Chapter 1 What is Economics

Increasing output by one additional unit to increase revenue (profit) is an example of

In a market economy, what organizes and coordinates the production of goods and services?

Effective economic decision making is based on

President Trump has indicated he will keep James Comey in his position as

In a free market economy, which one of these concepts is not addressed?

After the inauguration, former President Obama and First Lady Obama went on vacation to

Deepwater Horizon was recently released on home video. The movie is about

Which of the following statements about scarcity is true?

People mainly make voluntary exchanges in a free market because

Bridges, dams, and freeways are examples of a country's

Which of the following would be considered a good?

To improve human capital resources, Country A most likely will increase its investment in

Factory building, assembly line equipment, and telephone equipment are examples of

SNL writer Katie Rich was suspended from the show for a disparaging tweet directed at

Singing the national anthem at this years Super Bowl is

The economic term scarcity is most often used to refer to

President Trump's oath of office was administered by

Producers and Consumers in a market economy are considered

According to iTunes, the top downloaded song this week was

Yordana Ventura and Andy Marte both died in separate car accidents. Both are

Converting farmland into housing is an example of

Iron ore, timber, tuna, and crude oil are examples of

Managers, technical trainers, and accountants are examples of a company's

Scarcity = Wants

This years Super Bowl features the

To make effective financial decisions, consumers should

If we were to study Trump's proposal to bring jobs back to U.S. workers, we would be studying

_____ received 14 Academy Award nominations

Which of the following could be used in a voluntary exchange?

Business A decides to purchase new robots for the assembly line. This is an investment in

In economics, the concept of making a "trade-off" is most accurately described as

Economic scarcity refers to

In a pure market economy

Which of the following illustrates a market?

Land, labor, and capital contribute to production. Thus they are also known as

Detailed knowledge about the production and distribution of most products in the U.S.

Land, labor, capital, and entrepreneurship are considered factors of _____

An opportunity cost is

Jane worked 3 hours instead of studying for her exam. The opportunity cost in this example is

The term opportunity cost is best described as something that