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.

How does the process of specialization change an economy?

Improves efficiency of production

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

Make the best use of scarce resources

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Mr. Toole's Econ Review # 1

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Questions 12

Answers

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

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