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Duplicate of Unit 1: Fundamental Concepts #3 Flashcards | StudBud
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Duplicate of Unit 1: Fundamental Concepts #3
Duplicate of Unit 1: Fundamental Concepts #3
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StudBud Administration
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EOC Review-Fundamentals
Flashcards
16 cards
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Questions
16
Answers
1
In which economic system does the government answer all 3 economic questions?
mixed
market
command
U.S.
2
Imagine you spend $35 on a soccer ball. What is your opportunity cost of your decision?
the time spent making the purchase and tax paid on the ball
the time spent deciding to spend your money
something else that could have been bought
$35 in cash
3
Which of the following is NOT a public good?
park
mall
police department
roads
4
Division of labor is an example of
specialization
capital
opportunity cost
land
5
Which would be an example of redistributing income?
all the above
social security
unemployment compensation
social welfare
6
Which economic system does the firms and businesses answer all economic questions?
command
mixed
market
U.S.
7
What occurs when marginal benefits of an action equal or exceed the marginal costs?
rational decisions
opportunity cost
specialization
trade-offs
8
Which of the following goals is difficult to achieve in a market economy?
efficiency
growth
freedom
equity
9
What are three basic economic questions?
where, what, how to produce
what, when, for whom to produce
what, how, for whom to produce
what, how, why to produce
10
In which economic system does both the government and people answer the economic questions?
command
mixed
command market
market
11
An example of human capital is...
The scalpel a doctor uses
a pilots knowledge of an airplane
A factory that makes medical equiptment
a tractor on a jobsite
12
What is opportunity cost?
all possible alternatives
natural resources
next best alternative
basic condition that exists everywhere
13
Which of the following lists the four factors of production?
labor, needs, capital, entrepreneurs
land, labor, capital, entrepreneurship
land, labor, capital, scarcity
land, labor, wants, entrepreneurs
14
What does it mean to have specialization?
define goals
voluntary
when factors of production perform tasks more efficiently
to distribute
15
Which basic economic problem does the United States share with all other nations?
lack of public services
lack of technology
too much government control
scarcity of resources
16
This market is where goods and services are exchanged for money
product market
labor market
factor market
goods market
