This is a quiz based off of some very standard economic basics
Giving something up to have something else
Extra cost of producing one additional unit of production
The condition that results from society not having enough resources to produce all the things people would like to have
A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter
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What, where, whom
What, how, whom
How, whom, when
What, why, whom
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Land, capital, money, entrepreneurs
Land, capital, labor, entrepreneurs
Capital, money, supply, demand
Labor, capital, supply, demand
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Anything from the earth
The space we occupy
Gifts of nature
All of the above
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The tools, equipment used in the production of goods
The machinery, and factories used in the production of goods
The tools, and machinery used in the production of goods
A and B
B and C
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People with all of the efforts, abilities, and skills
The people who are for hire for work
People with all of the workmanship, skills, and work
The act of performing work at any given time
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A risk taker in search of profits who's initila investment must be returned
A investor in search of profits who does something new with existing resources
A investor in search of profits who's initial investment must be returned
A risk taker in search of profits who does something new with existing resources
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Land - wages, labor - interest, capital - rent, entrepreneurs - profit
Land - rent, labor - wages, capital - interest, entrepreneurs - profit
Land - profit, labor - rent, capital - wages, entrepreneurs - interest
Land - interest, labor - rent, capital - profit, entrepreneurs - wages
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The cost assosiated with any opportunity
Giving the cost in order to have the opportunity
The cost required in order to succeed
Giving something up to have something else
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Possible Production Frontier
Production Possibilities Frontier
Probable Projection Frontier
Projected Possibilities Frontier
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Maximum combination of output if all resources are fully employed
Minimum combination of output if all resources are fully employed
Maximum combination of input if all resources are fully employed
Minimum combination of input if all resources are fully employed
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By having more resources or increased productivity
By having an increase in supply and demand
By having less resources or declined productivity
By having an increase in resources and decrease in productivity
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Production at greater than its minimum potential
Production as less than its minimum potential
Production at greater than its maximum potential
Production as less than its maximum potential
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A mythical country called omega producing two goods, guns:butter
A mythical country called alpha producing two goods, bread:butter
A mythical country called omega producing two goods, bread:butter
A mythical country called alpha producing two goods, guns:butter
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A model which shows the wealth that an economy generates
A model which shows the wealth that the world generates
A model that shows the recirculation of money in an economy
A model that shows the debt that an economy generates
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They provide the money necessary for the resources of land, labor, and capital
They provide the procedures that combines the resources of land, labor, and capital into new products
They provide the initiative that combines the resources of land, labor, and capital into new products
They provide the drive necessary for the resources of land, labor, and capital
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Traditional, command, market
Command, market, competitive
Traditional, market, competitive
Command, traditional, competitive
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Proprietorship, corporation, industrial
Partnership, industrial, commercial
Corporation, proprietorship, commercial
Proprietorship, partnership, corporation
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Apparent contradiction between the low value of nonessentials and high value of essentials
Apparent agreement about the nonessentials being less needed and the essentials being greatly needed
Apparent contadiction between the high value of nonessentials and low value of essentials
Apparent agreement about the nonessentials being greatly needed and the essetials being less needed
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Water in great excess being worth less than diamonds in scarce excess being worth more
Water in scarce excess being worth more than diamonds in great excess being worth less
Water in great excess being worth more than diamonds in scarce excess being worth less
Water in scarce excess being worth less than diamonds in great excess being worth more
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Economic freedom, voluntary exchange, private property rights, profit motive, and competition
Economic freedom, lack on monopolies, private property rights, profit motive, and competition
Economic freedom, voluntary exchange, prevailence of rights, profit motive, and competition
Economic freedom, voluntary exchange, private property rights, profit margain reduction, and competition
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Rule stating that the quantity demanded of a good or service does not vary with its availability
Rule stating that the quantity demanded of a good or service does not vary with its price
Rule stating that the quantity demanded of a good or service varies inversely with its availability
Rule stating that the quantity demanded of a good or service varies inversely with its price
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The principle that suppliers will normally offer less for sale at high prices and more at lower prices
The principle that suppliers will normally offer more for sale at high prices and less at lower prices
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The increase/decrease in need
The increase/decrease in volume
The increase/decrease in price
The increase/decrease in production
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The increase/decrease in demand
The increase/decrease in production
The increase/decrease in volume
The increase/decrease in price
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A situation in which prices are very unstable
