One way government affects the physical flow in a mixed economy is by

purchasing goods and services from firms.

What is one of the major disadvantages of a centrally planned economy?

There is no incentive to work hard

Production possibilities curves are important tools for

showing the efficiency of an economy or business.

Which is a NOT a key economic question faced by all countries?

How much should be spent on the military?

Scarcity always exists because

All factors of production are limited

Economics is the study of how people

Seek to satisfy their needs and wants by making choices.

Which of the following is a function of firms in the market economy?

They convert land, labor, and capital into goods and services.

Which of the following could potentially create economic growth?

Creating more efficient capital

What is one key role of a business in the free enterprise system?

To respond to the incentives of competition and profit

A point on the production possibilities frontier represents

a point at which an economy is using all resources most productively.

studbud

Econ unit 1 Bleess

30 termsStudBud Administration1,569 plays

Imported from external platform

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Name this CHARACTER
Happy Gilmore
Billy Madison
The Waterboy
Adam Sandler
2
One way government affects the physical flow in a mixed economy is by
purchasing goods and services from firms.
taxing households to support firms.
Controlling the military
taxing firms to support households.
3
Which of the following is the best example of a free market economy?
Cuba
North Korea
Japan
China
4
What is one of the major disadvantages of a centrally planned economy?
It places individual freedoms above the pursuit of societal goals.
It focuses on rewarding innovation instead of guaranteeing jobs and income.
It lacks the capacity to produce factory goods due to scarcity
There is no incentive to work hard
5
Production possibilities curves are important tools for
demonstrating which products will sell better than others.
comparing costs and profits of producing goods and services.
determining the importance of an economy’s resources.
showing the efficiency of an economy or business.
6
Giving up one alternative for another is called
a trade-off.
human capital.
underutilization.
efficiency.
7
Which is a NOT a key economic question faced by all countries?
What goods and services should be produced?
How should goods and services be produced?
Who consumes the goods and services?
How much should be spent on the military?
8
Which of the following countries is the best example of a centrally-planned economy?
Germany
U.S.A.
North Korea
Singapore
9
Who is the first Marvel Super Hero to ever appear in a comic book?
Thor
Spiderman
Mr. Fantastic
The Human Torch
10
Which economic goal is most easily achieved in a pure market system?
innovation
Full employment
equality
Environmental protection
11
Karl Marx created which economic system
Free Market
Communisim
Socialism
Traditional
12
Which of the following is true about scarcity?
Scarcity of resources can be eliminated using sound economic policies
Scarce goods leads to lower prices.
scarcity affects all societies
Scarcity only exists in poor countries.
13
The invisible hand is said to self regulate which economic systems?
traditional economies.
centrally-planned economies.
free market economies.
communist economies.
14
Which of the following is an example of land?
Trees
Plastic
A factory
Steel
15
Scarcity always exists because
changes have occurred in global weather patterns.
All factors of production are limited
machines and people are inefficient.
there are more poor people than rich people.
16
The man credited with idea of the free market is?
Thomas Jefferson
Duane Johnson
Karl Marx
Adam Smith
17
Economics is the study of how people
create money
Seek to satisfy their needs and wants by making choices.
gain knowledge and skills from study and experience.
respond to war and drought.
18
In a traditional economy, economic decisions are based largely on
Government
Science
Popular vote
Religion
19
Name the character IN the Armidillo suit
Ross
Joey
The Holiday Armadillo
Chandler
20
In a society with a free market economy, who answers the basic economic questions?
a military commission
consumers in markets
Elected officials
a central government
21
All the goods and services we produce are
expensive.
in shortage
efficiently produced
Scarce
22
Which of the following is a function of firms in the market economy?
They supply households with land, labor, and capital.
All of the above
They consume the goods and services that households produce.
They convert land, labor, and capital into goods and services.
23
Which of the following is a cornerstone of the American free enterprise system?
Government regulation
Private property rights
low competition
Low taxes
24
Which of the following could potentially create economic growth?
making more trade-offs.
produceing more guns than butter.
Creating more efficient capital
decreasing a labor force
25
What is one key role of a business in the free enterprise system?
To respond to the incentives of competition and profit
To signal producers concerning what and how much to produce
To persuade public officials to pass health and safety law
To determine taxation policy
26
When a nation decides between spending on the consumers or the military this is often referred to as a _____ decision.
farm or factory.
export or import.
guns or butter.
free market.
27
A point on the production possibilities frontier represents
a point at which a nation is producing only one good or service.
a point at which an economy is using all resources most productively.
a point of economic growth.
a point at which the economic resources are being underutilitzed.
28
One way the government helps increase economic productivity is by
imposing regulations.
favoring quantity over quality.
encouraging innovation.
increasing taxes
29
Which of the following economic systems is generally the most poor?
Centrally Planned
Free Market
Traditional
Mixed
30
The lack of gas for thousands who wanted it during the last hurricane is an example of
scarcity of gas.
that gas is a limited resource.
a shortage of gas
that gas is not an abundant resource

Econ unit 1 Bleess Flashcards | StudBud