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Economics
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Economics Basics & Circular Flow Model
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
I am an Austrian economist who believes in free markets, and author of "The Road to Serfdom"
Salma Hayek
Freddy Mac
Milton Friedman
Freidrich Hayek
2
Cuba has a command economy
False
True
3
Mao Zedong was China's leader who introduced incentives and rewards to grow crops
False
True
4
When speaking of the Four Factors of Production, "labor" means
people w/all their efforts, abilities and skills
very tiresome work
risk takers in search of profit
easy work
5
When David gets a job at the car wash,what is he doing?
buying his resource
selling his resource
selling his goods
buying his goods
6
Land, Capital, Labor and Entrepreneurship are aka
Factors of Production
Factors of Concern
Factors of Distinction
Factors of Business
7
What is not a characteristic of a Market Economy?
high degree of consumer satisfaction
Requires a large bureaucracy
many basic services provided
can adjust day-to-day changes
8
I love entrepreneurship & believe that competition brings the best product & prices, who am I
Socialist Economy
Free Enterprise Economy
Free benefits Economy
Communist Economy
9
China's leader Deng Xiaoping moved China closer to this type of economy
communist
business
socialist
free enterprise
10
The US free enterprise system creates the incentive to work, save and invest.
False
True
11
Which is a characteristic of the US free enterprise system?
Affordable health care
Social Security
Having a college degree
ownership of private property
12
Responsive prices, creation of wealth & investment opportunities are examples of
Free expectation system
Free enterprise system
Free socialist system
Free government benefits
13
Baby boomers were born between these years
1946 - 1964
1964 - 1989
1955 - 1970
1920 - 1960
14
Microeconomics is generally the study of
relationship of the scarcity of a service to its cost
Country and gov't decisions
Individuals and business decisions
unlimited wants and limited resources
15
In a free enterprise system, competition leads to the best product at the highest prices
False
True
16
Our RESOURCES are LIMITED, yet our Wants and Needs
Unlimited
Limited
undefined
opportunities
17
What type of economic system did Mao Zedong create in China?
Imperialist
Communist
Free market
Democracy
18
I lowered fed income tax rates and the marriage penalty tax and capital gains tax
Reagan Tax Cuts
Clinton Tax Cuts
Bush Tax Cuts
Obama Tax Cuts
19
Which is not a factor of production?
Labor
Land
Capital
Investment
20
What is not a characteristic of a Command Economy?
requires a large bureaucracy
Does not fluctuate much
can adjust day-to-day changes
little incentive for quality work
21
The basic idea of "choice" presents which problem in economics?
Decisions produce costs
Choice is a way of life
People get to decide what they want
Businesses can sell what they want
22
An example of a free market economic system is
Austrialia
Venezuela
Mozambique
China
23
The following are benefits of free enterprise system, EXCEPT
absence of laws
buyers have freedoms to choose
prices depend on supply and demand
investment opportunities
24
How does a corporation usually raise capital? (money)
They sell the product they make
They ask for donations
They sell shares of its stock
They have a BBQ plate sale
25
Scarcity
– the condition of unlimited wants and limited resources
False
True
