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Roth's Economics Unit 1 Review Flashcards | StudBud
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Roth's Economics Unit 1 Review
Roth's Economics Unit 1 Review
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1
Which country has the absolute advantage in production of cars?
Country C
Country A
Country B
Country D
2
How could the Chinese economy be characterized?
centrally planned
free market
mixed, but on the side of free market
mixed, but on the side of centrally planned
3
Which of the following is NOT a key economic question?
Who consumes these goods and services?
What goods and services should be produced?
How can it be ensured that goods and services are paid for?
How should these goods and services be produced?
4
Which of the following was a free market philosopher?
Adam Smith
Karl Marx
Friedrich Engels
Vladimir Lenin
5
Which of the following statements is a normative economic statement?
a new car sold in the United States in 2009 was $28,400.
The price of gasoline should not be higher than $1.75 p/gal
Contractor X charges 2x as much a contractor Y
This week bob is selling apples for $2.99 per pound.
6
What are the shifters of PPC?
Income and weather
Change in trade, technology, and resource quality/quantity
Supply and demand
Number of consumers and the cost of resources
7
Which country has an absolute advantage in TV?
Country A
Country B
8
What does the process of specialization do for an economy?
It eliminates unemployment.
It makes it easier to control.
It makes it more efficient.
It fosters competition.
9
What is a factory building an example of?
physical capital
human capital
an economic trade-off
technology
10
An automaker installs new machines to build cars faster. This is an example of growth caused by
land and natural resources.
human capital.
technology
production possibility curves.
11
Which of the following is true if the PPC is concave to the origin?
It's possible to produce more of both goods.
The price of the two products is the same
Both products are equally able to satisfy consumer wants
As more of 1 is made, more & more of the other is given up
12
Any resources that are made by humans and used to create other goods and services are called
services
labor
capital
production
13
Which country has a comparative advantage in bikes?
Country A
Neither
Country B
Both
14
Why does even a free market economy need some government intervention?
so that the gov. has some control over factor resources
to ensure that the government has the freedom to tax
to provide for the public goods that the marketplace does not address
so that the government can fulfill its needs for military
15
Which of the following lists would an economist consider to be
land
?
dams, bridges, rock quarries, oil wells
farm fields, tractors, pesticides, fertilizers
iron ore, natural gas, fertile soil, water
factories, office buildings, assembly lines, workers
16
Human capital includes
a taxi driver’s knowledge of the city streets.
the machinery used to weave cloth
the equipment used by a doctor to cure a patient
the salary paid to an accountant
17
Which of the following would cause an inward shift in a PPF
Reduction in the size of the workforce
Increase in the size of the workforce
Improvements in education
Increase in productivity
18
The resources used to make all goods and services are the
factors of production
production trade-offs
opportunity costs
production possibilities
19
What is the opportunity cost of a decision?
the most desirable alternative given up for the decision
the ways a different person may have made the decision
All the alternative decisions that could have been made
the best possible way the question could have been decided
20
What incentive motivates a manufacturer to sell a product?
popularity of the product
making profits on sales
putting others out of business
pleasing the consumer
