Economics Final 2010

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1.
1 point
The study of economics is...
2.
1 point
Course of action taken when faced with a set of alternatives.
3.
1 point
Set of formal and informal rules that a society uses to answer the three basic economic questions.
4.
1 point
Any reward or benefit, such as money or good feeling, that motivates choices and behaviors.
5.
1 point
A situation in which decisions made by one person affect decisions made by other people.
6.
1 point
Shortages in the market generally create this economic problem.
7.
1 point
Cost of borrowing money from a financial institution.
8.
1 point
An economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers, all of them following their own self-interests.
9.
1 point
Purchase of capital (including machinery, technology, or new buildings) goods used to make counsumer goods and services.
10.
1 point
The second-best alternative that must be given up when scarce resources are used for one purpose instead of another.
11.
1 point
A long term condition that exist when human wants exceed the capacity of available resources to satisfy those wants.
12.
1 point
Land, Labor, and Capital are all examples of
13.
1 point
An economy in which most economic issues of production and distribution are resolved through central planning and control.
14.
1 point
Adam Smith stated that Self-Interest drove the economy while _____________ regulated the economy.
15.
1 point
Factors other than price that change the demand schedule, causing consumers to buy more or less at every price. Examples include: income, number of consumers, preferences, and price of related goods.
16.
1 point
A condition when consumers will consume more at a lower price and less at a higher price.
17.
1 point
You choosing to work more hours (provide labor) at a higher wage is an example of...
18.
1 point
A good or service that may be used in place of another good or service.
19.
1 point
A figure of speech representing the idea that firms and individuals making decisions in their own self-interest will at the same time create economic order and promote society's interest.
20.
1 point
Market in which the supply and demand for money, in the form of bank depsits and loans, determines the price of borrowing money.
21.
1 point
A characterisitic of people who assume the risk of organizing productive resources to produce goods and services.
22.
1 point
The health, experience, training, and skills of people needed to be productive.
23.
1 point
The resources used to make all goods and services are called
24.
1 point
What does the process of specialization do for an economy?
25.
1 point
Recent evidence suggests that Americans are not exercising enough and are eating too much. Using economic reasoning, how would you explain this behavior?
26.
1 point
Shipwrecked survivors on a deserted island, even if they did not have a boat, might consider a wood paddle to be a scarce resource because:
27.
1 point
Economists encourage people to think carefully about decisions because there are no "costless decisions. Which of the following sentments best explains the idea?
28.
1 point
Which item will NOT change the supply for a good or service?
29.
1 point
The Natinal Football League "blacks out" local television for football games when the game in question is not sold out in advance. The NFL supports this action because it:
30.
1 point
Why do people need to buy and sell products on the market?