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Econ Ch.1 and 2 Review Game (2017-18) Flashcards | StudBud
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Econ Ch.1 and 2 Review Game (2017-18)
Econ Ch.1 and 2 Review Game (2017-18)
34 terms
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8 plays
#econ #economics #introtoeconomics #economicsystems
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
________ are supposed to have sovereignty in market economies.
Producers
Governments
Consumers
2
Which of the following is NOT one of the factors of production?
entrepreneurship
land
goods and services
labor
3
Inefficiency in a PPC could be caused by...
acquiring new resources.
broken technology.
better workers.
4
When one economizes, one must give up something. This is known as a...
trade-off.
cost-benefit analysis.
factor of production.
circular flow.
5
In the Circular-Flow Model, business are ________ and households are ________.
consumers, producers
producers, consumers
both businesses and households produce and consume.
6
Market economies generally make ________ responses to changes in economic conditions.
slow
fast
7
In _________ economies, goods and services are produced for the purpose of survival.
command
traditional
lassiez-faire
market
8
A producer is...
someone who provides goods and services.
someone who consumers goods and services.
9
The value of the thing one trades-off is known as the...
opportunity-cost.
disincentive.
incentive.
cost-benefit.
10
On a PPC, as one moves away from one product to the other, opportunity costs will always...
increase.
decrease.
PPCs have nothing to do with opportunity costs.
remain constant.
11
What is this?
a cost-benefit analysis
a demand curve
a particle projection cannon
a production possibilities curve
12
________ economies desire as little government involvement as possible.
Command
Market
13
On a PPC, efficiency is shown by placing a point...
outside of the line.
inside the line.
on the line.
14
There is no such thing as...
opportunity costs.
the law of economics.
entrepreneurship.
a free lunch.
15
In the product market of the Circular Flow Model, ________ buy from ________.
businesses, households
households, businesses
16
This type of product is work that one does for another.
service
good
17
In market economies, business are motivated by _______ to offer better goods at lower prices.
dictatorship
humanitarianism
government involvement
competition
18
According to the assumptions of a PPC, resources...
are full-employed.
are fixed.
are both fixed and fully-employed.
do not matter.
19
One performs a(n) ________ to determine how best to use one's limited resources.
opportunity cost assessment
cost-benefit analysis
incentive analysis
factor of production
20
A(n) ________ is a benefit that encourages one to act in a certain way.
product
opportunity cost
cost
incentive
21
According to the Circular-Flow Model, ________ buy from ________ in the factor market.
households, businesses
businesses, households
22
________ studies the ways people use their limited resources to meet their unlimited desires.
Communism
Globalization
Socialism
Economics
23
According to the Law of Economics, people have ________ wants, but _________ resources.
limited, unlimited
unlimited, limited
24
Capital does NOT include...
the machinery used to produce a product.
special knowledge or skills possessed by workers.
vehicles used to deliver a product to consumers.
none of the other answers are correct
25
Production Possibilities Curves show...
production impossibilities.
all the other answers are correct.
underutilization.
efficiency.
26
In command economies, economic questions are answered by...
the government.
private businesses.
consumers.
27
According to the assumptions of a PPC…
the amount of resources is fixed.
the number of workers does not matter.
all technology is removed.
only one product can be produced.
28
On a PPC, underutilization is shown by placing a point...
on the line.
outside of the line.
inside the line.
29
________ refers to the workers needed to produce a product.
Labor
Entrepreneurship
Capital
Land
30
A consumer is...
someone who uses a product.
someone who makes goods and services.
31
This factor of production refers to all of the natural resources used to produce a product.
land
labor
capital
entrepreneurship
32
On a PPC, a production impossibility is shown by placing a point...
on the line.
inside the line.
outside of the line.
33
In ________ economies, producers are motivated by profit.
communist
traditional
market
command
34
Modern economies are...
mixed and global.
mixed.
global.
