Honors Econ Unit 1 Review

Which is not considered to be a factor of production?

The circular flow model:

Combinations of two goods that a consumer can purchase with a given money income is:

Macroeconomics is the study of economics from the standpoint of:

The economy of North Korea would best be classified as:

Society wants to use its scarce resources efficiently. To achieve this economic goal it must:

In a market economy, incomes of individuals and households depend primarily upon:

Along a PPC, an increase in the production of one type of good can be accomplished only by:

Economics can best be described as the study of:

Which is necessary to make a trade in a barter economy?

Which is not one of the Four Fundamental Questions?

Factors of production in the capitalist system are brought together by:

Which statement best describes a command economy?

In the circular flow model households and individuals offer their services through

The satisfaction or pleasure one gets from consuming a good or service is called:

Businesses and firms sell their output in the

When new products and technologies drive out existing products and techniques:

The process in which workers do specialized tasks to make a product is referred to as:

The private ownership of resources is characteristic of:

Which would not be a characteristic of a capitalist economy?

Which best describes the “invisible hand” concept?

Scarcity refers to the ability of society to:

Increases in resources or improvements in technology will tend to cause a society’s production possibilities curve to:

A basic characteristic of a command system is that:

Which expression is another way of saying “marginal cost”?

What is the meaning of “there is no such thing as a free lunch"?

Economic systems differ according to what two main characteristics?

Which of the points on the graph indicate unemployed resources?

Which condition will encourage competition?

When consumers leave a fast food restaurant because the lines to be served are too long, they have concluded