ECO UNIT 1 BASIC ECON PRINCIPLES & ECON SYSTEMS

Question 1

Robots that assists workers in producing cars is called

Accepted Answer

PHYSICAL CAPITAL

Question 2

Improvements in textile mill operations to increase workers' efficiency of clothing manufacture

Accepted Answer

PHYSICAL CAPITAL

Question 3

A point outside of the graph to the right is indicative of

Accepted Answer

PRESENTLY UNATTAINABLE

Question 4

The one choice, your best alternative, instead of coming to school today is called..

Accepted Answer

OPPORTUNITY COSTS

Question 5

A representation of alternative ways to use an economy's resources is called

Accepted Answer

PRODUCTION POSSIBILITIES GRAPH

Question 6

Subsistent farming is usually found in _________ economies

Accepted Answer

TRADITIONAL

Question 7

In __________ economic system the government owns all the factors of production.

Accepted Answer

COMMUNIST

Question 8

"General Electric should run the production of electricity service. This is a KEY econ question

Accepted Answer

FALSE

Question 9

All the other choices you could have made instead of coming to school today are called..

Accepted Answer

TRADEOFFS

Question 10

Income people receive for their labors is operating in the ___________ market.

Accepted Answer

FACTOR

Question 11

Wood that is made for your desk is called

Accepted Answer

FACTOR OF PRODUCTION

Question 12

Households purchase goods from firms in the _______ market

Accepted Answer

PRODUCT

Question 13

When you go to the mall and buy the newest Jordans what are those shoes called?

Accepted Answer

GOODS

Question 14

The modern economist that most ardently argued against government involvement in the economy is

Accepted Answer

FRIEDMAN

Question 15

The reason why Zuckerberg, Gates, Bezos & Buffet are entrepreneurs is because they

Accepted Answer

TOOK RISKS TO START THEIR BUSINESS

Question 16

Coal, raw diamonds, trees, iron ore are all examples of what factor of production?

Accepted Answer

LAND

Question 17

Getting a degree in a vocation such as welding provides you with greater

Accepted Answer

HUMAN CAPITAL

Question 18

Perpetual condition of limited quantities to meet unlimited wants is called

Accepted Answer

SCARCITY

Question 19

Production possibilities graphs are important because they show ways to

Accepted Answer

USE ECON RESOURCES

Question 20

"There is no milk because so many dairy farmers have gone out of business. This is..

Accepted Answer

A SHORTAGE

Question 21

The picture to the right illustrates

Accepted Answer

PRODUCTION POSSIBILITIES GRAPH

Question 22

A point inside a PPC shows a _________ economy

Accepted Answer

INEFFICIENT

Question 23

In __________ economic system individuals own the factors of production.

Accepted Answer

FREE MARKET

Question 24

The line showing different outputs in an economy is called

Accepted Answer

PRODUCTION POSSIBILITIES FRONTIER

Question 25

$ that goes from households to firms to pay for goods & services is operating in the ___ market

Accepted Answer

PRODUCT

ECO UNIT 1 BASIC ECON PRINCIPLES & ECON SYSTEMS

Questions 25

ECO UNIT 1 BASIC ECON PRINCIPLES & ECON SYSTEMS

Questions 25