ECON Unit 2 Exam Review Question Preview (ID: 33194)


ECON Unit 2 Exam Review. TEACHERS: click here for quick copy question ID numbers.

The study of the allocation and creation of goods and services is called...
a) Social Science
b) Economics
c) History
d)

____________________believed in a free market people looking out for themselves in return helps society to use its resources more productively.
a) Adam Smith
b) Thomas Mathus
c) none of the answers
d)

__________________is the basic economic problem.
a) Shortage
b) Scarcity
c) none of the answers
d)

Land,__________________, and entrepreneurship are the three factors of production.
a) resources
b) labor
c) none of the answers
d)

Scarcity and shortage have different meanings.
a) True
b) False
c) none of the answers
d)

Which of the followng do Production Possibliities Graphs show?
a) how efficient people use resources
b) opportunity costs
c) trade offs
d) All of the answers

Which factor of production is defined as man made items?
a) land
b) labor
c) capital
d)

Applying resources to make one item means there is more of another item.
a) True
b) False
c) none of the answers
d)

___________________is the highest valued trade off in decision making.
a) Scarcity
b) Opportunity cost
c) none of the answers
d)

We must make decisions because resources are...
a) scarce
b) unlimited
c) none of the answers
d)

Whatever option(s) you give up by making a decision is called...
a) opportunity cost
b) trade off
c) none of the answers
d)

________________means products are limited due to scarce resources
a) Scarcity
b) Shortage
c) none of the answers
d)

___________________is limited goods because the cost of production is high.
a) Scarcity
b) Shortage
c) none of the answers
d)

Customers who are first in line, get served first. What type of allocation method is this?
a) First Come, First Serve
b) Rule of Force
c) none of the answers
d)

Goods and services distributed or controlled by one or a few through violence describes the ___________________method
a) First Come, First Serve
b) Rule by Force
c) none of the answers
d)

_____________is the allocation method where the politicans control the distribution of goods and services.
a) Market
b) Government
c) none of the above
d)

Individuals or businesses distribute goods and services. This define the________________method of allocation.
a) Rule of force
b) Market
c) none of the answers
d)

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