30. Economic Terms Question Preview (ID: 50772)

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the study of choices involving goods and services
a) communism
b) capitalism
c) economics
d) democracy

Which of the following is the least likely to studied by an economist?
a) Production
b) Declaration of Independence
c) Consumption
d) Distribution

making things
a) production
b) consumption
c) distribution
d) communism

getting things to people
a) production
b) consumption
c) distribution
d) communism

buying or using good and services
a) production
b) consumption
c) distribution
d) procrastination

Inability to satisfy all wants at the same times; resources and goods are limited
a) Consumption
b) Production
c) Human Capital
d) Scarcity

The dismal science
a) Biology
b) Mathematics
c) Economics
d) History

Which is not one of the most common variables when making a choice?
a) Price
b) Quality
c) Desire
d) Opinion of others

Factors of production in producing goods and services
a) resources
b) price
c) choice
d) scracity

Which of the following is not a resource
a) Human
b) Future
c) Capital
d) Natural

Which pair is incorrect?
a) human resource = laborers
b) capital resource = fork lift
c) human resource = money
d) natural resource = tree

That which is given up a choice is made?
a) Scarcity
b) Opportunity Cost
c) production
d) economics

Which is not an example of opportunity cost?
a) buying cheaper phone instead of an iPhone
b) spending your time playing instead of studying
c) receiving a free lunch
d) skipping lunch and saving your lunch money to buy shoes

things the incite or motive a consumer's economic behavior or to change economic behavior
a) scracity
b) incentive
c) choice
d) opportunity cost

consumers determined what products will be produced for sale
a) scarcity
b) opportunity cose
c) capital resources
d) consumer sovereignty

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