Economics is best described as...

study of how people, businesses, and governments allocate scares resources

What is guns or butter

trade off nations face when choosing to produce more or less

The economic concept of guns or butter means that

Government must balance military and civilian goods

Which of these activities is an example of human capital?

A technology company provides training for its workers.

What encourages you to make a purchase

What are consumer goods?

Goods that are manufactured for customer purchase

What encourages you to make a purchase

is the relationship between outputs and inputs

The 3 basic economic questions include all the following except

Why will the goods be produced?

What is Consumer Sovereignty?

Customers have the power to decide what is produced

Which is a form of investing in your own human capital? Select all that apply.

Earning a college degree, Attending conferences related to your occupation, Gaining experience in a job, Attending workshops related to your occupations

What are capital goods?

Goods that are used to produce more goods, e.g. machinery

What are the four factors of production?

Land, Labor, capital, Entrepreneurship

These activities cause negative externalities

the production of fuel, tobacco, research and development, the use of alcohol

What is an entrepreneur?

A person who starts a business, with risk involved, to earn PROFIT

a kind of specialization that increases producivity

Production possibilities curves are important tools for

showing ways to use an economy's productive resources.

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Unit 1 Econ - TestReview

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Questions 22

Answers

1
Economics is best described as...
the social science concerned with trade and barter
study of how people, businesses, and governments allocate scares resources
the science that deals with avoiding scarcity
the science that studies supply and demand and crazy math
2
How many resource allocation strategies are there?
12
9
10
3
3
Command economy also known as
planned economy
service economy
developed economy
Governmental economy
4
What is guns or butter
trade off nations face when choosing to produce more or less
an alternate that we gain when we make a decision
deciding to use more than one resource
alternate given up as the result of a decision
5
The economic concept of guns or butter means that
A person can spend money on either sports equipment or food
A company must decide what to manufacture; guns or butter
Government can buy unlimited military and civilian goods
Government must balance military and civilian goods
6
Which of these activities is an example of human capital?
A technology company provides training for its workers.
A government agency increases the salaries of its employees.
A manufacturing company expands its factory.
An accounting company buys a new computer.
7
What are incentives?
What you give up when you make a decision
The inability to satisfy all wants at once
How fast you are able to produce things
What encourages you to make a purchase
8
What are consumer goods?
Products that are created to be eaten - consumed
Goods that are manufactured for customer purchase
A common need or want related to consumers
Products that lack permanence, e.g. entertainment, services
9
What are incentives?
What encourages you to make a purchase
What you give up when you make a decision
How fast you are able to produce things
The inability to satisfy all wants at once
10
Productivity
Developed percentage of work productivity
The creative possibility in employment
The time gaining money
is the relationship between outputs and inputs
11
The 3 basic economic questions include all the following except
How will the goods be produced?
For whom will the goods be produced?
What goods will be produced?
Why will the goods be produced?
12
What is Consumer Sovereignty?
The producers have the power to decide what is produced
Computers decide what is produced
The government decides what is produced
Customers have the power to decide what is produced
13
Which is a form of investing in your own human capital? Select all that apply.
Earning a college degree
Attending conferences related to your occupation
Gaining experience in a job
Attending workshops related to your occupations
14
Because of ______ all of us face trade-off
Elasticity
Scarcity
Fiscal policy
15
What are capital goods?
Goods produced in the capital of a nation
Goods that are used to produce more goods, e.g. machinery
Goods that top the GDP index of purchase, e.g. cars, houses
Consumer goods produced by the government
16
What are the four factors of production?
Water, Air, Earth, Fire
Land, Liberty, Capital Entertainment
Land, Labor, Capital, Entertainment
Land, Labor, capital, Entrepreneurship
17
These activities cause negative externalities
the production of fuel
tobacco
research and development
the use of alcohol
18
What is an entrepreneur?
A person who starts a business, with risk involved, to earn PROFIT
A person who works at McDonalds
A person who gives out free coupons
A person who teaches this class
19
Division of labor is
a kind of marginal cost that reduces productivity
a kind of specialization that increases producivity
a kind of voluntary exchange of products
a kind of labor that has no cost
20
Which economic system suggests using land & resources in common as a whole community?
privatization
capitalism
communism
dictatorship
21
Production possibilities curves are important tools for
determining the underutilization of an economy's resources.
showing ways to use an economy's productive resources.
demonstrating which products will sell better than others.
comparing costs and profits of producing goods and services.
22
1 hour spent on 1 activity takes away 1 hour of another activity. This trade-off is called
Scarcity
shortage
sacrifice
opportunity cost

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