stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Foundations of Economics Test Std EF3-4 Flashcards | StudBud
Explore
/
Foundations of Economics Test Std EF3-4
Foundations of Economics Test Std EF3-4
52 terms
·
StudBud Administration
·
3 plays
Quiz review covering Georgia standards SSEF3, SSEF4
Flashcards
52 cards
F
Practice quiz
P
Host live
L
Questions
52
Answers
1
Which economic system is A?
Market
Mixed
Command
2
Which economic system is C?
Mixed
Market
Command
3
Which economic system is B?
Command
Mixed
Market
4
Moving from point A to point B on this PPC incurs an opportunity cost of
2 boats
3 trucks
5 boats
5 trucks
5
The government collecting taxes and then using tax money to provide services is redistribution of income.
False
True
6
What could have caused the changes seen in the PPC graph?
a natural disaster like a tornado
a worker's strike (stop going to work)
an increase in labor resources (more workers)
increased prices for goods A and B
7
Voluntary Exchange means:
A producer is free to sell and a consumer is free to buy.
One must volunteer for taxes to come out of their check.
The interaction between government and consumers
The government must approve trade.
8
Which of the following is shown on a production possibilities curve graph? Choose ALL correct answers.
opportunity cost
efficiency
country's total economic production
trade offs
9
What are the 3 economic questions?
how to produce?
what to produce?
who to produce for?
where to produce?
10
Unlimited needs and wants conflicting with limited resources is the definition of ________.
opportunity cost
trade offs
productive resources
scarcity
11
The US has a mixed-market economy.
True
False
12
In a mixed economy, the decision to make (or not make) certain products is decided by:
Producers (individuals and businesses).
Entrepreneurs
Custom and tradition.
Governments and producers are both involved.
13
What you
give up
when you make an economic decision is called. . .?
marginal benefit
opportunity cost
loss
scarcity
14
Attending school or a training program is investing in which of the following?
human capital
physical capital
candy
entrepreneurship
15
Point E on this PPC represents:
impossible with the current resources
an increase in goats' milk cheese
maximum production
underutilization and inefficiency (waste)
16
Protection of property rights is critical (VERY important) to a market economy.
True
False
17
What does this sign mean?
Economic decline
Economic growth
18
Countries with a high literacy rate usually have a lower standard of living.
False
True
19
Efficiency
is producing the most possible with the least waste of resources.
False
True
20
What does this sign mean?
Economic growth
Economic decline
21
__________ describes how well a person, a group, or a country is doing economically.
Productivity
Wealth
Social economic goals
Standard of living
22
Point D on this PPC represents:
maximum production
a decrease in people who eat cheese
impossible with the current resources
underutilization and inefficiency (waste)
23
Why is specialization important?
It eliminates (removes) the need for trade.
It causes self-sufficiency (do it yourself, no help).
It leads to higher productivity and efficiency.
It causes the production possibilities graph to decrease.
24
What is human capital?
equipment and tools
workers
the skill and knowledge of workers
robots
25
What is happening in the PPC graph?
Increase in productivity
Decrease in productivity
26
Points A, B, and C on this PPC represent:
maximum production
investment in new technology
underutilization and inefficiency (waste)
impossible with the current resources
27
What nation has the strongest command economy?
USA
Cuba
North Korea
Canada
28
Which is NOT a social economic goal?
Economic security
Economic stability
Unemployment
Economic sustainability
29
This is good:
True
False
30
Social Economic Goal: Equity means what?
Everyone is paid the same.
How much we spend in a year.
Fairness in the economy.
What allows the government to spend money on our military.
31
Why does the government provide consumer protection?
All are correct
Protect people from being scammed or cheated
Provide a healthy environment to live and work
Protect from products and services that are dangerous
32
Moving from point C to point A on this PPC causes an opportunity cost of
5 trucks
5 boats
4 trucks
2 boats
33
What is government regulation?
using laws and rules to control actions
Respect, Responsibility, Resilience
Decision-making in a command economy
annoying
34
What is an example of a public good or service provided by the government? Choose ALL correct answers.
education
FBI and police
turkeys
fire department
35
What are the benefits of voluntary exchange?
Prices are always low.
No benefits--voluntary exchange hurts the economy
More goat cheese.
Increases productivity/efficiency and encourages inventions and innovations
36
What is happening in the PPC graph?
Economic decline/decrease
Economic growth
37
Laws protecting the environment are an example of government regulations.
False
True
38
The values in different countries' economies that guide individuals, businesses, and governments are...
profit-focused goals
big problems to solve
social economic goals
reasons for low productivity
39
Social Economic Goal: Efficiency means what?
Getting the maximum from scarce resources (less waste, more production).
Resources are distributed equally.
Working as fast as possible.
People face tradoffs.
40
Which countries have a mixed economy? Choose ALL correct answers.
Hong Kong
Mexico
United States
Canada
41
What is literacy rate?
The ability to read and write.
Mallory's class
The percentage of the population who can read and write.
The expected years a person will live.
42
In a Command Economy...
the economy is run fully by entrepreneurs
individuals and businesses make decision based on supply and demand
none of the above
the government makes all economic decisions
43
How does division of labor make businesses more efficient? Choose TWO answers.
Workers become highly skilled because they practice one job often.
Workers do jobs that match their skills, so no waste of human capital
Everyone knows how to do everything.
The dumb people get the dumb jobs.
44
Social Economic Goal: Freedom means what?
Producers and consumers both make decisions about production and buying.
Free to pick your own job.
The right to vote on economic policy.
Everyone gets free money!
45
What is
specialization
?
When a worker builds a house
focus on one responsibility/job/skill when producing a good/service
When a worker does many jobs all day every day
The teacher gives you a star sticker
46
What could cause a PPC for cheese to shift to the left (inward)?
new technology speeds up the production process
cheaper labor means more workers for the factory
increased cost of milk
the company receives new business investments
47
What does
commerce
mean?
very funny
advertisement on tv
trade on a small scale
trade on a large scale
48
Invest
means to use money, time, and/or skills to try to improve something.
True
False
49
In a market economy, the decision to make (or not make) certain products is decided MOSTLY by:
Custom and tradition.
Governments
Producers (individuals and businesses).
Entrepreneurs
50
Marie can spend $30 on a shirt or donuts for the economics class. She buys the shirt. What is her opportunity cost?
the shirt
the $30 she spent
the donuts
dinner at Panda Express
51
Which is an example of how government is involved in a mixed economy?
protecting property rights of individuals and businesses
regulations for safety
taxes
all are correct
52
Which country has a pure (100%) market economy?
USA
China
Australia
none
