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Economics 2-23-17 Flashcards | StudBud

Explore/Economics 2-23-17

Economics 2-23-17

11 terms·StudBud Administration·15 plays

Basics of economics

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Questions 11

Answers

1
Which is not an economic system?
Market
Production
Traditional
Command
2
What is America's economic system?
Mixed
Command
Traditional
Market
3
What is gross income?
an individual's total personal income, after tax
an individual's amount of debt after income
an individual's total personal income, before tax
half of an individual's total personal income
4
What is scarcity?
a combination of unlimited resources and wants
a combination of unlimited resources and limited wants
a combination of limited resources and wants
a combination of limited resources and unlimited wants
5
Which is not a type of unemployment?
seasonal
unstructural
frictional
structural
6
When Lot’s wife turned and looked at the destruction of Sodom/Gomorrah, what did she turn into?
Puddle of water
Collection of bones
Pillar of salt
Pile of dust
7
Which is a characteristic of socialism?
the government has little control over the economy
the public controls the economy
most prices are set by the state
most of the factors of production are used by the public
8
Which is not a factor of production?
land
labor
luxury
lakes
9
Which is not an unskilled worker's job?
waiting on tables
bartender
assembly line
custodial work
10
Which is not a type of union?
private
local
industrial
craft
11
Economics is the study of when...
people get whatever they want whenever they want
people make choices to fulfill their wants w/ few resources
people can't get anything because they have no money
people who don't care about money