Module 9 and 10 Review

Which type of productive resource is the computer used to program your video game?

Which of the following choices is not one of the three basic economic questions?

Which is the most common type of economy in the world today?

Which type of economy answers the basic questions by what has been done in the past?

Which of the following is a characteristic of a market economy?

The value of the next best altrenative that you did not choose is the ____

Scarcity exists when there are _____ resources available to satisfy all the competing users.

The [group] ultimately determines the products that a command economy produces.

Which type of productive resource if the person who serves you at a restaurant?

Which type of productive resources is the cow that was milked for your breakfast cereal?

In a free market economy, prices are determined by-

Which of the following is an example of marginal benefit?

Economics may be defined as the science that explains

Which of these is not true about entrepreneurs?

Government is minimally involved in the economy, acting to protect consumers & impose some regulations on the market

Which type of economy has some decisions made by individual buyers and sellers but also by the government

The Father of modern economics for his work on The Wealth of Nations, a book which promoted market economic ideas.

The idea that as you consume more of a good/service, the additional satisfaction from consuming additional goes down.

Which type of productive resource is the knowledge and skills of the person who sewed your jacket?

In Marginal Analysis, you should stop consuming an item/performing an activity before marginal cost is marginal benefit.