Econ Unit I: Introduction

Question 1

Which economic goal did the command economy, like Communism, most strive to achieve?

Accepted Answer

Equity

Question 2

Which of the following is an economic goal that market economies do well in achieving?

Accepted Answer

Efficiency

Question 3

A country's ___ is a measure of the wealth of goods and services available to help people live comfortably.

Accepted Answer

standard of living

Question 4

Which statement best explains why must government provide some public goods?

Accepted Answer

Market econs offer little incentive for producers to make public goods

Question 5

What are regulations?

Accepted Answer

Rules of conduct passed by federal, state, or local government

Question 6

A simplified representation of reality is called a(n):

Accepted Answer

model

Question 7

Which of the following is NOT one of the basic questions faced by countries when deciding how to allocate resources?

Accepted Answer

When should it be produced?

Question 8

___ is the ability to keep things as they are indefinitely.

Accepted Answer

sustainability

Question 9

All of the following would contribute to economic growth EXCEPT:

Accepted Answer

increased natural disasters

Question 10

A ___ can be any form of government assistance for those with financial needs.

Accepted Answer

Social safety net

Question 11

When resources are used up faster than they become available, econ. growth is usually in conflict with:

Accepted Answer

sustainability

Question 12

Countries with higher safety nets usually rank lower in:

Accepted Answer

economic growth

Question 13

In the context of the circular flow diagram, households:

Accepted Answer

sell land, labor, capital, and entrepreneurship to produce G/S

Question 14

The upper half of a circular flow diagram shows the exchange of goods and services for money that takes place in:

Accepted Answer

product markets

Question 15

Which of the following would be a question about equity

Accepted Answer

Do a lot of people receive goods and services or just a small number?

Question 16

Payments for the use of resources are known as:

Accepted Answer

factor payments

Question 17

The study of how people make decisions and how those decisions affect others in the economy is the study of:

Accepted Answer

microeconomics

Question 18

The time and effort people contribute to the production process describes the scarce resource:

Accepted Answer

labor

Question 19

Which question would a macroeconomist most likely seek to answer?

Accepted Answer

What effect does govt borrowing have on the econ.?

Question 20

Economics is:

Accepted Answer

the study of choice under conditions of scarcity

Question 21

Which economic question deals with choosing which combo of resources to employ in the production of each G/S?

Accepted Answer

How to produce?

Question 22

On this figure, points A, B, E, and F are combinations guns and butter that:

Accepted Answer

are possible to produce

Question 23

A collection of buyers and sellers, wherever they may be, is a(n):

Accepted Answer

market

Question 24

What is the primary incentive for business owners in a market economy?

Accepted Answer

Earning profits

Question 25

In a mixed economy, government agencies are most likely to make economic decisions about:

Accepted Answer

national defense and public education

Question 26

Which of the following is NOT an example of a resource?

Accepted Answer

Services

Question 27

In a ___ economy, decisions about resources are made by habit, custom, superstition, or religion.

Accepted Answer

traditional

Question 28

A system of for coordinating the production and distribution of goods and services is known as a(n):

Accepted Answer

economy

Question 29

Any collection of people who share a common bond, such as those living in the same city or country, are known as a:

Accepted Answer

society

Question 30

Which of the following is a positive economic statement?

Accepted Answer

There has been an increase in the rate of unemployement

Econ Unit I: Introduction

Questions 30

Econ Unit I: Introduction

Questions 30