How is scarcity different from a shortage?

Shortage can be fixed with time scarcity cannot

How are comparative advantage and specialization linked?

A country produces what it cost them the least to make

What is exchanged in a factor market?

Land, Labor, Capital for Wages and Rent

Which of the following would be most affected by inflation?

A retiree living on Social Security

In a productions possibilities frontier what does it mean to be on the line?

using factors of production wisely

Social Security was created for whom?

Disabled people and older people who can no longer work

What are the roles of the government in a mixed market economy?

Protector, Regulator, Producer and consumer, Promoter

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Economics 1st 9 weeks

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Questions 20

Answers

1
Which social or economic goal would be most valued in a command economy?
economic freedom
Price stability
economic security
full employment
2
How is scarcity different from a shortage?
There is always a shortage
Scarcity can be fixed with time shortage cannot
Scarcity is limited resources unlimited wants
Shortage can be fixed with time scarcity cannot
3
What is exchanged in a product market?
Goods and services for wages and rent
Good and services for payments
Land, Labor, Capital for Wages and Rent
Land, Labor, Capital, for payments
4
Define opportunity cost.
what you give up to do something else
greatest opportunity lost
being in Ms. Glazier's class
sleeping
5
What is needed for a traditional economy to survive?
Friends
Strong Community
Competition
Government
6
Which country is an example of a market economy?
North Korea
Venezuela
Cuba
Switzerland
7
What are the 3 economic questions must all economic systems answer?
Whom, Where, What
What, How, When
What, Where, When
What, How, Whom
8
How are comparative advantage and specialization linked?
A country produces what it cost them the least to make
Specialization and comparative advantage are the same thing
Comparative adv. & specialization means make a product well
A country produces what costs them the most to make
9
The fundamental principle all economic systems deals with is ________________.
Wealth
Scarcity
Unemployment
Poverty
10
What is exchanged in a factor market?
Goods and Services for Payments
Land, Labor, Capital for payments
Good and services for wages and rents
Land, Labor, Capital for Wages and Rent
11
Which is an example of a command economy?
France
Ukraine
North Korea
USA
12
Which factor of production organizes the other factors of production in order to produce a good
land
entrepreneur
capital
labor
13
What does "TINSTAAFL" mean?
everything has a cost
someone is paying
somebody is doing dishes!
not sure we get free lunches at school
14
Which of the following would be most affected by inflation?
A teacher
A retiree living on Social Security
a professional athlete
A factory worker
15
In a productions possibilities frontier what does it mean to be on the line?
using factors of production wisely
Wasting factors of production
not possible with current factors of production
Using the factors of production unwisley
16
How does a consumer make their preferences known in a market economy?
protesting
voting
purchasing goods and services
by telling the shop clerk
17
The way a society provides for the wants and needs for it's people determines what?
Government
Religion
Charitable organization
Economic System
18
Social Security was created for whom?
Disabled people and older people who can no longer work
people who do not want to work
People with little to no income
Both A and B
19
What does the government intake in the circular flow of goods and services?
Expenditures
Government Contracts
Factors of production
Tax Returns
20
What are the roles of the government in a mixed market economy?
Law maker, rule enforcer, economic controller, policy maker
Regulator of national goods & creator of goods & services
Protector, Regulator, Producer and consumer, Promoter
national promoter, consumer of foreign goods, tax enforcers

Economics 1st 9 weeks Flashcards | StudBud