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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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Answers
1
________ is the economic problem of having unlimited wants in a world of limited resources.
opportunity cost
trade-off
scarcity
revenue
2
Which list contains the 4 factors of production?
land, labor, credit, and entrepreneurial skills
labor, capital, economics, and natural resources
land, labor, capital, and entrepreneurial skills
labor, capital, productivity, and renewable resources
3
A mixed economy is a combination of which two economic systems?
mixed and traditional
market and command
command and traditional
traditional and market
4
Bob's company produces 100 bike helmets at $20 per helmet. What is his total revenue?
$2000.00
$200.00
$20.00
$2.00
5
A person who takes risks starting a business is a(n)
employee
economist
entrepreneur
producer
6
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7
A farmer's tractor is an example of which factor of production?
labor
land
capital
entrepreneurial skills
8
Which of the following is a characteristic of a traditional economy?
The government subsidizes unprofitable businesses.
The government tells people which businesses they can run.
People are free to choose any career that they want.
Economic decisions are based on habits and customs.
9
I produce 100 computers at $50 each. What is my total revenue?
$500.00
$5.00
$50.00
$5,000.00
10
____________ cost is the additional cost of producing one additional unit of output.
marginal
revenue
fixed
variable
11
Which part of this chart represents labor?
property
idea
employees
factory
12
How do economists determine total cost?
marginal cost + variable cost
fixed cost + marginal cost
marginal cost + marginal revenue
fixed cost + variable cost
13
A branch of economics that deals with the economy as a whole and decision making by large units
minieconomics
microeconomics
macroeconomics
biganomics
14
Economics is the study of how we make decisions in a world of limited _________________.
needs
resources
wants
choices
15
In which type of economy would consumers have the most choices of products to buy?
command economy
barter economy
market economy
traditional economy
16
What kind of economic system do we have in the United States?
traditional economy
market economy
mixed economy
command economy
17
The income from a full-time job that you give up when you go to college is called a(n)________.
trade-off
marginal cost
marginal revenue
opportunity cost
18
Which of the following is a want?
food
wi-fi
clothing
shelter
19
Which system involves total government control of a nation's economy?
mixed economy
market economy
traditional economy
command economy
20
What does mircoeconomics deal with?
The production of whole industries.
The economic decisions of individuals
The distribution of goods worldwide
The allocation of resources by governments.
