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chapter 18 economics

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1.
1 point
____ are rewards offered to try to get people to take certain economic actions.
2.
1 point
What is the study of how we make decisions in a world where resources are limited?
3.
1 point
The Government does NOT play a role in the keeping the economy working.
4.
1 point
The ____ cost is what you cannot buy or do when choosing to do one thing rather than another.
5.
1 point
____ costs remain the same regardless of the number of units produced.
6.
1 point
When one thing is exchanged for the use of another, it is called a
7.
1 point
(Bonus) A ____ requires you to compare the marginal costs and the marginal benefits of a decision.
8.
1 point
____ costs are expenses that increase as production grows.
9.
1 point
What occurs when we lack the resources to produce the things we want?
10.
1 point
Economists use models to better understand the past or present and to predict the future.
11.
1 point
Variable costs plus fixed costs add up to the
12.
1 point
Incentives are rewards for the poor and elderly ONLY.
13.
1 point
A ____ system allows businesses to compete for profit with a minimum of government interference.
14.
1 point
The U.S has an economy based on free-markets enterprises and capitalism.
15.
1 point
Competition is bad for consumers and forces businesses to keeps prices high.
16.
1 point
In a ____, most economic decisions are made by individuals looking out for their own interests.
17.
5 points
Food, clothing, and shelter are examples of...
18.
1 point
Going to the movies and having popcorn is a need if you want it bad enough.
19.
1 point
The added cost of producing one additional unit is the ____ cost.
20.
1 point
____ are things we would like to have to make life more comfortable.
21.
1 point
In a ____ system, private citizens own most, if not all, of the means of production.
22.
1 point
Which one is NOT a need?
23.
1 point
A ____ is choosing the alternative that has the greatest value from among comparable-quality products.
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