Unit 1 - Intro to Economics

The value of what is given up when making an economic choice is referred to as

The last year the Detroit Lions won a playoff game was...

An economic system characterized by freedom of buyers and sellers is..

Which sign best characterizes a traditional economy?

All of the following are consistent with a Centrally Planned ( Command) economy EXCEPT?

Which of the following is an example of a factor market transaction.

Which of the following countries would be least likely to follow the teachings of Adam Smith?

Which of the following would be an opportunity cost exercising before school?

Henry Ford is synonymous with which of the following concepts?

Which of the following would Karl Marx most likely promote

Adam smith would agree with all of the following EXCEPT.

Limited resources to meet unlimited wants and needs best describes...

A person who assembles land labor and capital to produce a product is called a(n)

Which is the best measure of a country's economy?

Which of the following is an example of Human Capital?

All of the following are characteristics of a free market EXCEPT

Which of the following best describes "Thinking at the Margin?"

Adam Smith is best known for....

Economics is best defined as...

Which economic system is characterized by government control?