Mother of All Econ Final Prep Quizs

People invest in their own human capital by

Markets allow us to

The condition of unlimited wants and finite resources

The gap between limited resources and unlimited wants

The social science that studies the production, distribution and consumption of goods and services

Which of the following is not an economic resource?

Which factor is illustrated on the x-axis of a supply and demand graph?

What helps resources and goods move around the circular flow?

There are no costs to some decisions

In a market economy, decisions are made by

When banks examine income level, length of employment and debt relative to income

Money moves around the circular flow

Which of these is not an essential economic question?

All of these are essential questions of economics except

The payment for labor

The Federal Reserve's target rate for inflation

The most fundamental concept in economics

An individual's drive to take part in activities for monetary gain

On a graph, the demand curve is descending

The y-axis on a supply and demand graph represents price

Because of __________ people must make choices, and when they choose they incur _______________.

GDP- The dollar value of all new goods, services and structures produced within a country in a 12 month period

The Wealth of Nations, which advocates a free market

Resources required to produce all the things we would like to have

Which of these is an example of inflation

Your future well-being depends on financial decisions you make today

Usage of resources in such a way as to maximize output

Fiscal policy is how Congress decides to budget money

Risk takers in search of profits who create new goods and services

On a graph, the supply curve is ascending

Adam Smith believed markets were led by

Ultimately, who owns all economic resources?

Capital, in the Factors of Production, is money

When prices rise, supply goes down

When prices go up, supply decreases

Which of these is not an expense?

Which of these is not a goal of the Federal Reserve?

The philosophical founder of the free enterprise/ free trade system

The cost of borrowing money

Who are the owners of resources (land, labor, capital, entrepreneurship) in the Circular Flow model?

Inflation is

What do we call money households earn from providing resources?

Which of these correctly lists the Factors of Production?

The bourgeoisie were the class Marx identified as

Which market would a producer buy the equipment and technology for making thingamabobs?

In which market would a household buy the ingredients necessary for cooking dinner?

What do you call income earned by businesses selling goods and services?

In which market do households sell their labor?

The payment for entrepreneurship

The method society uses to produce and distribute goods and services