stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Benchmark 1 Practice (Economics) Flashcards | StudBud
Explore
/
Benchmark 1 Practice (Economics)
Benchmark 1 Practice (Economics)
19 terms
·
StudBud Administration
·
90 plays
Complete the Benchmark Practice Quiz to get you ready!
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
Use table: Which factor of production is conserved through the use of physical capital?
entrepreneurship
labor
knowledge
2
Why would scarcity and choice most likely be basic economic problems for all people?
Resources are limitless and we have unlimited choices.
Resources are always limited, and we must make choices.
3
The high-fashion clothing in the photograph best represents the idea of
wants
shortages
needs
4
Best statement concerning the effect of U.S. policies on economic growth:
U.S. policies has led to strong steady growth.
U.S. policies ignore the impact of the business cycle.
U.S. policies have resulted in sporadic growth.
U.S. policies have had a negative effect on growth.
5
Which of the following individuals would be involved in the basic questions in a command system
government official
individual producers.
6
The practice of voluntary exchange in a free market reflects the characteristic of -
economic freedom
profit
7
What do the arrows on the graph represent?
economic growth
maximum efficiency
underutilization
8
Which country on the map faces scarcity in gasoline?What conclusions can be drawn from the map?
Scarcity is not determined by the wealth of a given nation.
Scarcity only occurs in countries with large populations.
Scarcity is a third world problem.
9
Which of the following accurately fills in the missing entry in the chart?
Opportunity Cost
Additional Benefit
Factor of Production
10
How should scarcity and shortages most accurately be compared?
Shortages always exists; scarcity is manageable.
Scarcity always exists; shortages are manageable.
11
Point b on the curve in the chart is referred to as—
the resource plot
the production possibilities frontier
the resource prediction curve
the production possibilities cost
12
Which of the three basic questions does the graph most clearly involve?
How should goods and services be produced?
This graph is not related to the basic questions.
What goods and services should be produced?
Who consumes goods and services?
13
Purchasing a new piece of equipment for one's factory is affecting which factor of production?
Physical capital
Human capital
14
In a free market system, the factors of production are owned by -
individuals and private businesses
the government
15
The photograph best reflects the working of a -
socialist economy.
command economy
free enterprise economy.
traditional economy.
16
Which economic goal is best achieved as a result of the innovation encouraged by competition
growth
equity
17
Free market economies and capitalist economies are also referred to as -
free enterprise systems
factor and product markets
18
Which conclusion is best supported by the graphic?
centrally planned economies dominate modern systems.
mixed economies are relatively rare.
most economies are mixed economies.
19
Graph: what is the conclusions of cell phones and laptops if the output of each is at point "b"
Resources for both are being underutilized
Resources for both are being used, resulting in max. growth.
