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Econ Final

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1.
2 points
Economists are ____________________________ when they decide how much more or less to produce.
2.
2 points
Production possibilities curves
3.
2 points
an economic system in which consumers and producers drive the economy as it is based on individual choices and not government directive
4.
2 points
Scarcity is the same things as a shortage
5.
2 points
Laissez-faire is the principle that the government should not interfere in the
6.
2 points
___________________ allow one to make purchases when they do not have the necessary cash with the promise it will be repaid with interest.
7.
2 points
Financial institutions can provide these services
8.
2 points
The profit motive is the drive for the improvement of material well-being
9.
2 points
A(n) ______________________________ is a plan for day-to-day expenses.
10.
2 points
What are the factors of production
11.
2 points
these are costs that business owners have no matter how much they produce
12.
2 points
The rivalry among sellers to attract consumers.
13.
2 points
change in the amount consumers will buy because the purchasing power of their income changes
14.
2 points
Voluntary exchange is the rivalry among sellers to attract consumers.
15.
2 points
principle that describes a consumer’s desire and willingness to pay
16.
2 points
From an economist's perspective, making choices involves thinking 'at the margin'. What is and why would you think at the margin?
17.
2 points
goods and services that can be used in place of another
18.
2 points
In the United States we have a
19.
2 points
The opportunity cost for not studying for this final
20.
2 points
With each different set of production alternatives, the possible benefits and __________________________ change as well.
21.
2 points
The study of how individuals, firms, and nations make choices on allocating scarce resources to meet unlimited wants is called economics.
22.
2 points
In the U.S. we pay income taxes that are an example of
23.
2 points
Buying stocks and bonds are ways of
24.
2 points
Property and sales taxes are considered a
25.
2 points
consequences of economic activity that creates benefits for people who were not involved in the original economic activity
26.
2 points
The ______________________ is the market where goods and services are bought and sold.
27.
2 points
If all else is equal, an increase in price results in an increase in quantity supplied.
28.
2 points
is a tax on assets given by one living person to another
29.
2 points
Pollution would be an example of a positive externality.
30.
2 points
Human-made objects used to create other goods and services are called
31.
2 points
goods that consumers demand more of when their income rises
32.
2 points
tax on property transferred to others after the death of the original owner
33.
2 points
A free rider is someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it is provided as a private good.
34.
2 points
An example of a command economy would be
35.
2 points
An example of physical capital would be
36.
2 points
Why is scarcity the fundamental problem of economics?
37.
2 points
The "Three Basic Economic Questions" - these are the questions all nations must ask when dealing with scarcity and efficiently allocating their resources. What are the three questions?
38.
2 points
goods that consumers demand less of when their income rises
39.
2 points
when the quantity demanded changes very little as price changes
40.
2 points
An economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services is a ___________________________.
41.
2 points
Equal rights to all, thus allowing everyone to compete in the marketplace is
42.
2 points
the extra advantage of adding one extra unit
43.
2 points
the desire and ability to produce and sell a product
44.
2 points
Incentives are used to
45.
2 points
a situation in which consumers want more of a good or service than producers are willing to make available at a given price
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