Gov Test With Stock Questions 53 Correctly Answered Questions Latest Update

What are some examples of the concept of "free lunches" always having hidden costs {Ans: - Ukraine getting "free money" from the U.S. that is being paid for by us taxpayers - illegal migrants getting free stuff from the government that is being paid for by us taxpayers}What are the four key elements of economics? {Ans: Describe, analyze, explain, predict}What are some effects of scarcity? {Ans: 1. Choices become a necessity 2. Increases desire for difficult -to-find items 3. More accessible goods are less expensive}What is an investment? {Ans: when money is put into some financial instrument for the purpose of making money}What does the abbreviation TINSTAAFL stand for? {Ans: There is no such thing as a free lunch}What is labor? {Ans: people with all their efforts, abilities, and skills}What are important scarce resources? {Ans: Oil, gold, fresh water, land, rare earth metals, wood, coal}What do you do in explaining? {Ans: Communicating this knowledge to other people}What are 5 examples of needs? {Ans: - edible food - clean water - shelter - adequate clothing - human contact}Economics is what kind of science? {Ans: A social science}What stock exchange is the