Duplicate of Final Exam Review Day 1

Canada's Opportunity Cost for a syrup is...

What are the two forces of Adam Smith's Invisible Hand?

Which of these is a positive externality?

The fundamental problem in Economics is...

How does the government promote innovation in a mixed economy?

The resources used to make all goods and services

Which of these is true about an entrepreneur?

In which system is the consumer "sovereign?"

Which goal is difficult to achieve in a pure free market?

Which of these is NOT a factor of production?

A shovel used to dig a hole is an example of which factor of production?

A cab drivers' knowledge of the city streets is an example of which factor of production

The study of how people meet their wants and needs with limited resources

The circular flow in a MIXED economy shows the relationship between

Why are private property rights important to market economies?

Which of these is an example of land?

The production possibilities graph represents which Economic principle?

Why are resources scarce?

Who has the absolute advantage in Syrup and who has the Abs. Advantage in TVs?

A positive or negative effect of an action that effects people other than the actor is called

The fundamental problem in Economics is...

Who has the comparative advantage in syrup?

What is the MOTIVATING force for Adam Smith?