Online Econ: Final Exam Study Guide
Correct Questions And Answers
The study of economics involves. . . Correct Answers studying how people try to satisfy
their unlimited wants with limited resources
What would an economist say motivates a woman who sews purses and sells them to
the public? Correct Answers self-interest
While shopping you discover that your favorite department store has lowered the price
on a new video game that you wanted to buy. However, after looking through the store
you find that they are completely sold out. This scenario illustrates the concept of. . .
Correct Answers shortage.
People must make choices because money and resources. . . Correct Answers are
scarce.
What is NOT an economic right or responsibility? Correct Answers community service
The most appealing trade-off or item given up as the result of an economic decision is
called a(n) Correct Answers opportunity cost.
Who presents the final federal budget to Congress at the beginning of the calendar
year? Correct Answers the President
Which statement describes the economic goal of freedom? Correct Answers
Consumers can choose where they want to work.
Which is considered a market? Correct Answers ordering a book from an Internet
bookseller website
In a ____________ economy, some government involvement in the economy is evident.
Correct Answers mixed
What is a disadvantage of free market economies? Correct Answers Some consumers
are not paid fairly and equally.
What is a principle of the American Free Enterprise System? Correct Answers voluntary
exchange
an example of a public good is. . . Correct Answers an interstate highway
The Federal Reserve is run by Correct Answers the Board of Governors.
Correct Questions And Answers
The study of economics involves. . . Correct Answers studying how people try to satisfy
their unlimited wants with limited resources
What would an economist say motivates a woman who sews purses and sells them to
the public? Correct Answers self-interest
While shopping you discover that your favorite department store has lowered the price
on a new video game that you wanted to buy. However, after looking through the store
you find that they are completely sold out. This scenario illustrates the concept of. . .
Correct Answers shortage.
People must make choices because money and resources. . . Correct Answers are
scarce.
What is NOT an economic right or responsibility? Correct Answers community service
The most appealing trade-off or item given up as the result of an economic decision is
called a(n) Correct Answers opportunity cost.
Who presents the final federal budget to Congress at the beginning of the calendar
year? Correct Answers the President
Which statement describes the economic goal of freedom? Correct Answers
Consumers can choose where they want to work.
Which is considered a market? Correct Answers ordering a book from an Internet
bookseller website
In a ____________ economy, some government involvement in the economy is evident.
Correct Answers mixed
What is a disadvantage of free market economies? Correct Answers Some consumers
are not paid fairly and equally.
What is a principle of the American Free Enterprise System? Correct Answers voluntary
exchange
an example of a public good is. . . Correct Answers an interstate highway
The Federal Reserve is run by Correct Answers the Board of Governors.
