Introduction to Personal Finance

Which of these includes the goods and services produced by purchases from foreign firms? Gross National Product
Which of these is the best description of the Gross Domestic Product ? The total retail market value of all the goods and services produced within a nations borders in a one-year span.
Which of these items is not considered by economists to be a need? An automobile.
Which of these subjects studies the choices people make in an effort to satisfy their wants and needs? Economics.
Which of these items is not considered by economists to be a need? A book.
Which of these items is considered by economists to be a want? A cellular telephone.
Which of these involve the study of consumer purchases by senior citizens ? Microeconomics.
Which of these would not be an example of misuse of resources? Using a coupon to lower the cost of a product.
Which of these is the best description of microeconomics? The study of the economic behavior and decisions of individuals and businesses.
Which of these statements is false? Economists study the processes of the human mind.
Which of the following is not one of the basic economic questions? When should these products be produced?
Which of these statements is true? Economists compare economies of the United States and other countries.
Which of these is the best description of the Gross World Product? The total value of all the final goods and services produced by all nations in a given year.
Which of these is not a resource? Furniture.
Which of these is not an economic decision? Deciding which televised sports program to watch.
Which of these would be part of macroeconomics? The decision of the U.S. Congress to lower the federal income tax rate.
Which of these is not considered by economists to be a need ? A vacuum cleaner.
Which of these is used to produce goods for people to buy? Resources.
The population of the United States represents approximately how much of the total would population? 4.5%.
A car that was produced in Germany and sold in America would be part of which gross product? Gross Domestic Product.
You like a particular product and recommend it to a friend. This is an example of which of the following? Affecting the Economy.
Which of these statements is false? Economics is about the use of scarce resources.
Shelter and food would be examples of which of the following? Needs.

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