stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 1 Review 2023 Flashcards | StudBud
Explore
/
Unit 1 Review 2023
Unit 1 Review 2023
25 terms
·
StudBud Administration
·
415 plays
Economics Basics Review
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
If Germany decides to buy more resources, capital, and technology to increase production, what is the effect on the PPC?
Shift the curve to the left
Move from point B to point D
Move from point A to point D
Shift the curve to the right
2
Work and make $30K after high school or go to college for $10K. Opportunity cost for going to college for a year is...
$100,000
$45,000
$30,000
$25,000
3
In the Circular Flow model, factors of production are purchased by:
Households
Factor Markets
Product Market
Firms/Businesses
4
Anthony has $75 to either buy a full tank of gas or new clothes. If he buys clothes, what is the opportunity cost?
$75, plus the time spent shopping
$75
the usefulness of a full tank of gas
his parent's disapproval
5
What is an example of utility?
Getting an F in Econ class
Watching tik-tok clips to be entertained
a curved line on the production possibilities curve
Switching from a command economy to a market economy
6
IF the country is currently at production point "B", what is the opportunity cost of moving to point "A?"
25 TVs
15 radios
25 radios
15 TVs
7
What is the Production Possibilities Curve?
The maximum possible combination that can be produced
The least possible combination that can be produced.
The medium possible combination that can be produced
A long term growth model of economic consumption
8
For the economy to produce 5 million units of consumer goods and 5 million units of defense goods:
more resources must be discovered or new technology used
unemployment must be reduced
its resources must be used at maximum efficiency
taxes must be increased
9
Oil that is discovered in Illinois is an example of land (factor of production).
False
True
10
The oven used to make hot sandwiches at Subway is an example of which factor of production?
Capital
Labor
Land
Entrepreneurship
11
Which arrow represents the income individuals receive from a paycheck?
8
7
5
6
12
If the economy is producing 4 million units of consumer goods and 2 million units of defense goods, then:
the point is not attainable
it should be producing more defense goods
it can produce more consumer goods
it could produce more of both goods
13
Which of the arrows represents Nike sending their newest Air Max to Champ's Sports?
4
7
3
8
14
The cook at Burger King is an example of which factor of production?
Land
Entrepreneurship
Labor
Capital
15
The economic system of the United States is a(n):
Market Economy
Traditional Economy
Mixed-Market Economy
Command Economy
16
Societies must choose how to use their resources because:
if not, thee would be opportunity costs to pay
all people need luxuries
wants are limited, but resources are not
there are scarce resources to do everything society needs and wants
17
A pure market economy is the most efficient economic system.
True
False
18
A student makes jewelry to sell at school is an example of which factor of production?
Land
Capital
Entrepreneurship
Labor
19
Which of the arrows represent individuals willingness to work?
5
6
1
2
20
The four factors of production: land, labor, capital, entrepreneurship. Select the list that gives an example of each.
Skateboard, automobile, railroad car, airplane
Owner, coal, miner, drill
Cheese,tomato sauce, dough, pepperoni
Producer, director, actor, stunt double
21
Which of the arrows represents the revenue a firm receives from the sales of their product?
4
1
3
2
22
In a command economy, who answers all of the economic questions?
central government
traditions and customs
entrepreneurs/business owners
consumers
23
Opportunity cost is...
the amount of money paid to get what you want
the number of workers necessary to produce what you want
the amount of raw materials required to produce what you want
the next bestthing you give up to get what you want
24
All of the following are disadvantages ofa comand economy EXCEPT:
inefficient centralized planning
little incentive to innovate and produce high quality products
fear of unemployment and inadequate social services
few individual freedoms
25
If a country buys more resources to increase technology in production of TVs and radios, what is the effect on PPC?
Does not affect the PPC.
Shift to the left, decrease.
Shift to the right,increase.
