stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Microeconomics Unit 1 Flashcards | StudBud
Explore
/
Microeconomics Unit 1
Microeconomics Unit 1
30 terms
·
StudBud Administration
·
219 plays
Review Game for Unit 1
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
In a free market economic system, who owns the factors of production?
The Government
The People
Mr. Green
2
Which of these would definitely not exist under a pure free-market economic system
Child Labor
High Quality and Innovative Product
Minimum Wage
A class system
3
Socialism and Communism differ because
Communism is solely an economic ideology.
Communism is solely a political ideology
Socialism is both a political and an economic system.
Communism is both a political and economic system
4
Which of the following would not be considered a public good?
The Meridian police force
Rocky Mountain High School
A coffee from starbucks
Meridian Road
5
In a command economy, those who don't work might receive equal conditions. This is known as:
The Free Rider Problem
The Laziness Factor
The Invisible Hand
Self-Interest
6
In a command system, who owns the factors of production?
Individuals
Mr. Green
Businesses
The government
7
Which of the following would be considered "physical capital"?
A cow
An airline pilot
Milking a cow
A computer
8
In a purely "Free Market" circular flow model, which of these is not present.
Households
Businesses
Money
The Government
9
What's the opportunity cost of moving from point C to point G
20 pizzas
100 calzones
100 pizzas
20 calzones
10
Pollution from a factory that gets citizens of a town down stream sick would be considered:
An "acceptable risk"
A negative externality
An opportunity cost
A Laissez Faire Decision
11
Which of these points represents an INEFFICIENT utilization of resources?
C
B
A
12
Whenever you make a decision, the options you DID NOT choose are known as:
Trade Offs
Opportunity Cost
Utilities
Cost/Benefit Analysis
13
Business would purchase labor from households in the...
Labor Market
Product Market
Factor Market
Farmer's Market
14
An example of human capital in this building would be:
Mr. Green's poetry writing experience.
Mr. Green waxing about existentialism
The copy machine int he faculty room
The carrots served at lunch today.
15
In the circular flow model, the government taxes individuals and business in the...
Factor Market
Product Market
Neither
Both Markets
16
How could a society reach point C?
Technological Innovation
A, B, and C
Imperialism (take other people's resources)
Immigration (more people)
17
The United States is an example of a:
Free Market Economy
Mixed Economy
Command Economy
18
Why isn't a PPC a straight line?
As labor intensity increases, labor efficiency decreases
Not all resources are well suited for making every product
Because math
Because some people like butter more than guns.
19
Why is point "A" considered to be an inefficient use of resources?
You're producing too much butter and not enough guns.
You're producing too many guns and not enough butter
You can make more of either product w/o an opportunity cost
You can't make more of one product w/o an opportunity cost.
20
Economics would be unnecessary if this problem didn't exist:
Corrupt Governments
Scarcity
Systemic Racism
The Wage Gap
21
Your kid staying healthy because another kid in his class was prescribed meds is an example of:
A Positive Externality
The Invisible Hand
Common sense
The Profit Motive
22
If you weren't here right now, you would be sleeping. In this scenario, sleep is an example of
The Invisible Hand
Trade Offs
Opportunity Cost
Self-Interest
23
A free market system would answer the question: "How to Produce" by saying
Safely and carefully
With guidance from the government
However a business chooses
Without child labor
24
The free market idea that hard work and talent will result in more personal income is known as:
Socialism
The profit motive
The Invisible Hand
Mr. Green
25
A command system would answer the question "For Whom To Produce" by saying:
For whoever wants the product being produced.
For kids who live in Eagle
For everyone as equally as possible
For those who work the hardest
26
Which of these economic goals is NOT championed by a Free Market System?
Freedom
Growth / Innovation
Security
Efficiency
27
What is the opportunity cost of moving from point E to point B?
15 pizzas
65 calzones
15 calzones
65 pizzas
28
Which characteristic of a Free Market Economy drives Pepsi and Coke to make better products?
Private Ownership
The Invisible Hand
Self-Interest
Competition
29
In economic terms, the idea that resources are limit is known as:
Scarcity
The rare factors of production conundrum
A fact of life
Mr. Green
30
Which of these people most closely fits the description of an entrepreneur?
Mr. Green
Bill Gates
Butch Otter
Barack Obama
