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Microeconomics Unit 1 Flashcards | StudBud
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Microeconomics Unit 1
Microeconomics Unit 1
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Review Game for Unit 1
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is the opportunity cost of moving from point E to point B?
65 calzones
15 pizzas
65 pizzas
15 calzones
2
In a purely "Free Market" circular flow model, which of these is not present.
Households
The Government
Money
Businesses
3
The free market idea that hard work and talent will result in more personal income is known as:
Socialism
Mr. Green
The Invisible Hand
The profit motive
4
How could a society reach point C?
Imperialism (take other people's resources)
Technological Innovation
A, B, and C
Immigration (more people)
5
What's the opportunity cost of moving from point C to point G
100 calzones
20 calzones
20 pizzas
100 pizzas
6
Why isn't a PPC a straight line?
Because math
As labor intensity increases, labor efficiency decreases
Not all resources are well suited for making every product
Because some people like butter more than guns.
7
Which of the following would not be considered a public good?
Meridian Road
A coffee from starbucks
The Meridian police force
Rocky Mountain High School
8
Why is point "A" considered to be an inefficient use of resources?
You can't make more of one product w/o an opportunity cost.
You're producing too many guns and not enough butter
You're producing too much butter and not enough guns.
You can make more of either product w/o an opportunity cost
9
In a free market economic system, who owns the factors of production?
The Government
Mr. Green
The People
10
Your kid staying healthy because another kid in his class was prescribed meds is an example of:
Common sense
A Positive Externality
The Invisible Hand
The Profit Motive
11
In the circular flow model, the government taxes individuals and business in the...
Both Markets
Factor Market
Product Market
Neither
12
Socialism and Communism differ because
Communism is solely a political ideology
Communism is solely an economic ideology.
Socialism is both a political and an economic system.
Communism is both a political and economic system
13
In economic terms, the idea that resources are limit is known as:
A fact of life
The rare factors of production conundrum
Scarcity
Mr. Green
14
Which of these points represents an INEFFICIENT utilization of resources?
B
C
A
15
Which characteristic of a Free Market Economy drives Pepsi and Coke to make better products?
Competition
Private Ownership
Self-Interest
The Invisible Hand
16
An example of human capital in this building would be:
Mr. Green's poetry writing experience.
Mr. Green waxing about existentialism
The copy machine int he faculty room
The carrots served at lunch today.
17
Which of these people most closely fits the description of an entrepreneur?
Bill Gates
Butch Otter
Mr. Green
Barack Obama
18
A free market system would answer the question: "How to Produce" by saying
However a business chooses
Without child labor
Safely and carefully
With guidance from the government
19
Business would purchase labor from households in the...
Labor Market
Product Market
Factor Market
Farmer's Market
20
Whenever you make a decision, the options you DID NOT choose are known as:
Trade Offs
Opportunity Cost
Cost/Benefit Analysis
Utilities
21
If you weren't here right now, you would be sleeping. In this scenario, sleep is an example of
Opportunity Cost
The Invisible Hand
Trade Offs
Self-Interest
22
Economics would be unnecessary if this problem didn't exist:
Systemic Racism
Scarcity
The Wage Gap
Corrupt Governments
23
Which of the following would be considered "physical capital"?
A cow
An airline pilot
Milking a cow
A computer
24
Which of these economic goals is NOT championed by a Free Market System?
Growth / Innovation
Security
Efficiency
Freedom
25
A command system would answer the question "For Whom To Produce" by saying:
For everyone as equally as possible
For kids who live in Eagle
For whoever wants the product being produced.
For those who work the hardest
26
In a command economy, those who don't work might receive equal conditions. This is known as:
The Laziness Factor
The Free Rider Problem
Self-Interest
The Invisible Hand
27
Which of these would definitely not exist under a pure free-market economic system
Child Labor
High Quality and Innovative Product
A class system
Minimum Wage
28
The United States is an example of a:
Command Economy
Free Market Economy
Mixed Economy
29
Pollution from a factory that gets citizens of a town down stream sick would be considered:
An opportunity cost
A Laissez Faire Decision
A negative externality
An "acceptable risk"
30
In a command system, who owns the factors of production?
Individuals
The government
Businesses
Mr. Green
