GB Chapter 1&2 Review

An example of a capital resource is

Deflation results in lower buying power of money?

An example of human resource is

The phase of the business cycle in which unemployment is the highest is

An example of a natural resource is

In which economic system does the government answer the 3 economic questions?

The primary reason business owners make investments and take risks is to

Which of the following would most likely cause a budget surplus for government?

Which of the following would an economist most likely classify as a need?

As consumption increases, prices

In which of the economic systems is the governments role most limited?

When consumers increase their borrowing, interest rates tend to decline.