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Economic Fundamentals (Milestone)
Economic Fundamentals (Milestone)
30 terms
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StudBud Administration
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Review of Fundamental Economics Concepts GPS for the Milestone Exam.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which of the following IS NOT a key economic question
How to produce goods and services
Who will consume goods and services
Who makes decisions
What goods and services to produce
2
How are public goods paid for in the US?
Donations
Taxes
Free Riders
The constitution
3
What type of economy is represented here?
Market
Command
Mixed
Traditional
4
In reality, most economies are ________________.
Command
Mixed
Market
Traditional
5
Which productive resource does this represent?
Labor
Human Capital
Land
Firms
6
The top half of this chart represents
The scarcity market
firms
The factor market
The product market
7
Which describes people that benefit from a public good, even if they would not pay.
Tax evader
Free rider
Tax shelter
Free loader
8
Which economic system gives individuals the most freedom?
command
mixed
market
traditional
9
Laizzez Faire is associated with
mixed economies
traditional economies
market economies
command economies
10
The fundamental problem of economics is
Command Economies
Unlimited needs
The Product Market
Scarcity
11
Which of the following is not a productive resource
Money
Entrepreneurship
Labor
Land
12
The pollution from this factory represents
a positive externality
a public good
a negative externality
a free rider
13
When people are deciding how much more or less to do they are....
avoiding rational though
thinking at the margin
creating economic analysis
Thinking critically
14
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
The movie
the $10
The $10 and the movie.
The dinner
15
A warehouse building is an example of
labor
capital
entreprenuership
Land
16
In a circular flow model, who sells products and buys factors of production
firms
households
17
North Korea, China, and Cuba are all examples of...
Traditional Economies
Market Economies
Command Economies
18
Which point represents underutilization
D
A
B
C
19
Points "B" and "D" are on the...
Underutilization line
Supply Curve
Frontier
Apex
20
Any resource made by humans and used to create other resources
labor
capital
services
land
21
What is the opportunity cost of moving from "A" to "B"
1 million coffee
2 million corn
1 million corn
2 million coffee
22
In a circular flow model who buys goods and sells the factors of production
Firms
Households
23
Which point can not be reached without more resources or technology?
D
A
C
B
24
This man started a business. He represents which productive resource?
Capital
Entrepreneurship
Land
Labor
25
Which of the following WOULD NOT cause a PPC to shift right
Training people to use computers
More resources
Less population
More technology
26
How do consumers BEST make their desires known to businesses
buying goods
boycotting
lobbyists
surveys
27
A taxi cab drivers knowledge of the city streets would be considered
Physical Capital
Land
Human Capital
Entreprenuership
28
What is the opportunity cost of getting a Coke from this vending machine?
The Pepsi
The Coke
$1.00
29
The most desirable alternative forgone when a choice is made
Scarcity
Opportunity Cost
Trade-off
Rational Decision
30
Who makes the decisions in a market economy
Tradition
Individuals and the Government
The government
Individuals
