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Duplicate of Fundamental Concepts Flashcards | StudBud
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Duplicate of Fundamental Concepts
Duplicate of Fundamental Concepts
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1
What does the word allocate mean?
distribute
change
take care of
distort
2
Which of the 3 broad social goals goes with a Market economy?
Freedom, growth, security
freedom, growth, equity
Efficiency, growth, equity
Equity, stability, growth
3
Which of the following would be an example of land?
humans
telephone
chickens
computers
4
What is human capital?
physical money
ability to increase one's body mass
a human pyramid
ability to increase one's knowledge
5
What economic system provides full private property?
mixed
command
market
capitalism
6
What do you know about marginal cost and marginal benefit?
benefits < costs
benefits > costs
7
This is considered a third party cost and/or benefit to society.
Supply and Demand
Market Failure
Externality
Productivity
8
Where do households buy goods?
resource market
government
factor market
product market
9
A PPC represents...
marginal cost
opportunity cost
marginal benefit
Investment
10
What is the purpose of government regulation?
Ensure quality and safety of products
to impose taxes
to keep people from buying goods
11
Mrs. Mathis is an economics teacher. What does this refer to?
distribution
allocation
smartness
specialization
12
Unlimited wants, but limited resources
marginal benefit
opportunity cost
scarcity
marginal cost
13
All of the following are examples of capital,
EXCEPT
:
Bill Gates
telephone
sewing machine
tractor
14
What is a trade-off?
the other choice you didn't choose
trade
stopping trade
opportunity cost
15
How can someone increase their human capital?
learn a new skill
Eat potato chips
be a couch potato
go to college
16
All of the following are example of command economies,
EXCEPT
:
Former Soviet Union
<font><font>Cuba</font></font>
France
North Korea
17
Pollution is considered a...
positive externality
negative externality
18
What would cause this curve to shift to the right?
A tornado hitting both factories
New Technology
Rise in unemployoment
U.S. government fails
19
Which one of the three economic systems value property rights?
market
mixed
command
20
All of the following are factors of production, EXCEPT:
Physical Capital
Human Resources
Money
Natural Resources
21
What is the purpose of the government?
provide for the general public
protect consumers
redistribute income to the needy
to keep people safe
22
Which of the following are forms of government regulation?
EPM
CDC
FDA
GPS
23
All of the following are the basic economic questions,
EXCEPT:
How to produce?
What to produce?
When to produce?
For whom to produce?
24
Economics is the study of...
choices
America
the economy
businesses
25
What does point A represent?
allocatively efficient
Inefficient
Efficient
unattainable
26
What is an opportunity cost?
what you give up, when you give up
a scarce good
what you give up, to gain something else
the cost you pay for a good
27
What is productivity?
measuring inputs
costs > benefits
measuring inputs to outputs
measuring outputs
28
What is an incentive?
it smells good
a motivation to get better
it looks good
a demotivation
29
What do points B, D, and C represent?
Inefficient
Goal
Efficient
Unattainable
30
How does the government redistribute income?
taxes money funds walmart
tax money funds servies (welfare, ss, disability)
the government doesn't get money
they take money from their paychecks to pay the people
31
Brayden is a farmer. What factor of production does he represent?
land
labor
entrepreneur
capital
32
Trees, oil, chickens, and cows are which of the four factors of production?
natural resources
physical capital
entrepreneur
human resources
33
How are public goods and services provided?
through income redistribution
through taxes
through the supreme court
Through private businesses
34
What does the term "efficient" mean?
goal
using non of your resources
using all resources
unattainable
35
Who runs a market economy?
the government
the people
the government and people
Bill Gates
36
What does the term "equity" mean?
unruly
efficient
productive
fair
37
Which of the following allocation strategies is based on the voting population?
Lottery System
Authority
Force
Majority Rule
38
What does consumer sovereignty mean?
consumers choose what to buy
consumers have no say so
consumers
the government tells consumers what to buy
39
Which of the following is considered a positive incentive?
Speeding Tickets
Poor job performance= no job
Working long hours to earn vacation time
Tardiness= fired
40
This economy is based on how their ancestors economy.
Traditional
Market
Command
Mixed
41
Joey gave up a good grade on his test because he went to the movies.
opportunity cost
trade off
