Capital is economics is most closely considered which of the following?

Previously manufactured tools or equipment used to create

All economic systems must answer the three basic questions, these questions are:

What, how and for whom to produce?

Land, as an economic term most closely resembles which of the following:

Naturally occurring scare resources/gifts of nature

Entrepreneurs tend to:

Take a financial risk in search of profits

There are several characteristics of entrepreneurs. Which of the following is a common trait?

They are accepting of taking risk

What is an opportunity cost?

The next best alternative forgone when a choice is made

The study of how scarcity affects the choices society makes

Not being able to have everything you want because of lack

"Lassez Faire" most closely represents what idea?

That the government should have a hands off approach

Which of the following would be an example of a traditional economy?

Tribes and villages in undeveloped Africa

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EOY Review Unit 1: Intro to Economics

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Review of Polk County Economics with Financial literacy EOY exam

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Questions 16

Answers

1
Capital is economics is most closely considered which of the following?
Paid labor in the production process
Natural resources or gifts of nature
Previously manufactured tools or equipment used to create
Using naturally occurring resources in the production proces
2
Which of the following is an example of capital?
Knowledge and experience an entrepreneur has
A plot of land
A bulldozer
A cow
3
Who controls the factors of production in a market economy?
No one
Tradition
The government
The people
4
All economic systems must answer the three basic questions, these questions are:
Why, Where, and How to produce?
When,Why, and How to produce?
What, how and for whom to produce?
Cuando, Donde', Que to produce?
5
Land, as an economic term most closely resembles which of the following:
The ground we physically step on
Political boundaries set by government's of a certain area
None of the above
Naturally occurring scare resources/gifts of nature
6
Which famous economists believes in "Lassez faire" and is the father of free market economics?
Joseph Stalin
Rupert Murdoch
Adam Smith
John Maynard Keynes
7
Who controls the factors of production in a command economy?
Tradition
The people
No one
The government
8
Entrepreneurs tend to:
Not be highly educated
Be very risk adverse
Take a financial risk in search of profits
Lack creativity
9
Which of the following would an economist consider "land?"
Cattle
A farm worker
An assembly line
A cash register
10
There are several characteristics of entrepreneurs. Which of the following is a common trait?
They do not feel comfortable taking risk with their money
They are accepting of taking risk
They are not accepting of taking risk
Tend to not be creative
11
What is an opportunity cost?
The condition of not having everything you want
All of the different possibilities with time/money
A financial situation in which a choice must be made
The next best alternative forgone when a choice is made
12
What is economics?
The study of how scarcity affects the choices society makes
The study of how scarcity results in supply and demand
The study of the circular flow of markets
The study of finances and money
13
What is the opportunity cost in terms of robot production when moving from point C to point A?
2 robots
3 robots
4 robots
1 robot
14
What is scarcity?
The idea that all of society must use labor to produce
Not being able to have everything you want because of lack
Previously manufactured tools or equipment
The idea that natural resources always replenish themselves
15
"Lassez Faire" most closely represents what idea?
The idea that traditional economies are superior
The idea that the government should intervene in our economy
That the government should have a hands off approach
The government should be heavily involved in the economy
16
Which of the following would be an example of a traditional economy?
Tribes and villages in undeveloped Africa
Cuba
The United States
The former Soviet Union

EOY Review Unit 1: Intro to Economics Flashcards | StudBud