Economics :)

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9 points

What does the GDP measure?

Economic products of the nation

Economic products of North America alone

Economic products of an economy

Economic products of the World

9 points

What does Trade-Off stand for?

Declining all trade

Alternative Choices

Trading items for other items

Trading Companies

9 points

Who said, "Economics is a study of men as they live and move and think in the ordinary business of life."

Alfred Marshall

Benjamin Franklin

Thomas Jefferson

Albert McDonald

9 points

What does GDP stand for?

Gross Division Property

Gross Domestic Property

Gross Domestic Product

Good Deeds Pertain

9 points

What are the Factor Markets?

Where consumers shop

Where products are made

Where producers buy the items needed

Where consumers buy

9 points

What are the FOUR factors of Production?

Capital, Entrepreneurs, Labor, Housing

Capital, Labor, Land, Equipment

Capital, Entrepreneurs, Labor, Land

Capital, Labor, Land, GDP

9 points

In order for the U.S. to accommodate people entering the workforce, its GDP needs to grow about ____ per year.

9 points

What does TINSTAFFL mean?

There is no such thing as a free punch

There is no such thing as a free lie

There is no such thing as a free library

There is no such thing as a free lunch

9 points

Scarcity is; Unlimited Wants and limited resources (or not having enough resources to produce all things people like to have"

True

False

10.

9 points

When does Economic Growth occur?

When product goods rises

When economic growth rises

When labor increases

When the GDP raises

11.

9 points

What are Product Markets?

Where producers go to buy items needed

Where consumers drive to

Where products are made

Where consumers buy products

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