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Unit Review - Fundamentals & International Flashcards | StudBud
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Unit Review - Fundamentals & International
Unit Review - Fundamentals & International
33 terms
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StudBud Administration
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Unit 1 test review
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
What is the term for the most desirable thing you gave up when you make a choice?
Trade Off
Opportunity Cost
Utility
Scarcity
2
Which factor of production includes the guy who flips the burgers at McDonald’s?
Labor
Land
Capital
Entrepreneurship
3
If we rely on other countries and they rely on us, neither of us will want to go to war.
Free Trade View
Protectionist View
4
Which factor of production includes education and training?
Labor
Human Capital
Physical Capital
Land
5
Which of these is NOT a basic question faced by society?
what to produce
how to produce
for whom to produce
why do we produce
6
What does scarcity cause us to have to make?
Products
Goods
Services
Choices
7
Which is the number one investment that increases your productivity?
Health care
Technology
Education
Factories
8
A ban on trade with a country.
Embargo
Tariff
Standard
Quota
9
What must be higher for a decision to be "rational?"
Time
Marginal Costs
Profit
Marginal Benefits
10
What is scarcity?
the belief that everything is renewable
unlimited resources, limited wants
Unlimited wants, limited resources
a problem we don't have to face
11
People start business for what main reason?
To make a profit
To attend conferences
To advance their education
To make products
12
What economic system is controlled by govt decisions?
mixed
market
traditional
command
13
What does point X represent?
Future production
Efficiency
Inefficient society
Impossible production
14
Which factor of production deals with anything that comes from nature?
Entrepreneurship
Labor
Capital
Land
15
What graph shows us the highest number of a certain product that we could make?
Supply and Demand
Production Flow Diagram
Production Possibilities Curve
Circular Flow Diagram
16
Only 3000 pounds of sugar can be imported into the United States per year. This is an example of a/an
Quota
Standard
Embargo
Tariff
17
Which points represent efficiency?
A, B, X
X
A
B, D, C
18
Which would be an example of physical capital?
Job training
College Degree
High school education
Factory
19
What is the term for all the other options you give up when you make a choice?
Efficiency
Opportunity Cost
Scarcity
Trade Off
20
Which one would be an example of physical capital: ovens, sugar, coffee beans, and workers?
Sugar
Ovens
Coffee Beans
Workers
21
What is the hamburger meat at McD's?
Labor
Entrepreneurship
Capital
Land
22
Which of the following would be a way for the Production Possibilities Curve to move out?
A new disease kills off half the apple trees
People want more bananas than ever before
People want more apples than ever before
A farmer buys more land and plants more apple trees
23
Which economic system is run by its customs?
command
mixed
market
traditional
24
Specializing in one good is dangerous for security reasons.
Free Trade View
Protectionist View
25
When a country can make a product at a lower opportunity cost than another country
Absolute Advantage
Opportunity Cost
Trade-offs
Comparative Advantage
26
What economic system is controlled by consumer decisions?
market
mixed
command
traditional
27
Which economic system is trying for equity?
market
command
traditional
mixed
28
Which is NOT a factor of production?
Capital
Land
Labor
Goods
29
When countries concentrate on producing certain kinds of goods/services.
Export
Import
Specialization
Expansion
30
Which business provides a "service"?
Chickfila
Best Buy
Great Clips Hair Salon
Kroger
31
A country who can produce the most of a certain product has what?
Opportunity Cost
Marginal Cost
Absolute Advantage
Comparative Advantage
32
FDA requires that any processed food sold in the U.S. include nutrition facts on the package. Which trade barrier?
Subsidy
Quota
Tariff
Standard
33
This is another term for a finished product
Good
Want
Factor of production
Service
