Module 1 Quiz Review

You invite friends to study for the SAT. The room you study in is which factor of production?

Which of the following are required for survival?

You will make a choice if you expect the marginal benefits to be ___ the marginal costs.

What is a price ceiling?

What is one way the government tries to attain positive externalities?

If a slight change in price for a good changes quantity demanded, then demand for that good is

Which of the following summarizes the reason for economics?

What's the next best option that's given up when making a decision?

Which is not an incentive to do your homework?

Gas and prescription drugs have what kind of demand?

What type of prices for goods and services normally result from a lack of competition?

Cell phones and computers have what type of demand?

"BP Must Pay Penalties to Gulf Coast Residents for Oil Spill Disaster" best illustrates?

Coal is what kind of resource?

In economics, what is equilibrium?

Which of the following is a public good?

What is the amount of a good or service that businesses have available to sell?

In economics, why must consumers make choices?

If you take risk to start your own business, what kind of resource are you?

What is the first step in the PACED decision making process?

What could cause prices to decrease?

What is Mr. Helmick's first name?

When demand for a product increases, the price of that product will tend to

What can the government do to stop rising inflation?

You own a lemonade stand. The cooler you use would be which factor of production?