GPS Unit 1 Review (Into to Economics)

Question 1

What does laissez-faire mean?

Accepted Answer

little government intervention

Question 2

Wage is to labor as Interest is to

Accepted Answer

Capital

Question 3

Which point represents an unobtainable point for this economy with current resources?

Accepted Answer

Point D

Question 4

Which of the following would NOTcause a productionpossibilities curve to shift outward?

Accepted Answer

Increase in energy prices

Question 5

Value of next best alternative= given up

Accepted Answer

Trade off

Question 6

Which of the following is an example of a want?

Accepted Answer

vidoe game

Question 7

Which of the following are command economic systems?

Accepted Answer

Cuba & N. Korea

Question 8

What is the basic problem facing all societies?

Accepted Answer

Scarcity

Question 9

Adam Smith is to Capitalism as Karl Marx is to

Accepted Answer

Communnism

Question 10

Which is an example of a service?

Accepted Answer

Netflix

Question 11

Which point represents an economy underutilizing its resources?

Accepted Answer

Point C

Question 12

The US economic system can best be described as

Accepted Answer

Mixed Econ system

Question 13

A factory building is considered an example of which factor of production?

Accepted Answer

Capital

Question 14

Which of the following is a PRIVATE good?

Accepted Answer

movies

Question 15

In the circular flow diagram indiviiduals recieve wages in what market?

Accepted Answer

resource market

Question 16

What do points A & B have in common?

Accepted Answer

They both represent productive effeicient points

Question 17

How are economic questions answered in acommand economy

Accepted Answer

By Government

Question 18

Which of the following is NOT a basic economics question?

Accepted Answer

When to produce?

Questions 18