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Economics: Work & Prosperity Review Flashcards | StudBud
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Economics: Work & Prosperity Review
Economics: Work & Prosperity Review
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A #economics quiz for Chapters 1 - 5 for Abeka Economics Work & Prosperity
Flashcards
45 cards
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Practice quiz
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Questions
45
Answers
1
The value associated with any good is directly related to what two things?
supply, demand
labor, capital
want, need
scarcity, utility
2
_______ capitalism is a system in which the government controls most of the capital
business
state
entrepreneur
private
3
What term refers to a person that owns a share of some business that produces goods?
entrepreneur
supplier
distributor
capitalist
4
Relationship between a goods price and the amount producers are willing to provide
Supply
Demand
5
Goods that last less than 3 year
Non-durable goods
Durable goods
6
People substitute less expensive goods for ones whose price has risen
Substitution effect
Income effect
7
What type of good is a computer that is used for personal home use?
consumer
producer
capital
imported
8
What are signs used by consumers and producers to determine how much of a good to buy or sell?
Market signals
Market prices
Market economy
9
Who was the founder of the Austrian school of economics?
E.I. du Pont
John Adams
Carl Menger
Francois Quesnay
10
refers to the quantity of a good for sale at a certain price under certain conditions
value
supply
utility
demand
11
the French group of economists who believed the market should be guided by "the rule by nature"
communists
physiocrats
capitalists
mercantilists
12
What type of good is a forklift that is used to transport imported goods within a warehouse?
capital
imported
producer
consumer
13
Who wrote
The Wealth of Nations?
Adam Smith
Pierre Samuel du Pont
E.I. du Pont
John Adams
14
Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom
utility
wealth
value
prosperity
15
the amount of a good that is bought at certain price under certain conditions
market
supply
value
demand
16
What type of economy would a Communist-controlled country have?
free market economy
command economy
mixed economy
traditional economy
17
Total value of the business minus any liability
Free Enterprise
Equity
18
Who used his resources wisely to make gunpowder for President Jefferson?
E. I. du Pont
Pierre Samuel du Pont
Adam Smith
John Adams
19
Total amount of satisfaction received from a particular amount of goods
Total Utility
Marginal Utility
20
Part of an economy controlled by the government
Private sector
People sector
Public sector
21
Amount of money that a buyer pays the seller for a particular item
Value in use
Price
22
What French phrase, often connected with economics, means "let things alone"?
laissez-tare
laissez-faire
laissez-mare
laissez-care
23
the worth that consumers attach to a good
utility
scarcity
want
value
24
Excess of the total revenue
Opportunity Cost
Depreciation
Profit
25
Amount of satisfaction that results from one unit increase of a product tends to become smaller
Marginal Utility
Total Utility
26
Desire to improve ones economic situation
Depreciation
Profit
Profit motive
27
Diminishing value of goods
Profit
Profit motive
Depreciation
28
What are taxes that governments apply only to imported goods?
tariffs
subsistence
demand
market
29
All people are said to be ________, or people who use goods.
consumers
producers
capitalists
communists
30
What type of economy is directed by customs and habits?
command economy
mixed economy
free market economy
traditional economy
31
A ________ economy provides barely enough to keep a society alive.
capitalist
communist
traditionalist
subsistence
32
What type of economy is directed by government?
free market economy
command economy
mixed economy
traditional economy
33
Adam Smith stressed the importance of separating work into individualized tasks -
division of labor
labor
capital
work
34
Value of the best alternative that is forgone when a different alternative is taken
Opportunity cost
Value in use
35
the study of specific components within a major economy
mastereconomics
microeconomics
maniceconomics
macroeconomics
36
Prices at which goods can be sold in an open market with many potential sellers and buyers
Marginal Utility
Diminishing Marginal Utility
Market Price
Total Utility
37
Which is NOT a factor of production
capital
entrepreneurship
supply
natural resources
38
What do some economists list as a fifth factor of production?
wheat
information
shopping malls
the Internet
39
mechanism through which people exchange goods
demand
market
supply
economic model
40
What type of economy is directed by an "invisible hand"?
mixed economy
traditional economy
free market economy
command economy
41
material items for which people expect to pay
consumer goods
service
capital goods
wants
42
Who risks his investment of time and money int he management of an economic enterprise?
capitalist
entrepreneur
supplier
distributor
43
What did Adam Smith write?
Diamond-Water Paradox
The Wealth of Nations
44
the establishment of colonies to benefit a mother country
microeconomics
imperialism
physiocracy
macroeconomics
45
Value that is directly related to the benefits their owners receive through their use
Value in use
Price
