ECO 212 Final Exam

1) According to economics, what causes us to have to make choices?

A. unlimited resources.

B. scarcity.

C. unemployment.

D. greed.

2) Why do consumers have to make tradeoffs in deciding what to consume?

A. there are not enough of all goods produced.

B. the prices of goods vary.

C. not all goods give them the same amount of satisfaction.

D. they are limited by a budget constraint.

3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?

A. trade-off

B. cooperative

C. collective

D. market

4) Which of the following is not a critical function of the government in facilitating the operation of a market economy?

A. enforcing contracts.

B. enforcing property rights.

C. protecting...