Economics

Which of these represents things you miss out on when you decide to spend your money on something else? A) scarcity B) economic perspective C) opportunity cost D) rational choice E) debt

C) opportunity cost

Which segment of US society presents a challenge to the Social Security system? A) Children under 5 yrs old B) teenagers C) young adults D) baby boomer generation E) elderly over the age of 70

D) baby boomer generation

which purchase requires good credit? a) house b) movie c) books d) flat-screen tv e) antiques

a) house

Which country owns a large portion of US debt? A) China B) Japan C) Argentina D) Spain E) Russia

A) China

Which aspect of government spending was greatly increased in the spring of 2010? A) Military defense B) Healthcare C) Welfare D) Education E) Foreign Aid

B) Healthcare

which scenario best explains scarcity? A) a man has $20 but wants to take his girlfriend out to a fancy steak restaurant, where he needs $70 B) a woman decides not to buy a magazine because she does not find the headlines interesting C) a woman wants to buy a house worth $150,000, but since she can afford a $200,000 home, she decides not to buy the cheaper home D) a couple decides not to visit Paris for their honeymoon, though they could afford it. Instead, they choose to visit San Francisco, California E) a baseball team owner decides to accept the higher of the two bids for his baseball team because he needs the money to pay back debt

B) a woman decides not to buy a magazine because she does not find the headlines interestings

when a shopper makes a rational choice, he/she A) picks the cheapest item B) picks the item that represents the greatest value C) picks the item on sale D) picks the item he or she wants most E) picks the item used by his or her favorite movie star

B) picks the item that represents the greatest value

Which government agency deals most directly with consumers and their rights and protection? a) environemental protection agency b) department of defense c) federal trade commission d) department of the treasury e) white house staff

c) federal trade commission

what is the biggest responsibility that consumers have? a) to investigate any store they plan to shop in to be sure they are legitimate and honest b) to purchase the cheapest products c) to educate themselves on the products they are interested in, including their benefits and potential costs or problems d) to play a role in determining what is successful and what is not successful in the marketplace e) consumers have no responsibility when it comes to the transaction of products

c) to educate themselves on the products they are interested in, including their benefits and potential costs or problems

Which country's collapse greatly altered US military speeding? A) China B) Japan C) Argentina D) Spain E) Russia

E) Russia

Which decision is NOT one made with an economic perspective? A) a boy considered buying three packs of baseball cards but decided against it when he realized that the same price of the three packs could get him a ticket to a baseball game, which he valued higher B) a college student decided not to take a German class. instead, she signed up and paid for a calculus class that would assist in a summer internship that could lead to a well-paying job after graduation C) a young man buys an old car without thinking about the costs associated with fixing the vehicle, and the fact that it'll probably only last four months D) a young professional chooses the least expensive of two houses so that she can use the difference in price to fix up her new home just the way she likes it E) a young investor chooses to take his life savings and buy some property in an area that might be developed in the next five years

C) a young man buys an old car without thinking about the costs associated with fixing the vehicle, and the fact that it'll probably only last four months

Which portion of US government spending took up the largest percentage of the 2016 budget? A) welfare B) education C) transportation D) military defense E) healthcare

E) healthcare

which one of these rights was not included in kennedy's speech? a) right to redress b) right to choose c) right to safety d) right to be informed e) right to be heard when a problem arises

a) right to redress