Economics 2020 Unit 1

Question 1

The dollar value of all final goods and services produced within a country’s borders in a single year

Accepted Answer

Its Gross Domestic Product (GDP)

Question 2

This means “hands off” or that philosophy that government should not interfere with business activities

Accepted Answer

Laissez-faire

Question 3

Getting the new iPhone 11 Max Pro is an example of a need

Accepted Answer

False

Question 4

What is opportunity cost?

Accepted Answer

The value of the next best alternative

Question 5

The local park is an example of a public good

Accepted Answer

True

Question 6

Goods or service?

Accepted Answer

Goods

Question 7

North Korea has a Command Economy

Accepted Answer

True

Question 8

What does this graph show?

Accepted Answer

Production Possibilities

Question 9

A need is something that a consumer wants to have, but is not necessary for survival

Accepted Answer

False

Question 10

What is a public good?

Accepted Answer

a commodity/ service provided to all of society

Question 11

Division of Labor is a characteristic of __________

Accepted Answer

Assembly line production

Question 12

Role of government is justified whenever the benefits outweigh the cost

Accepted Answer

True

Question 13

Education is an example of a positive externality

Accepted Answer

True

Question 14

Who takes a risk to create a new product or service?

Accepted Answer

Entrepreneur

Question 15

Goods or service?

Accepted Answer

Service

Question 16

What is Underutilization?

Accepted Answer

Using less resources than an economy is capable of using.

Question 17

What does this graph show?

Accepted Answer

Opportunity Cost

Question 18

A Production possibilities Curve...

Accepted Answer

Shows how much I can produce of 2 goods

Question 19

Goods or service?

Accepted Answer

Service

Question 20

Which of the following is not a Factor of Production?

Accepted Answer

Scarcity

Question 21

What is an entrepreneur?

Accepted Answer

Self-motivated individuals who starts a business

Question 22

What does this graph show?

Accepted Answer

Economic Growth

Question 23

Typically defined as "unlimited wants and limited resources"

Accepted Answer

Scarcity

Question 24

Economics is all about _____________

Accepted Answer

Choices

Question 25

The phone that you own is an example of a public good

Accepted Answer

False

Question 26

Consumers have power in the economy because they ultimately determine which products are produced

Accepted Answer

True

Question 27

What is a command economy

Accepted Answer

an economy controlled centrally by a government.

Question 28

This economic system hasminimum government interference and resources are privately owned

Accepted Answer

Free Market

Question 29

This measures the amount of goods and services produced in a countries borders each year

Accepted Answer

GDP

Question 30

What are the Factors of Production?

Accepted Answer

Land, Labour, Capital and Entrepreneur

Economics 2020 Unit 1

Questions 30

Economics 2020 Unit 1

Questions 30