Economics Quiz 1 Review- Feb 14 Question Preview (ID: 45691)


Chapter 1. TEACHERS: click here for quick copy question ID numbers.

These are the desires that people have that can be met by getting a product or service
a) needs
b) wants
c)
d)

This is the study of how people choose to use their limited resources to satisfy their unlimited wants.
a) Government
b) Biology
c) Scarity
d) Economics

This is a thing that can be used--natural resources, labor, capital--to make goods or services
a) economics
b) resources
c) capital
d) scarticty

This occurs whenever we do not have enough resources to produce all of the things we would like to have.
a) Wants
b) Needs
c) Scarcity
d) Money

What is the fundamental problem facing all societies today?
a) Lack of money
b) High Unemployment
c) Resources
d) Scarcity

________ of resources forces societies to make economic choices.
a) Money
b) Land
c) Labor
d) Scarcity

We must answer 3 economic questions. Which is NOT one of the three?
a) What goods and services will be produced?
b) How will they be produced?
c) Who will consume, or use, them?
d) Why are we producing goods?

All societies face the same face the same three problems of deciding
a) WHAT to produce, HOW to produce, and WHO will consume them
b) What to produce, HOW not to produce, WHY are we producing them
c) Scarcity, Scarcity, Scarcity
d) How do we make money? Who will we pay? Why are we paying them?

Making a _____ is giving up one alternative good or service for another
a) Traditional economy
b) Market economy
c) opportunity cost
d) trade-off

______ is the cost of the next-best use of your money or time when you choose to do one thing rather than another
a) trade-off
b) marginal cost
c) opportunity cost
d) revenue

______ are expenses that do not change no matter how much a business produces.
a) variable costs
b) fixed costs
c) total cost
d) marginal cost

A kind of cost that changes depending on how much a business produces.
a) variable
b) fixed
c) total
d) marginal

People have unlimited
a) needs
b) scarce resources
c) money
d) wants

This is the combination of all fixed and variable costs.
a) marginal revenue
b) marginal costs
c) total cost
d) scarcity

This is the additional or extra opportunity cost associated with each increase of unit of sales
a) variable costs
b) marginal costs
c) marginal revenue
d) total costs

The money a business receives from selling its goods or services.
a) total costs
b) fixed costs
c) revenue
d) marginal costs

This is the additional income received from each increase of one unit of sale
a) marginal costs
b) marginal revenue
c) opportunity costs
d) trade-off

This is an economic model that compares the marginal costs and the marginal benefits of a decision
a) trade-off
b) opportunity cost
c) benefit-cost analysis
d) marginal revenue

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