Economics Final Exam

According to this Production Possibilities Curve point D would be

Economists would call these

Next year my $50 will probably buy about $49 worth of goods and services. The $50 bill acts as

Land, Labor, Capital and Entrepreneurship are known as the

You don't really need a Starbuck's Pumpkin Spice Latte which means demand for it is

Money left over after paying taxes is called

What is this point on the wave called?

This is a snapshot measurement of a country's economic state

This is most likely a

Scarcity presents us with choices that involve

Roads, bridges, buildings, tunnels, etc.

The study of household budgets and small businesses is called

The home of American financial markets

Tea is a _______________________ for coffee

When the price goes up

Adam Smith believed in

This is a __________________________ to an automobile

Between Quarter 1 and Quarter 2 demand

Trading doing someone's taxes for some auto repairs is a form of

Doctors, lawyers, professors, dental assistants provide

Boeing aircraft is an example of a

Economists would consider this a

This picture is an example of a

Adding free maintenance can act as an __________ to purchasing a new car

The physical products that can be purchased are called

The ongoing tension of not having enough resources to meet human wants is called

Which of the following is considered a transfer payment?

The desire and ability to buy something means you create

What is an opportunity cost?

Unlimited liability means that

A place where people voluntarily exchange goods and services

This is an example of what you might see in a

What is the equilibrium price

A new restaurant opening at the mall might be considered

Mr. D says that he knows $20 will buy dinner for two at Panda Express. The $20 acts as a

A need is fulfilled by

United States money is considered

Because Type I diabetics need insulin the demand for insulin is considered

Operating under the profit motive would be part of which of the following

This is most likely an example of a

How much gas will be sold at $3.00?

The study of how people choose to use scarce resources to satisfy their wants and needs is

This country is one of the few examples of a

Which of the following is part of the business cycle

This is an example of

Selling illegal drugs is part of the

The United States is which of the following

Which of the following are investment instruments?

Anything that can act as a medium of exchange can serve as