ECONOMICS FINAL EXAM SPRING 2025

Front

Which of the following best describes scarcity?

Back

Limited resources and unlimited wants

Front

Opportunity Cost

Back

The most desirable alternative given up as a result of a decision

Front

Which of the following is NOT a factor of production? Labor, Land, Capital, Money

Back

Money

Front

Which of the following is a capital good? A pizza, A delivery truck, A worker, A farm

Back

A delivery truck

Front

A production possibilities curve shows:

Back

The maximum output of two goods using available resources

Front

In a traditional economy, economic roles are determined by:

Back

Customs and beliefs

Front

In a command economy, who makes the basic economic decisions?

Back

The government

Front

What best describes a mixed economy?

Back

A combination of free market and some government involvement

Front

Which country is closest to a market economy? Options: North Korea, Cuba, United States, Soviet Union

Back

United States

Front

Why do markets exist?

Back

To allow people to exchange goods and services