics Final Exam

Front

Economics is the study of how society manages its ________ resources

Back

Scarce

Front

The study of an individual firm and its production decisions would be an example of ________.

Back

microeconomics

Front

The study of the unemployment rate in the United States would be an example of ________.

Back

macroeconomics

Front

What is the product market?

Back

It is the market in which households purchase the goods and services that firms produce.

Front

An example of a consumer buying a good would be __________.

Back

buying a cheeseburger

Front

An example of an individual producing a service would be __________.

Back

a barber giving a haircut

Front

Entrepreneurship is the practice of ________.

Back

developing new products to be sold in the market

Front

Due to the scarcity problem, all societies must answer which of the following questions? What goods and services will be produced? How will the goods and services be produced?

Back

Both of these questions

Front

Which point represents an efficient use of society’s resources? Options: Point D, Point B, Point C

Back

Point B

Front

Which point represents the situation in which the economy is producing its maximum possible quantity of tubas? Options: Point E, Point A, Point D

Back

Point E