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5 Written questions

5 Matching questions

  1. private good
  2. PRC
  3. income distribution
  4. remunaration
  5. circular flow of economic activity
  1. a Performance Review Commitee
  2. b having to do with compensation
  3. c a good of which one person's consumption takes away from another person's consumption
  4. d the economic relationship between different economic groups in an economy
  5. e the way all the income earned in a country is divided among different groups of income earners

5 Multiple choice questions

  1. the way in which a society decides what goods to produce, how to produce them, and for whom goods will be produced
  2. a public good that individuals can be excluded (physically prohibited) from consuming
  3. an economic system in which individuals (not government) own most, if not all, the resources and control their use
  4. who inspired the phrase "the scott heard round the world?"
  5. an economic system in which the answers to the three economic questions are based on customs, traditions, and cultural beliefs

5 True/False questions

  1. umbrageto take offense

          

  2. Leon Canizaroa 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

          

  3. 70 minuteshow long was Obamas state of the union address?

          

  4. visionwhat is the name of the new product Apple just released?

          

  5. householdan economic unit of one person or more that sells resources and buys goods and services