Economics Test #1 Study Guide

The three means of productions are

Which of these is NOT an Economic Principle

What is human capital?

Which of these is a quality of a Communist system?

A Cost/Benefit Chart shows you.....

A mixed economy is not an economic system where there's balance between market freedom and government involvement

Karl Marx wrote Wealth of Nations

Which of these is a quality of a capitalist system?

Which economy's goal is stability and security?

Capitalism leans towards freedom, Communism leans towards equality

What does Ceteris paribus translate to?

Which economy's goal is freedom and efficiency?

The Rational Behavior Model does not have exceptions

How many economic principles are there?

Which of these is not a quality of a Decomocratic Socialist System?

Which of these is not one of the three fundamental economic questions?

Adam Smith wrote what book?

 The higher the price, the higher the value and demand. The lower the price, the lower the value and demand.

By investing your time in something, you are missing other potential opportunities that come your way is called an