Eco Final Review Part 1

True or False : Government spending makes up the majority of our G.D.P. in the U.S.

Which has most directly contributed to the increased wealth and production

Items that individuals wish for, but are extras and not necessary

True or False The terms G.D.P. & the economy can be used synonymously

The Sum of people's skills, abilities, health, knowledge, and motivation

After reading theory that population would out pace food supply, named eco: The dismal science

The three basic economic questions are WHAT to produce, HOW to produce, and

TINSTAAFL best refers to which of the following

Which is the best definition of Economics

The use of tariffs were intended to

Which Nation is one of the best illustrations of the concept of “Guns or Butter”?

What is the amount of time that distinguishes between a durable good and a non-durable good

Land, labor, capital, and entrepreneurs are the

Which of the following is the best example of the economic concept of Land?

Which of the following is not part of the formula in calculating G.D.P

Centralization in manufacturing resulted in

Banks played a key role in American business expansion by

As a result of increased business activity in the 1830’s

According to Adam Smith, what were the motivating and regulating forces of the invisible hand

Who theorized that basic needs must always be satisfied first according to a hierarchy of needs

A risk-taker in search of profits is known as a

Which US President warned of spending on military and pointed out the concept of Guns or Butter

Economist who theorized that society is ultimately doomed because pop. will out-pace food