unit 1 cp econ

Adam Smith believes that the government should be heavily involved in the economy

In reality, most economies are ________________.

A popular model used to illustrate the concept of opportunity cost is

An incentive can best be described as

Karl Marx believed that workers

In the book Wealth of Nations, ______preached the benefits of _________.

Jim has $10 and can see a movie or get dinner.  He gets dinner.  What is the opp. cost?

A warehouse building is an example of

Adam Smith believed that governments role should be confined to all of the following except

What is the opportunity cost of moving from "A" to "B"

Any resource made by humans and used to create other resources

Manufactured goods needed to produce other goods and services are called

Laizzez Faire is associated with 

The entrepreneur organizes land, capital, & labor for production in hopes of earning a profit.

Which productive resource does this represent?

Which of the following best describes what this production possibilities frontier is showing?

Which of the following WOULD NOT cause a PPC to shift right

The fundamental problem of economics is

The most desirable alternative forgone when a choice is made

A taxi cab drivers knowledge of the city streets would be considered

Points "B" and "D" are on the...

Scarcity exists primarily because

The study of economics is important because it enables us to

What is the opportunity cost of getting a Coke from this vending machine?

The purpose of government in a command economy is to

When manufactured goods are used to produce other goods, they are called capital goods.

How do consumers BEST make their desires known to businesses

How are public goods paid for in the US?

Which point represents underutilization

The government's role in a mixed economy is that it is the

North Korea, China, and Cuba are all examples of...

Which group ultimately determines the products that a free enterprise economy produces?

Which point on the graph best illustrates the concept of scarcity?

Which of the following is an example of a service

Which point can not be reached without more resources or technology?

When people are deciding how much more or less to do they are....

Who makes the decisions in a market economy

This man started a business.  He represents which productive resource?

In a capitalist system monetary incentives encourage

Which of the following is not a productive resource

Which of the following IS NOT a key economic question

What factor of production do these images illustrate?

In a traditional economy, what determines what you do?