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

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

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

4. 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

5. 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

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

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

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

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

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

11. 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

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

13. 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

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

15. 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

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

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

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

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

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

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

22. 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?

23. 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

24. 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

25. 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

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

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

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

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

30. 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