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Duplicate of Duplicate of Economics- Unit 1 Review
Duplicate of Duplicate of Economics- Unit 1 Review
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#Review game #Unit 1- Fundamental Economic Concepts Test
Flashcards
35 cards
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Practice quiz
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Host live
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Questions
35
Answers
1
A combination of goods and services outside/ (above) the PPF illustrates:
full production
underproduction
not possible OR unachievable production
maximum production
2
Any point/combination on the production possibilities frontier illustrates
full/maximum production
under production
unachievable production
3
A market economy has an advantage over a traditional economy in that a market economy
controls prices and wages
limits the profit of large corporations
fixes incomes on consumers
adjusts to consumer demands over time
4
Economic System- no private property, government answers the three basic economic questions
Market
Command
Traditional
Mixed
5
Capitalism is most closely associated with what economic system?
Market
Socialism
Command
Traditional
6
Economic System- no role confusion, basic needs are met, predictable, low standard of living
traditional
market
mixed
command
7
Free market system where the government has some involvement in the economy
Market
Command
Mixed
Traditional
8
Increasing the production of goods and services
economic growth
economic freedom
price stability
economic equity
9
Movement along the production possibilities frontier illustrates which economic concept?
scarcity
the four factors of production
human capital
opportunity cost
10
Which of the following examples would shift the PPF upwards- (illustrating economic growth)
Increase in Capital
All the above would shift the PPF upwards
Increase in Labor
Increase in Land
11
Market where productive resources are bought and sold
Housing Market
Labor Market
Factor (Resource) Market
Product Market
12
Economic System- profit incentive, lots of choices in goods and services, private property
Mixed
Market
Traditional
Command
13
Which of the following is an investment in human capital?
a machine builds more chainsaws
A company builds a new factory
A state puts in a new highway
A country builds new schools
14
Sum of people's skills, abilities, health, and motivation.
wealth
human capital
value
financial capital
15
In what market are the The factors of production exchanged for the factor payments?
Labor Market
Factor (Resource) Market
Product Market
Housing Market
16
Product intended for final use by consumers rather than businesses
financial capital
human capital
consumer good
capital good
17
Assignment of tasks so that each worker performs fewer functions more frequently
labor
service
specialization
productivity
18
The act of buyers and sellers freely and willingly engaging in market transactions:
voluntary exchange
standard of living
Economics
involuntary exchange
19
Which of the following economic system has private property?
Traditional
Market
Command
20
Broad Social Goal- fairness, illegal to discriminate based on age, race, sex, or disability
Economic security
Economic freedom
Economic equity
Economic efficiency
21
Specialization is a good idea because it increases efficiency and thus brings down cost.
False
True
22
What is the unit of study in microeconomics?
inflation and recession
individuals, businesses, and households
national consumption and expenditures
international trade such as imports and exports
23
The situation of limited resources and unlimited needs and wants creates
scarcity
choices
Marginal Benefit
utility
24
What do economic systems do?
Organize production
All the above
Allocate resources
Answer the three basic economic questions
25
A good or services capacity to provide satisfaction or usefulness is known as
marginal cost
utility
marginal benefit
wealth
26
Which of the following is NOT a basic economic question?
What to produce?
How to produce?
For whom to produce for?
When to produce?
27
Tools, equipment, and factories used in the production of goods and services
Durable goods
Capital or physical capital
entrepreneur
Consumer goods
28
Risk taking individuals in search of profits
Labor
Entrepreneurship
Capital
Land
29
Broad social goal of U.S. economy- right to choose your own occupation and use of your money
Economic equity
Economic Freedom
Economic Efficiency
Economic Security
30
The desires and needs of the consumer determines what producers make is known as:
productivity
voluntary exchange
consumer sovereignty
Profit incentive
31
The basic problem in Economics and why people study it is due to
scarcity
utility
entrepreneurship
marginal utility
32
Employment in service occupations refers to:
the manufacture of durable goods
private ownership of the factors of production
people who perform work for other people
workers on the assembly line
33
A productive resource not created by human effort (natural resources)
land
entrepreneurship
labor
capital
34
In what market are goods and services purchased by consumers
Factor (Resource) Market
Labor Market
Product Market
Housing Market
35
Any combination/point below the production possibilities frontier illustrates
full/maximum production
underproduction
unachievable production
