BML MidTerm 1: Question Preview (ID: 8045)


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Which of these is most likely to be a need?
a) pair of pants b) 80" LCD TV c) Ferrari 599 GTO d) life sized Justin Bieber fathead
Which of these is most likely to be a want?
a) hamburger b) hot dog c) steamed lobster and shrimp d) mac and cheese
Goods are
a) things you would like to have, but can live without. b) things that must be consumed as they are produced. c) things you can see and touch. d) things that aren't bad.
The three types of economic resources do NOT include
a) human resources b) capital resources c) legal resources d) natural resources
Human resources are people who
a) consume no artificial food. b) live near government offices. c) you can ask questions about the civil or criminal judicial system. d) produce goods and services.
What is scarcity?
a) The mismatch of unlimited wants and needs with limited economic resources. b) The fear rural people have of urban centers. c) A place where lions kill their brothers in order to be king and unite the pride with hyenas. d) Where straw-filled people without brains go to get away from the crows.
What is the correct order of the steps in the decision-making process?
a) Choose, Act on choice, Define problem, Identify choices, Evaluate choices, Reflect on decision b) Define problem, Identify choices, Evaluate choices, Choose, Act on choice, Reflect on decision c) Identify choices, Evaluate choices, Choose, Act on choice, Define problem, Reflect on decision d) Evaluate choices, Identify choices, Choose, Act on choice, Define problem, Reflect on decision
Which of these is NOT one of the basic economic questions that all nations must answer?
a) What goods and services whould be produced? b) How should goods and services be produced? c) What needs and wants should be addressed after goods and services are produced? d) Will that be cash or credit?
Under which economic system does the government decide how to answer all the economic questions?
a) traditional b) market c) mixed d) command
Under which economic system are the economic questions answered the same way they have always been answered?
a) traditional b) market c) mixed d) command
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