What does Gross Domestic Product (GDP) measure?

how many goods or services are produced in a country in a year

Standard of living refers to

how well a country meets the needs and wants of people

What is a marginal cost?

a cost for a person or business that changes from month to month

something you sell to another country

Which of these would not be an incentive?

gas price Jan 20: $1.50 gas price Feb 20: $2.50

Which of these statements are true about goods and resources?

resources naturally appear in nature, goods don't

A countries economy is growing when

they are selling more than they are buying

something you buy from another country

What is a fixed cost?

a cost for a person or business that does not change

a system that allows people to buy and sell most products

What is microeconomics?

A specific industry, business, and individuals within an economy

Which of these would be a trade-off?

switching from gas to electric cars for cleaner air

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Basic Economics Ch. 18 and 19

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Questions 31

Answers

1
What does Gross Domestic Product (GDP) measure?
how many goods or services are produced in a country in a year
how weak or strong an economy is
How much debt a country has
how environmentally friendly a country is
2
Standard of living refers to
A country is meeting almost all it needs
A country is meeting almost all it wants
how big the GDP is
how well a country meets the needs and wants of people
3
Which of these would be considered a human resource?
capital
tools
knowledge
clothing
4
Which of these would be considered a need?
food
oil
car
phone
5
All of the following are true in a capitalist economy except
you can own private property
focus on markets
you can only have certain jobs
you can buy or sell anything you want
6
Dominos offers large pizzas for $10.99. Pizza Hut decides to offer their larges for $8.99. What principle is this?
trade-off
specialization
competition
opportunity cost
7
What is a marginal cost?
a cost for a person or business that sometimes remains the same or changes
a cost for a person or business that does not change
a cost for a person or business that is a one time charge
a cost for a person or business that changes from month to month
8
What are exports?
something you buy in your country
something you sell in your country
something you buy from another country
something you sell to another country
9
The United States would be an example of a
command economy
market economy
traditional economy
mixed economy
10
Which of these would not be an incentive?
gas price Jan 20: $1.50 gas price Feb 20: $2.50
Buy one get one free
50% off
Milk price Jan 20: $3.99 Milk price Feb 20 with coupon: $2.99
11
When someone becomes very skilled at a particular task, they have went through...
college
macroeconomics
a trade-off
specialization
12
What is something that you can pay for, but you would not own?
service
capital good
good
resource
13
Which of these is NOT a service?
customer support
Medical office
Walmart
Hairstylist
14
Which of these statements are true about goods and resources?
goods are an unfinished product, resources are finished
goods are used to make resources
resources naturally appear in nature, goods don't
goods naturally appear in nature, resources don't
15
Carter can either take a summer college class, or work a job. He decides to work. What economic principle is this?
opportunity cost
trade-off
specialization
microeconomics
16
What is an entrepreneur?
someone who works for a company
someone who starts a business
someone who buys property
someone who sells capital goods
17
Which of these is NOT one of the three key economic questions?
what to produce
what is used to produce
how to produce something
who to produce something for
18
What prevents people from getting everything they need or want?
free enterprise
capitalism
Gross Domestic Product
scarcity
19
A countries economy is growing when
they are buying more than they are selling
they are producing enough to meet the needs of their people
they are selling more than they are buying
there are more jobs than workers in the country
20
which of the following are an example of a marginal cost?
mortgage payment
rent
food bill
car payment bill
21
What are imports?
something you buy in your country
something you buy from another country
something you sell in your country
something you sell to another country
22
Communism would best fit under which type of economy?
market
command
mixed
traditional
23
which of the following are an example of a fixed cost?
water bill
food bill
rent
gas bill
24
What is a fixed cost?
a cost for a person or business that does not change
a cost for a person or business that sometimes remains the same or changes
a cost for a person or business that changes from month to month
a cost for a person or business that is a one time charge
25
What is capitalism?
a system that allows people to buy and sell most products
a system that is completely controlled by the government
an outdated system that exists only in Eastern Asia
a system that limits how much people can buy or sell
26
Which of these is not a resource?
steel
trees
coal
water
27
What is microeconomics?
A branch of government that regulates an economy
A specific industry, business, and individuals within an economy
A economy of a country as a whole
The economics policies of a specific country in the world
28
Which of these would be considered a want?
phone
food
shelter
water
29
China would be an example of a
market economy
mixed economy
command economy
traditional economy
30
Which of these would be a trade-off?
going to college instead of working
switching from gas to electric cars for cleaner air
volunteering instead of hanging out with friends
buying a snickers instead of skittles
31
scarcity is
an abundance of resources
a lack of resources

Basic Economics Ch. 18 and 19 Flashcards | StudBud