Which of the following refers to the use of resources in a way that maximizes output of goods and services? Services Efficiency Goods Scarcity

What term refers to the most desirable alternative given up when people choose one thing over another? Labor Shortage Opportunity Cost Efficiency

Which of the following terms refers to limited quantities of resources to meet unlimited needs? Services Labor Scarcity Trade-Off

The factors of production include which of the following The factors of production include which of the following? Land Labor Capital All of the above

What is a temporary lack of one or more goods called What is a temporary lack of one or more goods called? Trade-Off Shortage Growth Underutilization

The study of how people seek to satisfy their needs and wants is defined as which of the following? Government Foods Economics French

What are “air, food, and shelter” considered What are “air, food, and shelter” considered? Needs Wants Hopes Services

What would a new pair of Sunglasses be considered What would a new pair of Sunglasses be considered? Need Want Hope Service

Physical objects such as shoes and shirts are considered what Physical objects such as shoes and shirts are considered what? Services Wants Shortages Goods

What are haircuts, dental checkups, and tutoring considered What are haircuts, dental checkups, and tutoring considered? Services Goods Wants Scarce

What aspect of an economy does coal, water, and forest play What aspect of an economy does coal, water, and forest play? Labor Land Capital Entrepreneur

If you chose to party instead of studying for this final, what is your opportunity cost? Partying Studying Both None

Which of these is part of the 3 economic questions Which of these is part of the 3 economic questions? What should be produced How should it be produced Who consumes the goods and services All of the above None of the above

What type of economy relies on customs, habits, or rituals to decide what to produce? Market Traditional Centrally Planned Mixed

In what type of government does the central government make all the decisions on the production of goods and services? Mixed Centrally Planned Market Traditional

Which of the following would be an arrangement that allows buyers and sellers to exchange things? Market Firm Factor Market Household

What is defined as the struggle among producers for the dollars of consumers? Incentive Competition Self-Interest Profit

What is ownership in a company considered What is ownership in a company considered? Dividends Stock Income Broker

What is a portion of the company’s profits sometimes shared with shareholders called? Profit Dividends Income Stock

What type of person links buyers and sellers of stocks What type of person links buyers and sellers of stocks? Dealer Broker Agent Merchant

Which Index gives the best overall indicator of how the stock market is performing? NASDAQ NYSE Dow Jones Amex

If you bought 100 shares of Krispy Kreme at $50 a share and there was a 2 for 1 split, how many shares would you now have? 100 200 250 300

Which of the following investments is the MOST risky Which of the following investments is the MOST risky? Mutual Funds CD’s Stocks Savings Accounts

What economic law has consumers buying more of a good when its price decreases and less when its price increase? Law of Demand Law of Supply Normal Law Income Effect Law

When consumers react to an increase in a good’s price by buying less of that good and more of another good, what is taking place? Law of Supply Substitution Effect Surplus Inelastic

What is defined as the change in consumption resulting from a change in overall income? Income Effect Variable Price Ceiling Fixed Cost

What are two goods that are bought and used together What are two goods that are bought and used together? Substitutes Complements Normal Elastic

What are goods used in place of one another What are goods used in place of one another? Substitutes Complements Normal Inelastic

Demand that is not very sensitive to a change in price is considered what? Inelastic Elastic Unit elastic Childish

Demand that is very sensitive to a change in price is considered what Demand that is very sensitive to a change in price is considered what? Inelastic Elastic Unit elastic Childish