Economics

Question 1

The highest valued benefit given up when making a decision between 2 things is known as ______.

Accepted Answer

Opportunity cost

Question 2

Tom can produce 10 computers and Jerry can produce 8. Who has the comparative advantage?

Accepted Answer

Tom

Question 3

What kind of economy does the US have?

Accepted Answer

Mixed Market

Question 4

Verizon Wireless is an example of a ___________.

Accepted Answer

Service

Question 5

Using the Law of Demand, if the price of a good goes down then what happens to the quantity?

Accepted Answer

Up

Question 6

Which state has the comparative advantage in fishing?

Accepted Answer

Oregon

Question 7

Does this graph represent Supply or Demand?

Accepted Answer

Demand

Question 8

Which of the following is NOT a Factor of Production?

Accepted Answer

Resource

Question 9

Which of these items is considered a NEED?

Accepted Answer

pizza

Question 10

Even in the richest nations of the world, resources are going to be ___________.

Accepted Answer

Limited

Question 11

Using Law of Supply - if the price of a tv went from $200 to $225, what happens to quantity?

Accepted Answer

Increase

Question 12

People make their own choices in production and distribution descrives which economy?

Accepted Answer

Market

Question 13

What does the word "scarcity" mean?

Accepted Answer

Rare of limited

Question 14

Which of the following is NOT one of the basic economic questions?

Accepted Answer

Where will I produce it?

Question 15

Families that build and grow everything they need describes what type of economy?

Accepted Answer

Taditional

Question 16

The amount of goods consumers are willing to buy at a given price refers to?

Accepted Answer

Demand

Question 17

Using the Law of Supply, if the price of a good goes UP then the quantity of that good will go

Accepted Answer

Up

Question 18

Which of the following is NOT one of the main types of resources

Accepted Answer

Mineral

Question 19

Does this graph represent Supply or Demand?

Accepted Answer

Supply

Question 20

"How a country uses its resources to produce goods" is a definition for which word?

Accepted Answer

Economics

Question 21

Who is in control of a Command Economy?

Accepted Answer

Government

Question 22

Which of these items is considered a WANT?

Accepted Answer

car

Questions 22