Test review

Question 1

In a _______ both the government & individuals play important roles in production & consumption

Accepted Answer

Mixed economy

Question 2

Forests, fresh water, and fish are examples of

Accepted Answer

renewable resources

Question 3

Which of these principles best explains the enigma: why don't more people carpool?

Accepted Answer

cost vs benefits

Question 4

The ability to make our own economic decisions without interference from the government is

Accepted Answer

Economic Freedom

Question 5

Why does scarcity exist?

Accepted Answer

Our wants are unlimited, & our ability to satisfy them isn't

Question 6

Things that governments in a mixed economy might regulate or provide as listed in your text:

Accepted Answer

all of these

Question 7

Counting on the goods and services we need to be there when we want them is known as....

Accepted Answer

Economic Stability

Question 8

What does the production equation look like?

Accepted Answer

land+labor+capital=goods & services

Question 9

7 Principles of Econ: markets are the best way to coordinate exchanges with buyers & sellers

Accepted Answer

Markets Coordinate Trade

Question 10

Communism philosophy:

Accepted Answer

From- according to ability, to- according to his needs

Question 11

Seeking to provide less fortunate members with the support they need to live decent lives is

Accepted Answer

Economic Security

Question 12

What is the Rational Behavior Model?

Accepted Answer

People behave in ways based on self interest

Question 13

What is a PPF?

Accepted Answer

all of these

Question 14

What did Karl Marx and Friedrich Engels advocate for?

Accepted Answer

all of these

Question 15

Money earned by a business after subtracting its production costs

Accepted Answer

profit

Question 16

What you gain from something is considered a:

Accepted Answer

benefit

Question 17

7 Principles of Economics: People respond to incentives in a predictable manner

Accepted Answer

Incentives Matter

Question 18

The U.S. Economic System: government laws & agencies regulate but don't operate U.S. businesses

Accepted Answer

limited government

Question 19

Law of Diminishing Marginal Utility: the __ you consume, the __ utility of each additional unit

Accepted Answer

more/less

Question 20

How do people in traditional economies produce?

Accepted Answer

all of these

Question 21

The U.S. Economic System: we are free to work where we want, buy & sell what we want

Accepted Answer

economic freedom

Question 22

The tools, machines, and buildings used in the production of other goods and services:

Accepted Answer

capital

Question 23

The impact of the war in the Middle East on the rate of inflation in the U.S. is an example of

Accepted Answer

macroeconomics

Question 24

The knowledge and skill gained from education, on the job training or other experiences:

Accepted Answer

human capital

Question 25

What key elements assist with economic growth?

Accepted Answer

all of these

Question 26

A factor that encourages or motivates a person to do something is known as:

Accepted Answer

incentives

Question 27

Income earned when someone sells or rents a factor of production that he or she owns

Accepted Answer

factor payment

Question 28

The U.S. Economic System: we have the right to buy, sell, and control the use of our property

Accepted Answer

property rights

Question 29

Which of these are NOT one of the 3 basic categories of factors of production?

Accepted Answer

goods

Question 30

In this role entrepreneurs find ways to turn new inventions into goods or services people want:

Accepted Answer

Innovator

Question 31

Fossil fuels like oil, coal, and natural gas are examples of

Accepted Answer

non-renewable resources

Question 32

A condition that occurs when there is a lack of something that is desired is known as

Accepted Answer

a shortage

Question 33

Producing more goods that lead to an improved standard of living is known as....

Accepted Answer

Economic Growth

Question 34

The exchange of one benefit for another that is better is:

Accepted Answer

a tradeoff

Question 35

7 Principles of Economics: people choose something when the benefits outweigh the costs

Accepted Answer

Costs vs Benefits

Question 36

Anything used to produce an economic good or services is known as a

Accepted Answer

resource

Question 37

Making the most of society’s resources is known as:

Accepted Answer

Economic Efficiency

Question 38

In this role entrepreneurs supply the drive, & enthusiasm needed to turn ideas into realities

Accepted Answer

Sparkplug

Question 39

7 principles of Economics: limited resources force people to make tradeoffs

Accepted Answer

Scarcity Forces Tradeoffs

Question 40

The U.S. Economic System: firms can compete with each other for business

Accepted Answer

competition

Question 41

In this role entrepreneurs supply the vision & make the key decisions

Accepted Answer

Strategist

Question 42

This results when people have limited resources but unlimited wants

Accepted Answer

scarcity

Question 43

The U.S. Economic System: we have to right to enter contracts to buy & sell goods & services

Accepted Answer

binding contracts

Question 44

Money invested in stocks, bonds, real estate, or business to produce future wealth:

Accepted Answer

financial capital

Question 45

Which of these are NOT one of the 3 Economic Questions?

Accepted Answer

How much goods and services will cost to be produced

Question 46

When someone buys your lunch, even though it was free to yo someone had to go without. This is

Accepted Answer

Both answers are correct

Question 47

The effect of change in the price of Coke on the purchase of Pepsi is an example of

Accepted Answer

microeconomics

Question 48

Who makes the economic decisions in a market economy?

Accepted Answer

The producers and consumers

Question 49

7 Principles of Economics: Decisions involving doing a little more or less of something

Accepted Answer

Thinking at the Margin

Question 50

In this role entrepreneurs invest their time & energy not knowing if they will succeed or fail

Accepted Answer

Risk taker

Question 51

7 Principles of Economics: Decisions made today have effects in the future

Accepted Answer

Future Consequences Count

Question 52

7 Principles of Economics: People benefit by focusing on what they do well then trading

Accepted Answer

Trade Makes People Better Off

Question 53

A system where individuals own the factors of production & makedecisions about how to use them

Accepted Answer

Free enterprise system

Question 54

The U.S. Economic System: we all have the same legal rights in the marketplace

Accepted Answer

equal opportunity

Question 55

Who makes the decisions about production and consumption in a command economy?

Accepted Answer

A powerful ruler or some other authority

Question 56

The satisfaction one gains from consuming a product or service is considered

Accepted Answer

utility

Question 57

Socialism philosophy:

Accepted Answer

From- according to ability, to- according to contribution

Question 58

The U.S. Econ System: the desire for profit provides incentive to work & create new business

Accepted Answer

profit motive

Question 59

The study of how people choose to use their limited resources to satisfy their wants is

Accepted Answer

Economics

Test review

Questions 59

Test review

Questions 59