Semester Test Review 3: Question Preview (ID: 16905)

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In the movie The Lorax, scarcity and opportunity cost where the only Economic concepts that were shown.
a) False
b) True

What is NOT a question every economic system must answer?
a) How much does it cost?
b) What to produce?
c) How to produce it?
d) For whom, will it be produced?

If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?
a) Opportunity Cost
b) Trade-off
c) Decision

Changing intervals that the economy goes through.
a) Business Cycle
b) Economy
c) Budget Deficit

All the money that has been borrowed over the years, but has not been paid back.
a) National Debt
b) National Budget

Activity slows down or becomes smaller.
a) Contraction
b) Expansion
c) Trough

Government attempt to manage economy through taxing, spending, or borrowing
a) Fiscal Policy
b) Monetary Policy

Growth occurs or the GDP goes up.
a) Expansion
b) Peak
c) Contraction

Business Cycle, highest point or period of prosperity.
a) Peak
b) Trough
c) Expansion

Lowest point
a) Trough
b) Peak
c) Contraction

Buildings, tools, and computers are a part of what factor of production?
a) Capital
b) Land
c) Labor
d) Technology

The four types of business are corporation, sole proprietorship, franchise, and what else?
a) Partnership
b) Combined business
c) Association business

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