unlimited wants, limited resources

Which of the following is NOT physical capital?

a building where legislators meet

Consumer sovereignty means:

Producers make what consumers want.

Opportunity cost means

the value of the next-best alternative

The law of increasing costs is explained by

the specialization of resources

studbud

Duplicate of Pearson Economics Topics 1 & 2

20 termsStudBud Administration36 plays

A review quiz for high school economics, Topics 1 & 2. We use the Pearson textbook. Content includes basic economic concepts and economic systems.

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
If I am weighing the costs and benefits of doing a little more of something, I am
saving money
thinking at the margin
not applying economics
being indecisive
2
This is NOT a key characteristic of markets:
specialization and competition
self-interested buyers and sellers
voluntary exchange
government intervention
3
A lack of incentives characterizes a __________ economy.
mixed
command
traditional
free market
4
An example of land is
a factory
a parking lot
a national park
copper
5
Bridges, national parks, and streetlights are examples of:
externalities
free riders
public goods
private goods
6
No one makes decisions to benefit the marketplace, but it runs efficiently. This is called:
a miracle
the helping hand
the 8th wonder of the world
the invisible hand
7
Scarcity refers to
limited wants, unlimited resources
unlimited wants, limited resources
unlimited wants, unlimited resources
limited wants, limited resources
8
Which of these is NOT a factor of production?
leadership
labor
capital
land
9
Someone who is unwilling to pay for a good or service yet would benefit anyway is a:
cheapskate
pennypincher
lone ranger
free rider
10
A traditional economic system usually fails to achieve:
efficiency and growth
satisfaction
loyalty and community
security and equity
11
An entrepreneur does not
fuel economic growth
start a business
always succeed
combine resources
12
Which of the following is NOT physical capital?
a dentist's chair
a FedEx truck
a cash register
a building where legislators meet
13
________ will probably win the LII Super Bowl.
Texans
Cowboys
Eagles
Patriots
14
Consumer sovereignty means:
Producers make what consumers want.
The market values consumers more than producers.
Let the buyer beware.
Consumers' votes count more than producers
15
Opportunity cost means
the value of all rejected alternatives
the amount paid for an opportunity
the value of the next-best alternative
the resale value of a good or service
16
The basic problem of economics is
shortage
scarcity
excess
poverty
17
The law of increasing costs is explained by
underutilization of resources
inefficiency
the law of demand
the specialization of resources
18
The problem of scarcity necessitates
rationing
choices, called trade-offs
trade
government action
19
A trade-off is when
you barter to get what you want.
you give up this to get that.
two countries finalize a trade agreement.
you start a football game.
20
Which of these is NOT a basic economic question?
Who will pay for production?
What should be produced?
Who consumes what is produced?
How should it be produced?

Duplicate of Pearson Economics Topics 1 & 2 Flashcards | StudBud