Econ Chapter 16 Review

The loss of four years of income resulting from the decision to go to college is the

The money a business receives from selling its goods or services is known as

What do businesses utilize when making decisions among various projects?

The choices all societies must make about production are driven by

An economic system in which a central authority makes all economic decisions

Which of the following buys goods for personal use?

Which of the following is a human resource?

What does a benefit-cost analysis compare?

The struggle among producers and sellers to attract consumers is known as:

 Scarcity is the basic economic problem because

Economic questions are answered on the basis of habit or custom.

An example of a trade-off is

Manufactured goods needed to produce other goods and services are called

A __________________occurs when the amount supplied by producers is greater than the amount demanded by consumers.

The additional income received from each increase of one unit in sales is called the

An economic system in which ritual, habit, and custom dictate most economic and social behavior

Choosing to buy jewelry instead of food for your children is an example of

A supermarket running out of bananas is an example of

Which is an example of how to produce?

Which of these would be considered a fixed cost?

Which of the following represents marginal cost?

Which type of resource is a factory building?

 When the price of a good is low,

WHAT, HOW, and FOR WHOM to ____________________ are the three basic economic questions.

The governments of some nations answer the question of what to produce to

Which factor is most likely to cause the supply of a product to decrease?

It costs $5,000, to produce 1,000 pairs of jeans per order, the average total cost for a pair of jeans is:

The study of economics is important because it enables us to

To be efficient, markets must

Which of the following is an example of a nation with a traditional economy?

The United States is said to have a:

Planners who work for the government answer the economic questions.

The United States decides what goods to produce by letting

What is one way that producers in the United States could reduce their production costs?

The demand for goods and services in a particular area would probably increase if

Which of the following best describes wants?

The point where supply and demand curves meet is

Deciding to go to a ballgame rather than do your homework is an example of a(n)

If 20 bottles of soda are sold for $2.00 each, what is the total revenue?

What does the saying "There is no such thing as a free lunch" mean?

Expenses that change depending on how much a business produces are called 

Which of the following examines the costs and expected benefits of a choice?

A __________________occurs when the quantity demanded is greater than the quantity supplied.

_______________ are the people or businesses that buy goods and services.

Giving up one alternative good or service for another is called

In a market economy, ___________ act as signals to both consumers and producers.

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

Which factor has the MOST significant influence on the quantity supplied of any product?

In which system are economic decisions made based upon price?

If the fixed costs of producing dresses are $1,000 and the variable costs are $500, then the total cost is

Which of these is an example of a fixed cost?