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Unit 1 Fundamentals review
Unit 1 Fundamentals review
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1
All of the following are the basic economic questions,
EXCEPT:
When to produce?
What to produce?
For whom to produce?
How to produce?
2
What does consumer sovereignty mean?
the government tells consumers what to buy
consumers choose what to buy
consumers
consumers have no say so
3
How are public goods and services provided?
through income redistribution
Through private businesses
through the supreme court
through taxes
4
Which one of the three economic systems value property rights?
command
Traditional
market
mixed
5
Unlimited wants, but limited resources
marginal cost
scarcity
marginal benefit
opportunity cost
6
Pollution is considered a...
positive externality
negative externality
7
What do you know about marginal cost and marginal benefit?
benefits < costs
benefits > costs
8
What economic system provides full private property?
mixed
market
capitalism
command
9
Which of the 3 broad social goals goes with a Market economy?
Equity, stability, growth
freedom, growth, equity
Freedom, growth, security
Efficiency, growth, equity
10
What would cause this curve to shift to the right?
Rise in unemployoment
U.S. government fails
A tornado hitting both factories
New Technology
11
Sam purchases a combo meal at a fast food restaurant for $5.00. This scenario is best described as
total cost
specialization
functions of money
voluntary exchange
12
Which of the following best defines increased productivity? (SSEF6a)
Less government
Increased output with fewer inputs.
Efficiently utilizing outputs.
Increased inflation.
13
Which of the following would be an example of land?
computers
humans
chickens
telephone
14
What is human capital?
a human pyramid
ability to increase one's body mass
physical money
ability to increase one's knowledge
15
What is productivity?
measuring inputs to outputs
costs > benefits
measuring inputs
measuring outputs
16
Economics is the study of...
businesses
choices
America
the economy
17
What is an incentive?
a demotivation
it looks good
a motivation to get better
it smells good
18
This is considered a third party cost and/or benefit to society.
Externality
Market Failure
Productivity
Supply and Demand
19
Which of the following allocation strategies is based on the voting population?
Authority
Lottery System
Majority Rule
Force
20
A PPC represents...
marginal benefit
Investment
opportunity cost
marginal cost
21
What does the word allocate mean?
distribute
take care of
distort
change
22
What do points B, D, and C represent?
Inefficient
Goal
Unattainable
Efficient
23
All of the following are examples of capital,
EXCEPT
:
sewing machine
telephone
Bill Gates
tractor
24
How does the government redistribute income?
tax money funds servies (welfare, ss, disability)
they take money from their paychecks to pay the people
taxes money funds walmart
the government doesn't get money
25
What is a trade-off?
the other choice you didn't choose
opportunity cost
stopping trade
trade
26
Which of the following are forms of government regulation?
CDC
EPM
GPS
FDA
27
This economy is based on how their ancestors economy.
Traditional
Command
Market
Mixed
28
What does point A represent?
unattainable
Efficient
Inefficient
allocatively efficient
29
What is the purpose of government regulation?
to keep people from buying goods
to spend money
Ensure quality and safety of products
to impose taxes
30
What is the purpose of the government?
provide for the general public
protect consumers
redistribute income to the needy
to keep people safe
31
Who runs a market economy?
the people
Bill Gates
the government and people
the government
32
All of the following are factors of production, EXCEPT:
Natural Resources
Human Resources
Money
Physical Capital
33
Mrs. Jordan is an economics teacher. What does this refer to?
smartness
specialization
distribution
allocation
34
Where do households buy goods?
government
product market
resource market
factor market
35
What is an opportunity cost?
what you give up, when you give up
a scarce good
what you give up, to gain something else
the cost you pay for a good
36
Which of the following is considered a positive incentive?
Working long hours to earn vacation time
Poor job performance= no job
Speeding Tickets
Tardiness= fired
37
All of the following are example of command economies,
EXCEPT
:
North Korea
Former Soviet Union
Cuba
France
38
Joey gave up a good grade on his test because he went to the movies.
opportunity cost
trade off
39
What does the term "equity" mean?
efficient
unruly
productive
fair
40
What does the term "efficient" mean?
unattainable
using all resources
using non of your resources
goal
41
Trees, oil, chickens, and cows are which of the four factors of production?
natural resources
human resources
physical capital
entrepreneur
42
How can someone increase their human capital?
be a couch potato
Eat potato chips
go to college
learn a new skill
43
Brayden is a farmer. What factor of production does he represent?
land
entrepreneur
capital
labor
