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Test 1 Review
Test 1 Review
20 terms
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Review of test 1 chapters 1 and 2
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
It is easiest to start your own business in a
Command Economy
Free Enterprise System
Traditional Economy
Mixed Economy
2
Regulated prices, government ownership of property, and government oversight would mostly exist
In a command economy
In all economies equally
In a market economy
In a traditional Economy
3
Equity means
Neither 1 or 2
Fairness
The value of a piece of property, minus what is owed on it.
Both 1 and 2
4
A cow, an tree or a stream are examples of what factor of production
Labor
Land
Entrepreneurship
Capital
5
Scarcity exists
Never, because wants are unlimited, so are resources.
Always, because resources are limited, wants are unlimited
Never, resources are unlimited, wants are limited
Only when demand is greater than supply
6
In a capitalist system, most property is owned by
the government
banks
collectively
private citizens
7
The value of the next best alternative that has to be given up for the action that is chosen is
the trade off
productivity
the opportunity cost
a factor of production
8
Mr. Amicone's dogs are named
Romeo and Juliet
Lena and Rosco
Zeus and Apollo
Mr. Amicone has no dogs.
9
Adam Smith's "Invisible Hand" refers to
Factors of Production
Government Regulations
Customs and Beliefs
The Market
10
All these are factors of production except:
Capital
Entrepreneurship
Goods and Services
Land
11
According to Adam Smith, Entrepreneurs increase the standard of living, but are driven by
Profit incentives (greed)
Quest for knowledge
The desire to make life easier for himself
Love of his fellow man
12
A building, a truck or a stamping press would be example of this factor of production
Capital
Land
Labor
Entrepreneurship
13
Economics is primarily concerned with
use of resources
values and objectives of a society
methods of production
future costs of goods
14
A major Characteristic of a pure market economy is
unrestricted competition
regulated prices
government planning
an over supply of labor
15
Laissez-faire means:
No government interference
Government regulations
Sleeping all day is ok
Government ownership of the factors of production
16
What to produce, how to produce them, and for whom to produce goods, are questions answered by
Market Economies
Mixed Economies
All Economies
Command Economies
17
Another term for a capitalist system
Command Economy
Market Economy
Laissez-faire economy
mixed economy
18
According to Adam Smith
Government should strive for a mixed economy
Government should allocate all resources in the economy
Left alone, individuals mishandle the economy
Government should not interfere in the economy
19
Taxation, minimum wage laws, safety regulations, and price controls, are mostly associated with
All economies
Mixed Economy
Market Economy
Command Economy
20
Most economies in the real world (including the United States) are
Mixed Economies
Command Economies
Capitalist Economies
Traditional Economies
