Which of the following is a disadvantage of a market economy?

It sustains a high degree of uncertainty

A Production possibilities Curve...

shows how much I can produce of 2 goods

What are the factors of production?

Land, Labor, Capital, entrepreneurship

Point A represents what kind of shift from point B?

Making less clothing and more food

Friedrich Hayek proposed which economic theory?

Free markets need creativity and innovation

Which is not true about a Free Market Economy?

Resources are owned by the government

What does point F on the model represent?

Currently impossible; a future goal

Which is not a philosophy of Capitalism?

Karl Marx; government controls all economic decisions.

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Unit 1 Econ Review Sep 21.

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Questions 21

Answers

1
Which of the following is a disadvantage of a market economy?
It does not allocate resources as efficiently as others
It discourages creativity or new ideas
It sustains a high degree of uncertainty
It restricts personal freedom
2
A Production possibilities Curve...
Shows how much I can consume
shows how much I can produce of 2 goods
Shows how much I can produce of all goods
is Fake Newz
3
What are the factors of production?
Capital, entrepreneurship, Laziness, Nothing
Donald Trump
Land, Labor, Capital, entrepreneurship
Land, Labor
4
Our resources are ______, yet our wants and needs are______.
plentiful, short
limited, unlimited
limited, undefined
unlimited, limited
5
Point A represents what kind of shift from point B?
Making less clothing and more food
Making less food but more clothing
Making less of both
Making the same amount of both
6
Friedrich Hayek proposed which economic theory?
Market do best when government leave them along
Free markets need creativity and innovation
Communism
Government intervention
7
Sam Walton, the founder of Wal-Mart, would be an example of which factor of production?
Labor
Capital
Entrepreneurship
Land
8
Susie does not like to make choices. She likes to be told what to do. Which system is best?
Free Market
Traditional
Command
Mixed
9
Which is not true about a Free Market Economy?
There is limited government control on what/how to produce
Resources are owned by the government
The market determines prices
There is no economic plan
10
A can of Campbell's soup is an example of a
Merger
Want
Service
Need
11
Which of the following is NOT a basic question of economics
For whom to produce
What to produce
How to produce
Why to produce
12
What is Opportunity Cost?
What you recieved
What happened in the past
What you are going to get
What you gave up
13
Which of the following was a free market philosopher
Josh Stuart
Adam Smith
Karl Marx
14
Which of the following is NOT a factor of production
services
land
capital
labor
15
The opportunity cost of going to college is
Lost income
Cost of housing
All of the above
Cost of tuition
16
What does point F on the model represent?
Currently impossible; a future goal
Workers concentrating on their work
Under usage of resources
All resources being used
17
Econa is a very old, small fishing village. The community remains untouched by any new ideas.
Traditional
Free Market
Command
Mixed
18
Which is not a philosophy of Capitalism?
Friedrich Hayek; economies need creativity and innovation
Karl Marx; government controls all economic decisions.
Milton Friedman; it's the responsibility of businesses to make profits.
Adam Smith; competition allowed to flourish with little gov interference
19
Adam Smith
wanted limited government intervention in business
wrote "Wealth of Nations"
Is considered the father of capitalism
all of these
20
In which economy are the largest variety of goods and services produced?
Market
Traditional
Command
Demand
21
If Krystal mows lawns for 3 hours, what is her opportunity costs?
12 lawns mowed
15 trees trimmed
12 trees trimmed
3 lawns mowed

Unit 1 Econ Review Sep 21. Flashcards | StudBud