Pig/Econ Review

Which of the following is a method of obtaining U.S. citizenship?

• Owning property in the U.S.

• Parent citizen, born on U.S. soil

• Working in the U.S. for 5 years

• Visiting the U.S. frequently

What does marginal cost refer to?

• Total cost of production

• Cost to produce an additional item

• Cost of labor

• Cost of raw materials

What are concurrent powers?

• Powers exclusive to the federal government

• Powers shared by federal and state governments

• Powers exclusive to state governments

• Powers of local governments

What is federalism?

• A system where the federal government has all the power

• Division of federal and state power

• A system where states have all the power

• A form of dictatorship

What are reserved powers?

• Powers assigned to the federal government

• Powers assigned to the states and the people

• Powers shared by federal and state governments

• Powers of international organizations

What are delegated powers?

• Powers assigned to the federal government

• Powers assigned to state governments

• Powers shared by federal and state governments

• Powers of local governments

What is the study of economics concerned with?

• Unlimited resources

• Study of limited resources to satisfy wants

• Study of political systems

• Study of cultural practices

What does scarcity mean in economics?

• Resources are greater than wants

• Wants are greater than resources

• Resources and wants are equal

• Resources are unlimited

What is an opportunity cost?

• The cost of a missed opportunity

• The cost of a purchased item

• The cost of labor

• The cost of raw materials

What are commodities?

• Services

• Goods

• Ideas

• Investments