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Shortages in money
Scarcity of resources
Underutilization of resources
High opportunity costs
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True
False
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Trade-offs
Money
Guns or butter
Opportunity cost
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Production Possibilities frontiers
Land
Technology
Labor
Capital
Time
Money
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Entrepreneurs
Capitalists
Wealth producers
Opportunists
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Is the study of how people use their money to gain more skills and material things.
The study of how people and societies make decisions about their resources to meet their unlimited wants.
Is the study of how governments and organizations attempt to create incentives to manipulate the behavior of individuals.
A social study that attempts to find the best ways to make people and societies richer.
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True
False
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Other uses of the money used to pay college tuition.
Other uses of the time used to study and attend classes.
Other uses of the extra income that is earned because of the college education.
Other uses of the money that is used to pay for books while going to college.
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True
False
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True
False
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High school graduate
Associate's degree
Bachelor's degree
High school drop out
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Time
Money
Physical capital
Human capital
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Not enough banks were loaning money.
Subprime mortgages led to many people not paying off their debts.
Subprime mortgages allowed too few people to buy a home.
Too many people lost their jobs.
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The curve shifts to the left
The curve becomes a straight line
The curve shifts to the right
The curve does not change at all
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6 units of good X
16 units of good Y
The money you spent on producing the 16 units of Y
0 units of good X
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A
I
E
H
G
D
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Shortage
No free lunch
Marginal benefit
Marginal cost
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People in Iowa purchase more ethanol gas than people in other states.
Teenagers spend more money on clothes than the elderly
The nations debt has exceeded more than $10 trillion
Men are more likely to spend money on video games than women
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FedEx delivery trucks
Pizza oven at Black Market Pizza
Iowa corn
Cashier at Alco
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Human made goods used to produce other goods and services
Gifts of nature used to make other goods and services
Recycled goods that are used to make other goods and services
The physical or mental skills used to make other goods and services
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Marginal benefit analysis
Law of increasing costs
Cost/Benefit analysis
Marginal cost analysis
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A
B
Both
Neither
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Invade the other country and take their resources
Trade with the other country and focus on producing the product in which the country has comparative advantage.
Only produce wheat because you can live without televisions
Only produce televisions because you can't live without television
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A
B
Both
Neither
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Land
Labor
Physical Capital
Human Capital
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Because there laws against growing wheat in the South
Because tobacco was the only crop that could be grown in the Southern soil
Because the opportunity cost for producing wheat and corn in the South was high
Because the opportunity cost of producing tobacco was high
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They sold it back to the Spaniards in exchange for more seeds
They sold it to Native American tribes they were friendly with.
They sold it to England because it was illegal to sell it anywhere else
They smoked it.
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True
False
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