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Mr. Worthington Unit 1 Review Flashcards | StudBud
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Mr. Worthington Unit 1 Review
Mr. Worthington Unit 1 Review
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StudBud Administration
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Unit 1 General Economics
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
Which is not one of the four factors of production?
Wealth
Labor
Capital
Land
2
On the graph, the opportunity cost of moving from combination B to combination C is...
a. 200 consumer goods
a. 100 capital goods
a. 400 consumer goods
a. 20 capital goods
3
Economic growth, government spending, inflation, and unemployment are all things that would be studied in
Macroeconomics
Quantum Physics
Calculus
MIcroeconomics
4
Freedom of choice and competition are most commonly associated with which type of economic system?
Command
Traditional
Communist
Free Market
5
The term "Laissez Faire" would be best used to describe which economic system?
Free Market Economy
Centrally Planned Economy
Mixed Economy
Command Economy
6
A system with free markets but also some government intervention is known as a...
Command Economy
Mixed Economy
Free Market Economy
Traditional Economy
7
Which choice is "not" one of the three economic questions used to determine economic systems?
How should these goods and services beproduced?
What goods and services should beproduced?
What regulations should government implement?
Who consumes these goods and services?
8
The opportunity cost of moving production from 2 baskets of cherries to 4 baskets of cherries is...
a. 1 basket of cherries
a. 6 video games
a. 14 video games
a. 8 video games
9
A graph that shows alternative ways to use an economy’s productive resources is known as the…
Marginal Cost/Marginal Benefit Graph
Money Market Graph
Production Possibilities Curve
Supply and Demand Graph
10
Which statement would be considered a "positive statement"?
Mr. Worthington teaches economics.
Mr. Worthington's posters are cool.
Mr. Worthington's room is too bright.
Mr. Worthington is the best teacher.
11
On the graph, the opportunity cost of moving from combination C to combination B is...
a. 40 bikes
a. 40 skateboards
a. 80 bikes
a. 100 skateboards
12
A situation in which the free-market system fails to satisfy society’s wants in known as a/an...
Opportunity Cost
Efficiency
Market Failure
Capital
13
•Anyone that creates, launches, and runs a new business is known as a...
Capital
Land
Labor
Entrepreneur
14
In order to classify a decision as rational
the producer makes a profit
the marginal benefit outweighs the marginal cost
the decision is lawful
the marginal cost outweighs the marginal benefit
15
The principle that limited amounts of goods and services are available to meet unlimited wants is known as...
Opportunity Costs
Production Possibilities Curve
Choices
Scarcity
16
The most desirable alternative given up as the result of a decision is known as…
Inefficiency
Opportunity Cost
Trade-offs
Efficiency
17
All of the alternatives that we give up when we choose one course of action over another are known as...
Incentives
Utility
Opportunity Cost
Trade-offs
18
On the graph, which combination represent(s) an efficient use of resources?
a. Point B and C
a. Only point B
a. Only point D
a. Only point A
19
All natural resources used to produce goods and services are known as which factor of production?
Land
Labor
Capital
Entrepreneurship
20
______ describes the unintended social benefits of an individual's self-interested actions. (Hint: Adam Smith)
Externalities
Supply and Demand
The Invisible Hand
Surpluses
