- 1. Economics is the study of __ and 2. What is opportunity cost? 3. Scarcity is the tension between __ and 4. What did Dwight Eisenhower explain as the opportunity cost of the nuclear buildup due to scarcity? 5. Government officials use economic theory to guide __ . 6. Incentives are a set of external (rather than intrinsic) __ that explain people's choices. a. What's your current incentive for watching this video and filling out this worksheet? 7. What is the difference between macroeconomics and microeconomics? a. What would be an example of something studied in macroeconomics? b. What would be one example of
- __ unemployment results because workers lack the right skills,while __ unemployment results when people are temporarily out of work while they are looking for a new job. Select one: a. Cyclical; structural b. Structural ; frictional c. Seasonal; structural d. Cyclical; seasonal e. Frictional seasonal
- The private sector accounts for about 90 percent of R&D expenditures. Select one: True False
- When the economy shrinks for two consecutive quarters what term is used to describe it? Select one: a. Recession b. Depression c. Contraction d. Compression e. Reduction
- An example of an administrative control is: Job scheduling and shiff rotations Seatbelts Reflective gear WCB claims
