Ch 1 Econ Quiz Review

A rational choice is one that:

"The Alaskan earthquake measured 8.0" is what kind of statement?

The economic idea that everything has a cost is:

Which is not true about Opportunity Cost

The first thing you give up to do what you do is:

This means fair distribution; (sharing the pie the fairest way possible)

Scarcity is:

The study (or total) effects on the national economy and the global economy.

What is it called when humans must make choices between unlimited wants and limited (scarce) resources.

It's Friday night: You can work or hang with friends. You work, what is your opportunity cost?

Ford decides to produce Mustangs instead of Explorers. What Economic Question is this?

Who is the Father of Modern Economcis?

Which is not true about Adam Smith

When was the Wealth of Nations written:

Which is not considered a Factor of Production

What concept is that the market is driven by independent buyers and sellers deciding what is produced?

Tesla decides to produce their cars by hand instead of robots. What Economic Q is this?

When one is thinking and making decisions in small increments, like one unit.