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Introduction to Economics Flashcards | StudBud
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Introduction to Economics
Introduction to Economics
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Questions
20
Answers
1
Which of the following is
NOT
a principle of free enterprise?
Private Property
Democratic elections
Competition
Risk
2
Land, labor, and capital are the factors of production.
False
True
3
What term refers to the issue of having an unlimited amount of needs but a limited amount of resources to fulfill them?
Scarcity
Market Failure
Competition
Risk
4
Which of the following is
NOT
an example of physical capital at a movie theatre?
Popcorn Maker
The knowledge of how to work a film projector
Film Projector
Cash Register
5
What term refers to the physical products purchased by people to fulfill needs and wants?
Services
Income
Goods
Risk
6
What does gross domestic product (GDP) measure?
The total income earned by all citizens of a country
The national debt of each country
The total amount of goods sold in a country
The value of all goods produced by the economy of a country
7
Which type of economy most prominently features the Invisible Hand?
Market
Traditional
Mixed
Command
8
A business cycle is a series of macroeconomic expansion followed by a period of contraction.
True
False
9
Which point on this graph represents a market failure?
D
A
X
C
10
What type of economy features a government that owns and controls all the factors of production?
Command
Mixed
Traditional
Market
11
What term refers to the potential benefits one misses out on by making a decision?
Market Failure
Opportunity Cost
Free Enterprise
Scarcity
12
What economic term refers to the actions people receive to fulfill their needs and wants?
Capital
Goods
Services
Scarcity
13
Which of the following is
NOT
an assumption that is made in the production possibilities frontier?
There is no technological innovation
There is maximum efficiency in the use of resources for production
The graph shows a country’s economic production over a period of many years
Only two goods or services are being produced
14
What kind of economy features individuals who own the factors of production with no government intervention?
Market
Mixed
Traditional
Command
15
What is happening to the opportunity cost as you go across this graph?
Decreasing
Increasing
Constant
16
Which of the following is NOT one of three key economic questions economists seek to answer?
How will the goods and services be produced?
What goods and services are being produced?
Where will the goods and services be sold?
Who are the goods and services for?
17
Which of the following is
NOT
a key principle of free enterprise?
Risk
Open Opportunity
Competition
Scarcity
18
What is happening to the opportunity cost as you go across this graph?
Increases
Constant
Decreases
19
What kind of economy does this model best represent?
Market
Mixed
Traditional
Command
20
This model best represents a mixed economy.
False
True
