The economic concept of guns or butter means that

Government must balance military and civilian goods

What is the definition of division of labor

workers specialize in certain jobs

Property is owned by the state and citizens work and are paid by skill/need

private ownership of trade and production profit

Occurs in a market economy, where consumers rule the market

Command Economy Meaning?

one in which a central authority decides what goods will be produced

What is free enterprise?

Privately owned companies produce the goods people buy

A production possibility curve represents the...

various combination of two goods that can be produced.

The skills, knowledge, and experience possessed by and individual

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Economic Fundamentals

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Questions 25

Answers

1
Deciding whether total benefits outweigh total costs is this type of thinking.
Subjective
Equitable
Marginal
Equilataral
2
National Defense, street lights, police and fire protection are examples of.....
public sector
negative externalities
positive externalitites
public goods
3
Which of the following might a government provide as part of a safety net for citizens?
regulation of commerce
a strong military defense
unemployment compensation
general elections every 4 years
4
A PERIOD OF MACROECONOMIC EXPANSION FOLLOWED BY A PERIOD OF CONTRACTION
BUSINESS CYCLE
CONTRACTION
EXPANSION
KEYNESIAN ECONOMICS
5
A system that combines capitalism and socialism, protects private property and allows a level of economic freedom
Command Economy
Mixed Market Economy
Traditional Economy
Market Economy
6
This has the potential to innovate but also to replace human resources.
Supply
Military
Horses
Technology
7
The additional benefit associated with an action
Marginal Benefit
Fixed Benefit
Variable Benefit
Measurable Benefit
8
To make a rational decision, you must weigh these.
Supply and Demand
Benefits and Opportunity Costs
Cost and Scarcity
PPC and Marginal Cost
9
Taxes being directed into welfare programs to help those in poverty is an example of the government doing this w/income.
redistribution
stealing
equilizing
socialism
10
The economic concept of guns or butter means that
A person can spend money on either sports equipment or food
A company must decide what to manufacture; guns or butter
Government must balance military and civilian goods
Government can buy unlimited military and civilian goods
11
What is the definition of division of labor
human made water ways
workers specialize in certain jobs
more than needed
rich soil and tiny rocks
12
Communism
Nazi Germany's main political system.
A community of people who live together.
A system that contains many democratic ideals.
Property is owned by the state and citizens work and are paid by skill/need
13
capitalism
private ownership of trade and production profit
soviet zones
everythign u haft to trade for
anying is open competion
14
The cost added by producing one additional unit of a product or service.
Marginal Cost
Opportunity Cost
Marginal Benefit
Trade off
15
A factor market is a market that exchanges factors of production.
True
False
16
Bank failures, accounts wiped out, stock market crash...all describe
New Deal
Progressivism
WWI
Great Depression
17
All resources have this characteristic in common.
They are all equal.
They are all important.
They are all plentiful.
They are all scarce.
18
Consumer Sovereignty
Consumers have no say but producers have all the say
Occurs in a market economy, where consumers rule the market
Occurs mostly in a command economy; Consumers have no say
Occurs mostly in a traditional economy; Products meet needs.
19
Command Economy Meaning?
none of the above
one in which someones central authority
one in which a central authority decides what goods will be produced
one in which someones central authoirty to an item
20
What are the three key economic questions
What-when-where
Where-how-who
What-where-who
What-how-who
21
What is free enterprise?
People trading goods without using money
THE GOVERNMENT WATCHES OVER WHAT YOU DO
Privately owned companies produce the goods people buy
remember, big brother is watching
22
A production possibility curve represents the...
various combination of two goods that can be produced.
way factors of production can be used.
future choices for a business.
options for a government.
23
Human capital is
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
The knowledge, skills, and land possessed by an individual
The skills, knowledge, and experience possessed by and individual
24
This monetary divide disincentivizes people when it makes it increasingly difficult for them to get ahead.
Fair Trade
Income Inequality
Wealth Redistribution
Redistribution
25
The idea of providing all citizens with a basic wage is known as:
Welfare
Communism
Social Security
Universal Basic Income

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