The fundamental problem of economics is:

Which of the following is an example of an investment in human capital?

The opportunity cost associated with going to college instead of taking a full-time job for $20,000 per year includes:

Alex and Dylan mow and trim lawns. Currently, each man mows and trims a lawn by himself, but the process takes a long time. They would MOST likely improve their efficiency if

With which term is a command economic system MOST closely associated?

The nation of Welton needs to build a new dam to control flooding near its largest city. If Welton is a pure market economy, then these new improvements will MOST likely be left up to

When the U.S. government purchases a submarine from a company, the government has made a major transaction in the

As the price of a good rises in a market, it acts as a signal:

When economists measure the responsiveness of consumers to changes in price, they are measuring:

Organizers of many large sporting events such as the Super Bowl usually set ticket prices lower than the equilibrium price, citing fairness to the public as their reason. What names is given to the resulting set price and disequilibrium situation?

Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from a bank. She hired one helper. What is one disadvantage of Sharon’s business?

In which market structure does a firm have greatest control over its product’s price?

The government has recently raised the excise tax on gasoline making it more expensive. Which of the following consumer responses would NOT be a predictable response to this government imposed negative incentive?

A man has $100 to invest and hopes to receive 10 times the amount back ($1,000) by the end of 5 years. This could be BEST accomplished by

Buying stock through mutual funds is less risky than buying individual company stock because

On which of the following do people pay a regressive tax?

When a borrower must repay a loan based on compound interest rather than simple interest, they should expect:

When filing a claim with your own insurance company, you should expect to pay this before you receive compensation for the loss:

A good example of the effect of education on income would be that

Which factor MOST often has the greatest role in determining the amount of money that workers earn during their careers?

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