5 Written questions
5 Matching questions
- private good
- income distribution
- circular flow of economic activity
- a Performance Review Commitee
- b having to do with compensation
- c a good of which one person's consumption takes away from another person's consumption
- d the economic relationship between different economic groups in an economy
- e the way all the income earned in a country is divided among different groups of income earners
5 Multiple choice questions
- the way in which a society decides what goods to produce, how to produce them, and for whom goods will be produced
- a public good that individuals can be excluded (physically prohibited) from consuming
- an economic system in which individuals (not government) own most, if not all, the resources and control their use
- who inspired the phrase "the scott heard round the world?"
- an economic system in which the answers to the three economic questions are based on customs, traditions, and cultural beliefs
5 True/False questions
umbrage → to take offense
Leon Canizaro → a phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the worl; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single world-wide economy
70 minutes → how long was Obamas state of the union address?
vision → what is the name of the new product Apple just released?
household → an economic unit of one person or more that sells resources and buys goods and services