Economics Spring Final

Which of the following is a limited amount of resources to meet unlimited wants and needs?

• Scarcity

• Opportunity Cost

• Bartering

• Economics

What are the 3 basic Economic questions?

• Who, what, and for when to buy?

• Why, for what, and for whom to decide?

• When, why, and how to galvanize?

• What, how, and for whom to produce?

What is the value of the next best alternative that is given up?

• Opportunity Cause and Effect

• Opportunity Cost

• Scarcity

• All the above

List a country that currently has a command system?

• Mexico

• China

• Haiti

• USA

Exchanging chips for hats is an economic example of

• Specialization

• Barter

• Scarcity

• Absolute Advantage

Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?

• Land 
• Labor  
• Capital  
• Entrepreneurship

Focusing in on one or a few aspects of production can be described as:

• Production Possibilities Curve

• Opportunity Cost

• Specialization

• Barter

Which of the following is a measure of value that allows producers and consumers to determine worth?

• Money

• Barter

• Trade

• Utility

What is Economics?

• The study of the supreme court decisions

• The study of the choices people make to satisfy their unlimited wants and needs.

• The study of the environmental rights in society

• The study of historical choices in American Politics

Price in economics refers to

• direct exchange of goods not using money

• satisfaction from consuming a product

• the amount of money consumers pay for a product

• the resources it takes to produce a product