In every economic system, what must people choose to do?

Make the best use of scarce resources

How does the process of specialization change an economy?

Improves efficiency of production

Who will become the next President of the United States of America?

Hillary or Bernie..as long as it ain't Trump

“There is no such thing as a free lunch.” In economic terms, what does this mean?

Someone must pay for everything.

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Mr. Toole's Econ Review # 1

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Questions 12

Answers

1
Which of the following is a result of the specialization of labor?
Increased inflation
Increased output
Less interdependence
Identical income
2
What is the main idea behind the study of economics?
Business decisions
Monetary policy
Allocation of scarce resources
Efficiency of production
3
What is the most basic economic issue for all societies?
Taxation
Recession
Scarcity
Inflation
4
In every economic system, what must people choose to do?
Satisfy all the wants of their society
Save money to reduce the national debt
Create an equal distribution of income
Make the best use of scarce resources
5
How does the process of specialization change an economy?
Improves efficiency of production
Decreases competition
Increases governmental control
Eliminates unemployment
6
Who will become the next President of the United States of America?
Donald Trump
Hillary Clinton
Bernie Sanders
Hillary or Bernie..as long as it ain't Trump
7
Which economic question is addressed when a company installs more machines & lays off workers?
For whom to produce
Where to produce
What to produce
How to produce
8
“There is no such thing as a free lunch.” In economic terms, what does this mean?
Someone must pay for everything.
All production is designed to reduce scarcity.
Choices are never based on self-interest.
People only think of others when making choices.
9
In which of the following economic systems is the “factors of production” privately owned?
Communism
Confucianism
Socialism
Capitalism
10
In economic terms, what are land, labor, capital and entrepreneurship?
Opportunity costs
Production possibility
Factors of production
Production trade-offs
11
Tom has enough money to buy a CD or to go to a movie what is the choice that he gives up called
Marginal cost
Opportunity cost
Negative cost
Positive cost
12
Mr. Toole's son is in the...
Army
isn't Lincoln a little too young for the military??
Marines
Air Force

Mr. Toole's Econ Review # 1 Flashcards | StudBud