A situation in which prices are very unreliable
A situation in which prices are relatively stable
A situation in which prices always fluctuate
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A situation in which the quantity demanded is greater than the quantity supplied at a given price
A situation in which the quantity demanded is less than the quantity supplied at a given price
A situation in which the quantity demanded is not offered by the manufacturer
A situation in which the quantity demanded can not meet the supply provided
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A situation in which the quantity supplied is not met by the manufacturer
A situation in which the quantity demanded is greater than the quantity demanded at a given price
A situation in which the quantity supplied is less than the quantity demanded at a given price
A situation in which the quantity supplied is greater than the quantity demanded at a given price
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A minimum legal price in order to maintain agreement
A maximum legal price in order to maintain agreement
A maximum legal price that can be charged for a product
A minimum legal price that can be charged for a product
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Highest legal price that can be paid for a good or service
Lowest legal price that can be paid for a good or service
Highest legal price that can be charged in order to maintain agreement
Lowest legal price that can be charged in order to maintain agreement
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When a given change in price causes a relatively larger change in quantity demanded
When a given change in quantity demanded causes a relatively larger change in price
When a given change in price causes a relatively smaller change in quantity demanded
When a given change in quantity demanded causes a relatively smaller change in price
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When a given change in quantity demanded causes a relatively smaller change in price
When a given change in price causes a relatively larger change in the quantity demanded
When a given change in price causes a relatively smaller change in the quantity demanded
When a given change in quantity demanded causes a relatively larger change in price
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If change in quantity demanded causes a proportional change in price
If change in price does not cause a proportional change in quantity demanded
If change in price causes a proportional change in quantity demanded
If change in quantity demanded does not cause a proportional change in price
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Increased
Decreased
Unit elastic
Unit inelastic
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The area of economics that deals with the behavior and decision making by small units
The area of economics that deals with the behavior and decision of the whole world
The branch of economics that deals with the economy as a whole
The branch of economics that deals with the monetary value
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The branch of economics that deals with the monetary value
The area of economics that deals with behavior and decision making by small units
The branch of economics that deals with the economy as a whole
The are of economics that deals with the behavior and decision making of your personal life
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A formal agreement to set prices or to otherwise behave in a cooperative manner
An agreement to have a meeting discussing prices
An informal agreement to set prices or to otherwise behave in a uncooperative manner
A disagreement upon having a meeting discussing prices
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Measure of value, store of value, and direction of value
Medium of exchange, measure of value, and store or value
Measure of value, medium of exchange, and compliance of value
Medium of exchange, store of value, direction of value
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Durability, divisibility, limited availability, countability
Divisibility, durability, portability, countability
Limited availability, portability, durability, countability
Portablility, durability, divisibility, limited availability
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Money that has a primary value in being a commodity
Money that has been borrowed from the bank as a loan
Money that has an alternative use as an economic good, or commodity
Money that has an alternative use as a external way of paying for goods or services
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The central bank
The federal bank
The commision bank
The world bank
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Federal Opinion Money Committee
Federal Open Minded Committee
Federal Open Market Committee
Federal Option Money Committee
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13
12
22
16
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Open market operations, discount rate, and reserve requirement
Open market operations, increased rate, and reserve requirement
Closed market operations, increased rate, and reserve requirement
Closed market operations, discount rate, and reserve requirement
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Bob Bernanke
Ben Bernanke
Big Bird Bernanke
Bubba Sparks Bernanke
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A fall in the general level of prices occurs, workers need more money to pay for goods, clothing, and shelter
A rise in the general level of prices occurs, workers need less money to pay for goods, clothing and shelter
A fall in the general level of prices occurs, workers need less money to pay for goods, clothing and shelter
A rise in the general level of prices occurs, workers need more money to pay for goods, clothing, and shelter
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A period during which real GDP increases for 2 quarters in a row, or 6 consecutive months
A period during which real GDP declinces for 6 quarters in a row, or 2 consecutive months
A period during which real GDP declines for 2 quarters in a row, or 6 consecutive months
A period during which real GDP increases for 6 quarters in a row, or 2 consecutive months
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The FED allows the money supply to grow and the interest rates to fall, which normally stimulates the economy
The FED stops the money supply from growing and the interest rates to grow, which normally stimulates the economy
The FED allows the money supply to grown and the interest rates to grow, which normally deprives the economy
The FEW stops the money supply from growing and the interest rates to fall, which normally deprives the economy
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