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- 1. Multiple ChoiceThe highest valued alternative given up as a result of making a choice.Trade OffOpportunity CostTradeHuman Resources
- 2. Multiple ChoiceThe physical and mental efforts people use to create goods and services.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 3. Multiple ChoiceThe buildings, tools, and machines people create and use to produce final goods and services.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 4. Multiple ChoiceUnaltered gifts of nature like soil, minerals, timber, and fresh water.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 5. Multiple Choice______ means that an inequality exists between wants and the resources available to satisfy them.EntrepreneurshipScarcityCapitalLand
- 6. Multiple ChoiceThe study of the economy as a wholeMacroeconomicsMicroeconomics
- 7. Multiple ChoiceThe study of individual consumers and businessesMacroeconomicsMicroeconomics
- 8. Multiple ChoiceRivalry among businesses for resources and customersMarket CompetitionCommand EconomyTraditional EconomyMixed Economy
- 9. Multiple Choicean economic system in which the government holds most of the property rights.Market CompetitionCommand EconomyTraditional EconomyMixed Economy
- 10. Multiple ChoiceAn economic system in which people rely on traditions or customs to make what, how, and for whom choicesMarket CompetitionCommand EconomyTraditional EconomyMixed Economy
- 11. Multiple ChoiceBlends voluntary exchange, government command, and tradition and traditional elements of economic choice making.Market CompetitionCommand EconomyTraditional EconomyMixed Economy
- 12. Multiple ChoiceWhich of the following functions of money involves trading it for a good or service (paying $8 to see a movie)?Medium of ExchangeStore of ValueMeasure of Value
- 13. Multiple ChoiceProducts that often are used together (cars and gasoline)Substitute GoodsComplementary Goods
- 14. Multiple ChoiceA small increase in chicken prices can then bring about a big increase in the number of chickens offered for sale. In this case, supply is _____ElasticInelastic
- 15. Multiple Choicean inverse relationship between the quantity demanded and the price of a product.law of demanddemandlaw of supplysupply
- 16. Multiple Choicea positive relationship between the quantity supplies and the price of the productlaw of demanddemandlaw of supplysupply
- 17. Multiple ChoiceThe _______ is the price at which the amount supplied is equal to the amount demanded.surplusshortagescarcitymarket clearing price
- 18. Multiple ChoiceThe final value of all goods and services produced in the country in one yearDisposable IncomeGross Domestic ProductNet WorthInterest
- 19. Multiple ChoiceThe value of all things you ownwealthnet worthinterestincome
- 20. Multiple ChoiceA general rise in overall pricesincreaseinterestriskinflation
- 21. Multiple ChoiceThe ease with which any asset can be converted to cashinterestinflationliquidityrate of return
- 22. Multiple ChoiceProfits distributed to stockholdersdividendsbondsinterestdeferment
- 23. Multiple ChoiceA business owned by one personsole proprietorshippartnershipcorporationfranchise
- 24. Multiple Choicea business organization owned by two or more people who share ownership and control over a businesssole proprietorshippartnershipcorporationfranchise
- 25. Multiple Choicea business organization managed on behalf of its owners who provide the fundssole proprietorshippartnershipcorporationfranchise
- 26. Multiple Choicea license that entitles its holder to operate his or her individually owned business as if it were part of a chain storesole proprietorshippartnershipcorporationfranchise
- 27. Multiple ChoiceAn association of workers that seeks to improve its members wages, working conditions, and benefitscollective bargaininglabor unionstrikeunion shop
- 28. Multiple ChoiceA market structure in which a large number of firms all produce an identical productPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 29. Multiple Choicea market structure with only one seller in the marketPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 30. Multiple Choicea market structure with many firms that offer similar but not identical productsPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 31. Multiple Choicea market structure in which a few large businesses supply most or all products in a marketPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 32. Multiple ChoiceAn economist would probably state that in a market economy, prices are generally determined bybuyers and sellerswholesalers and retailersproducers and labor unionsconsumers and government officials
- 33. Multiple ChoiceIf the profit opportunity for a given product increases, the most likely result would bean increase in aggregate demandan increase in the cost of productionan increase in the number of producersan increase in the number of consumers
- 34. Multiple ChoiceWhich of the following terms would an economist most likely use to describe the cost of borrowing other people's money?interestdemandinflationsurplus
- 35. Multiple ChoiceWhich of the following describe market behavior?Bull MarketBear MarketBuffalo MarketBull and Bear Market
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