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Economics Basics Flashcards | StudBud

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Privatization transfers authority to?

Communism is extreme socialism

Economics Basics

20 terms·StudBud Administration·73 plays

Test your knowledge on fundamental economic concepts and systems

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Questions 20

Answers

1
Communism is extreme socialism
True
False
2
Privatization transfers authority to?
Individuals
None of these
Government
Central authority
3
Economic wants are for?
Friendship
Nonmaterial things
Scarce goods
Sunshine
4
Socialism controls factors of production
True
False
5
Capitalism allows private citizens to?
Control government
Produce anything
Avoid taxes
None of these
6
Capital goods are?
Transform resources
Directly satisfy wants
Natural resources
Nonproductive
7
Noneconomic wants include?
Happiness
Capital goods
Scarce goods
Services
8
Market economy is controlled by?
Central authority
None of these
Government
Individuals
9
Human capital is?
Capital goods
Accumulated knowledge
Physical resources
Natural resources
10
Factors of production include?
Happiness
Land
Sunshine
Friendship
11
Private property can be?
Sold
Used
All of these
Owned
12
Mixed economy uses aspects of?
Command economy
Market economy
None of these
Both
13
Consumer goods directly satisfy wants
True
False
14
What number was this year's Super Bowl?
LXIV
LXI
LIX
XII
15
Labor refers to?
Human effort
Entrepreneurship
Natural resources
Capital goods
16
Natural resources are?
Man-made
Nonproductive
Unlimited
Provided by nature
17
What is economics about?
Satisfying wants
Using services
None of these
Producing goods
18
Utility is the ability to?
Accumulate wealth
Produce services
Create goods
Satisfy a want
19
Command economy is controlled by?
Central authority
Individuals
None of these
Market
20
Who is a producer?
Government
Entrepreneur
Anyone creating utility
Consumer