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Econ Unit 1 Review Flashcards | StudBud
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Econ Unit 1 Review
Econ Unit 1 Review
16 terms
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Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Market failures occur when there is insufficient distribution of goods and services.
False
True
2
Marginal COST refers to:
Additional effort, expense, or time incurred from one more unit of action.
Capital purchased by entrepreneurs
The lack of trade offs
Additional positive value received from undertaking one more unit of action
3
A machine in a factory is an example of what type of productive resource?
Physical Capital
Human Capital
Land
Entrepreneurship
4
If the production INPUTS decrease, yet the OUTPUTS remained the same, then PRODUCTIVITY INCREASED.
True
False
5
An economy that uses resources to make the most goods and services is considered:
Inefficient
Efficient
Balanced
Elastic
6
Opportunity cost is the LAST or next best choice you gave up.
False
True
7
Deregulation involves:
reducing laws and rules businesses must follow
providing comparitive advantage
creating stricter laws and regulations for businesses
protesting and boycotting
8
In a MARKET economy, firms will produce what they believe consumers want to buy.
True
False
9
"Human Capital" refers to:
Physical Capital
Person that who takes risks to create a business
People's knowledge and skills
Minerals and lumber
10
If the government is a central feature of the economy, then it is most likely a:
Market Economy
Command Economy
Traditional Economy
Free Market Economy
11
Goods and services distributed using the methods used by past generations is a characteristic of :
Command economic system
Mixed economic system
Market economic system
Traditional economic system
12
The US economic system is a:
Mix of Market and Command
Command economy
Traditional economy
None of the above
13
In a COMMAND economy, decisions are based on how culture decided it in the past.
True
False
14
Marginal BENEFIT refers to:
Capital purchased by entrepreneurs
The lack of tradeoffs
Additional positive value received from undertaking one more unit of action
Additional amount of effort or expense from one more unit of action.
15
When individuals and firms own all the factors of production, it is a:
Traditional economy
Command economy
Free market system
Mixed economy
16
Examples of government redistribution of income include:
All of the above
Unemployment
Social Welfare
Subsidies
