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REVIEW: Foundations of Economics Test Std EF3-4 Flashcards | StudBud
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REVIEW: Foundations of Economics Test Std EF3-4
REVIEW: Foundations of Economics Test Std EF3-4
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Quiz review covering Georgia standards SSEF3, SSEF4
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
Attending school or a training program is investing in which of the following?
entrepreneurship
human capital
physical capital
candy
2
Efficiency
is producing the most possible with the least waste of resources.
True
False
3
What could have caused the changes seen in the PPC graph?
a natural disaster
increased prices for goods A and B
a worker's strike (stop going to work)
an increase in labor resources (more workers)
4
Protection of property rights is critical (VERY important) to a market economy.
True
False
5
What could cause a PPC for cheese to shift to the left (inward)?
the company receives new business investments
increased cost of milk
new technology speeds up the production process
cheaper labor means more workers for the factory
6
In a mixed economy, the decision to make (or not make) certain products is decided by:
Custom and tradition.
Producers (individuals and businesses).
Entrepreneurs
Governments and producers are both involved.
7
Social Economic Goal: Equity means what?
How much we spend in a year.
Everyone is paid the same.
Fairness in the economy.
What allows the government to spend money on our military.
8
In a Command Economy...
individuals and businesses make decision based on supply and demand
none of the above
the government makes all economic decisions
the economy is run fully by entrepreneurs
9
Social Economic Goal: Efficiency means what?
Resources are distributed equally.
Working as fast as possible.
Getting the maximum from scarce resources (less waste, more production).
People face tradoffs.
10
Which is NOT a social economic goal?
Economic security
Economic sustainability
Economic stability
Unemployment
11
What is an example of a public good or service provided by the government? Choose ALL correct answers.
education
carrots
national defense
interstate highways
12
What nation has the strongest command economy?
USA
Cuba
Canada
North Korea
13
Laws protecting the environment are an example of government regulations.
True
False
14
Which country has a pure (100%) market economy?
Russia
none
USA
UK
15
What is literacy rate?
The percentage of the population who can read and write.
The expected years a person will live.
The ability to read and write.
Mallory's class
16
Marie can spend $20 on dinner or a movie. She chooses the movie. What is her opportunity cost?
gas for her car
the movie
the dinner
the $20 she spent
17
Countries with a high literacy rate usually have a lower standard of living.
False
True
18
Voluntary Exchange means:
The government must approve trade.
One must volunteer for taxes to come out of their check.
The interaction between government and consumers
A producer is free to sell and a consumer is free to buy.
19
What is happening in the PPC graph?
Economic decline/decrease
Economic growth
20
Invest
means to use money, time, and/or skills to try to improve something.
False
True
21
Which countries have a mixed economy? Choose ALL correct answers.
Japan
France
United States
Mexico
22
Point D on this PPC represents:
a decrease in people who eat cheese
maximum production
underutilization and inefficiency (waste)
impossible with the current resources
23
Moving from point A to point B on this PPC incurs an opportunity cost of
3 trucks
5 trucks
5 boats
2 boats
24
A movement from curve 1 to curve 2 shows economic __________ on this production possibilities curve
growth
decline (decrease)
25
What is happening in the PPC graph?
Decrease in productivity
Increase in productivity
26
The government collecting taxes and then using tax money to provide services is redistribution of income.
True
False
27
Which of the following is shown on a production possibilities curve graph? Choose ALL correct answers.
opportunity cost
efficiency
trade offs
country's total economic production
28
Which economic system is B?
Mixed
Command
Market
29
Moving from point C to point A on this PPC causes an opportunity cost of
4 trucks
5 boats
5 trucks
2 boats
30
Why is specialization important?
It eliminates (removes) the need for trade.
It leads to higher productivity and efficiency.
It causes the production possibilities graph to decrease.
It causes self-sufficiency (do it yourself, no help).
31
Which economic system is C?
Market
Mixed
Command
32
Point E on this PPC represents:
impossible with the current resources
an increase in goats' milk cheese
maximum production
underutilization and inefficiency (waste)
33
__________ describes how well a person, a group, or a country is doing economically.
Wealth
Productivity
Standard of living
Social economic goals
34
What does
commerce
mean?
trade on a large scale
trade on a small scale
very funny
advertisement on tv
35
The values in different countries' economies that guide individuals, businesses, and governments are...
reasons for low productivity
social economic goals
big problems to solve
profit-focused goals
36
Which is an example of how government is involved in a mixed economy?
protecting property rights of individuals and businesses
regulations for safety
all are correct
taxes
37
What you
give up
when you make an economic decision is called. . .?
scarcity
loss
opportunity cost
marginal benefit
38
What are the benefits of voluntary exchange?
No benefits--voluntary exchange hurts the economy
Prices are always low.
More goat cheese.
Increases productivity/efficiency and encourages inventions and innovations
39
How does division of labor make businesses more efficient? Choose TWO answers.
Workers do jobs that match their skills, so no waste of human capital
Everyone knows how to do everything.
Workers become highly skilled because they practice one job often.
The dumb people get the dumb jobs.
40
In a market economy, the decision to make (or not make) certain products is decided MOSTLY by:
Custom and tradition.
Governments
Producers (individuals and businesses).
Entrepreneurs
41
Why does the government provide consumer protection?
Protect people from being scammed or cheated
Provide a healthy environment to live and work
All are correct
Protect from products and services that are dangerous
42
What is
specialization
?
The teacher gives you a star sticker
focus on one responsibility/job/skill when producing a good/service
When a worker builds a house
When a worker does many jobs all day every day
43
The US has a mixed-market economy.
True
False
44
What are the 3 economic questions?
what to produce? who to produce for?
where to produce?
what to produce?
how to produce?
45
Unlimited needs and wants conflicting with limited resources is the definition of ________.
trade offs
scarcity
opportunity cost
productive resources
46
Which economic system is A?
Market
Command
Mixed
47
What is government regulation?
using laws and rules to control actions
annoying
Respect, Responsibility, Resilience
Decision-making in a command economy
48
Points A, B, and C on this PPC represent:
impossible with the current resources
investment in new technology
underutilization and inefficiency (waste)
maximum production
49
Social Economic Goal: Freedom means what?
Everyone gets free money!
Producers and consumers both make decisions about production and buying.
The right to vote on economic policy.
Free to pick your own job.
50
What is human capital?
workers
robots
equipment and tools
the skill and knowledge of workers
