ECON - Unit 1B Question Preview (ID: 61886)
SSEF1 - SSEF4.
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Gold, oil, and water are examples of:
a) scarce resources
b) incentives
c) public goods
d) negative externalities
Natural resources, entrepreneurship, and physical capital are examples of:
a) factors of production
b) opportunity costs
c) regulations
d) incentives
An additional positive benefit one receives from undertaking an action... is known as:
a) a marginal benefit
b) a marginal cost
c) ###
d) ####
Something that motivates a person to do something... is called:
a) an incentive
b) human capital
c) entrepreneurship
d) opportunity cost
Which of the following is NOT a basic economic question that countries must answer?
a) When to produce?
b) What to produce?
c) For whom to produce?
d) How to produce?
Freedom, security, and price stability are examples of:
a) economic goals
b) resource allocation
c) externalities
d) ####
Interstate highways, courts, and schools are examples of:
a) public goods
b) regulations
c) property rights
d) income redistribution
Externalities can:
a) be both helpful and harmful to consumers
b) only be helpful to consumers
c) only be harmful to consumers
d) ####
Consumers are protected by:
a) regulations
b) market power
c) specialization
d) incentives
When a country invests in human capital, the standard of living typically:
a) also increases
b) decreases
c) stays the same
d) ####
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