Which would best describe the free enterprise economic system of the United States?

great deal of economic freedom with limited gov't

Which is true of the government in a centrally planned economy?

The government makes all the important economic decisions

The following services - Haircut, Oil change, Pedicure - are all similar because all part of -

the physical flow in the product market

Which of the following best illustrates the use of capital resources?

using a tractor to plow a field

Economics is the study of how people...

choose from limited resources to meet their needs

What does the top green arrow represent?

Helen brings her new purse to school

What does the bottom green arrow represent?

Helen words as a server at Sonic

Electronic paper would be a technology that would contribute directly to -

a shift of the production possibilities curve to the right

Which of the following scenarios could describe point "Y" on the graph?

new varieties of disease-resistant grain seeds

Which describes the invisible hand function of a free market?

adopting laissez faire policy - businesses operate freely

What best describes the role of the gov't in the American free enterprise system?

protect/promote competition and provide vital services

One factor that contributes to the incentive problem in a communist economy is that -

workers and owners can't personally gain by improving

Which of the following could lead to a shortage of lumber?

wildfires burn in many wester states

What does the top blue arrow represent?

Helen goes to Kohl's to buy a new purse

Which of the following is a true statement about what markets allow us to do?

exhcnage the things we have for the things we need

A country that shifts steel production from cheese equipment to war equipment is an example of

how societies answer basic economic questions

What does the bottom blue arrow represent?

Helen gets a paycheck from Sonic twice a month

studbud

Intro to Economics Test Review

30 termsStudBud Administration995 plays

Test Review for Intro to Economics (High School) survey course of micro/macro.

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Which would best describe the free enterprise economic system of the United States?
traditional economy
command economy
equal amounts of economic freedom and government
great deal of economic freedom with limited gov't
2
Which term describes the concentration of productive efforts on a limited amount of activities?
markets
laissez faire
the invisible hand
specialization
3
Which is true of the government in a centrally planned economy?
The government only produces consumer goods
The government makes all the important economic decisions
The government encourages workers to innovate
The government builds every house in every village
4
The following services - Haircut, Oil change, Pedicure - are all similar because all part of -
the physical flow in the product market
monetary flow in the factor market
physical flow in the factor market
monetary flow in the product market
5
Which of the following best illustrates the use of capital resources?
using a tractor to plow a field
using ocean waves to generate electricity
using marginal utility to measure productivity
using workers to unload a truck
6
Economics is the study of how people...
choose from limited resources to meet their needs
respond to war and drought
calculate their income tax
gain knowledge and skills from study and experience
7
What is the best title for this list - coal, timber, fresh water?
renewable resources
socialist resources
scarce resources
capital resources
8
When an economy is operative at the production possibility frontier
all workers are used
all factories and equipment are at full production
all of the answer choices
all natural resources are utilized
9
What does the top green arrow represent?
Helen works as a server at Sonic
Helen brings her new purse to school
Helen goes to Kohl's to buy a new purse
Helen gets a paycheck from Sonic
10
Comparing prices when shopping for new shoes is only possible in which economic system?
free market economies
communist economies
traditional economies
centrally planned economies
11
What is the opportunity cost of moving from point "D" to "B"?
20 units of clothes
40 units of clothes
20 unit of food
30 units of food
12
Biofuels are an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
13
What is the opportunity cost of moving from point "C" to "F"?
30 units of food
40 units of clothes
30 units of clothes
40 units of food
14
Which economic factor of production is illustrated in the image above?
Labor
Entrepreneurship
Land
Capital
15
What does the bottom green arrow represent?
Helen gets a paycheck from Sonic twice a week
Helen goes to Kohl's to buy a new purse
Helen brings her new purse to school
Helen words as a server at Sonic
16
Which of the following is a synonym to the following - free-enterprise, free market, ?
Communism
Free rider
Public property
Capitalism
17
Electronic paper would be a technology that would contribute directly to -
a shift of the production possibilities curve to the left
a shift of the production possibilities curve to the right
the underutilization of resources that are available
movement along the production possibilities curve
18
Nationalization of key industries and equal distribution of wealth are characteristics of -
Traditional; Botswana
Free enterprise; United States
Socialist; Venezuela
Communist; North Korea
19
Which of the following scenarios could describe point "Y" on the graph?
labor union strike shuts down microchip plants for 3 months
the government decides to spend less money
a sever drought lingers on the midwest
new varieties of disease-resistant grain seeds
20
At what point on this graph is the economy producing the most food?
F
D
A
C
21
Which describes the invisible hand function of a free market?
nation's leader collects industry - gov't control of making
gov't bails out auto industry - cont'd competition for cars
gov't subsidizes corp's - improvement in industrialization
adopting laissez faire policy - businesses operate freely
22
What best describes the role of the gov't in the American free enterprise system?
protect/promote competition and provide vital services
decide what companies will be formed
require companies to disclose info to consumers
control all business activities
23
Bill Gates, Mary Kay Ash, Sam Walton, & Mark Zuckerberg are all similar because they are all -
Physical Capital
Human Capital
Economists
Entrepreneurs
24
One factor that contributes to the incentive problem in a communist economy is that -
workers lack incentive to follow in careers of their parents
planners have to direct all inputs to each enterprise
workers and owners can't personally gain by improving
private ownership of FOP allow for entrepreneurship
25
Which of the following could lead to a shortage of lumber?
rising interest rates
wildfires burn in many wester states
higher imports than exports
low unemployment rates continue
26
What does the top blue arrow represent?
Helen brings her new purse to school
Helen gets a paycheck from Sonic twice a week
Helen goes to Kohl's to buy a new purse
Helen works as a server at Sonic
27
Which of the following is a true statement about what markets allow us to do?
get the highest prices possible for what we sell
sell the most goods and services that we possibly can
exhcnage the things we have for the things we need
always get the lowest prices for whatever we buy
28
A country that shifts steel production from cheese equipment to war equipment is an example of
sacrifices are made due to the unlimited resources
how to distribute resources equally amongst society members
how economists think about how to satisfy their wants
how societies answer basic economic questions
29
If this country produces 20 clothes and 20 food, what do economists term this?
underutilization
maximum production
capitalist
efficient
30
What does the bottom blue arrow represent?
Helen gets a paycheck from Sonic twice a month
Helen brings her new purse to school
Helen works as a server at Sonic
Helen goes to Kohl's to buy a new purse

Intro to Economics Test Review Flashcards | StudBud