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Economics Chapters 1 and 2 (Spring 2025) Flashcards | StudBud
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Economics Chapters 1 and 2 (Spring 2025)
Economics Chapters 1 and 2 (Spring 2025)
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1
Economic increase will cause the production possibilities curve to expand.
False
True
2
Japan has worked hard to move towards labor-intensive methods and away from capital-intensive methods.
True
False
3
an economic system where customs and habits answer the three basic questions of what, how, and for whom to produce
command
market
All of the above.
traditional
4
_____, with an aging population, has begun to replace human workers with robots; world's leader in industrial robots.
South Korea
Singapore
Mexico
Japan
5
Separation of tasks to be performed by different workers is ________.
productivity
division of labor
specialization
all of the above.
6
In a ____ economy everyone knows their role/function.
market
mixed
command
traditional
7
As told by Karl Marx, the capitalist ideal refers to a classless society in which everyone works for the common good.
True
False
8
paradox of value = ______
high value of a essential item and the low value of an nonessential item
high value of a nonessential item and the low value of a essential item
contradiction of what consumers want and what they need
contradiction between gross domestic product and market value
9
When what is bought and sold determines what you make, how you make it, and for whom you make it.
market economy
socialist economy
traditional economy
command economy
10
In a market or mixed economy, producers are powerful because they drive decisions about what to produce.
True
False
11
South Carolina's subtropical climate = _____
land or "gifts of nature"
entrepreneur
capital
labor
12
It is really hard to have economic growth without investing in new resources or new ways of doing things.
True
False
13
_______ refers to an increase in a nation's output of goods and services over time.
Productivity
Wealth
Economic growth
Standard of Living
14
The most fundamental problem facing all societies is ___; not having enough resources to produce everything people want.
None of the above.
diminished human capital
scarcity
the lack of resources
15
The three fossil fuels: oil, coal, and natural gas reserves are examples of = ______
entrepreneurs
labor
capital
land or "gifts of nature"
16
______ refers to our reliance on others to produce goods and services we need.
Productivity
Division of labor
Economic interdependence
Specialization
17
Larry Page and Sergey Brin the founders of Google = entrepreneurs
False
True
18
A nation's wealth is made up of ALL goods and services.
False
True
19
A disadvantage of a ____ economy is that there is a high degree of uncertainty.
command
market
mixed
tradition
20
The most common form of economy in the world today is market.
False
True
21
All societies are faced with which three basic questions about production of goods?
what, where, and when to produce
when, where, and for whom to produce
what, how, and why to produce
what. how, and for whom to produce
22
computers used to produce magazine articles
for People magazine = _______
nondurable good
consumer good
labor or "gifts of nature"
capital good
23
South Korea is the perfect example of a country who tried to make the move to capitalism but failed.
False
True
24
Most people's wants and needs are unlimited.
False
True
25
A market is a meeting place or mechanism through which buyers and sellers come together; may be local/regional/national.
False
True
26
How has the government of Singapore encouraged the move towards capitalism?
attracted scientists from all over the world
spent millions on laboratories
All of the above.
focused their attention on only a few industries
27
There is always some degree of government involvement in a mixed economy.
True
False
28
Zion gets a job at Sonic, which pays him an hourly wage in exchange for his labor; he is participating in a __ market.
capital
All of the above.
product
factor
29
the value of the next best thing (2nd Place) = opportunity cost
True
False
30
According to Adam Smith, value is impacted by a good or service's utility and its level of scarcity.
False
True
31
_____ takes place when factors of production perform only tasks that they can do better or more efficiently than others.
None of the above.
Productivity
Specialization
Division of labor
32
_____ are certificates that can be used to purchase government owned property.
Capital
Stocks
Vouchers
None of the above.
33
Socialist economies include aspects of both command/communist and free-enterprise systems/capitalist.
True
False
34
developer of a new electric battery = ______
entrepreneur
capital
land
labor
35
The amount of output in a specific amount of time with a given amount of resources is referred to as productivity.
True
False
36
Perestroika was the fundamental restructuring of the __________ economy by Mikhail Gorbachev.
Soviet
Chinese
South Korean
Polish
37
Market economies offer uniformity in wages regardless of individual productivity.
False
True
38
each worker learns one task very well (efficiently) = _____
division of labor
None of the above.
productivity
economic growth
39
Nationalization is the conversation of state-owned factories and other property to private ownership.
False
True
40
____ is the association of European nations created to develop a single market with full economic/political cooperation.
European Union
North American Free Trade Zone
Association of Southeast Asian Nations
Soviet Union
41
Sweden moved away from socialism because its citizens objected to the nation's high rate of taxation (TINSTAAFL).
True
False
42
Both goods and services count as wealth.
False
True
43
Mixed economies can evolve when societies with different kinds of economies interact.
True
False
44
fresh peaches = nondurable good
False
True
45
The most comprehensive measure of a nation's wealth is provided by its gross domestic product (GDP).
True
False
46
12th grade economics teacher = capital
True
False
47
____ are manufactured goods used to produce other goods and services. Example: a bulldozer used to build a house
consumer
capital good
durable
service
48
According to Adam Smith, in order for something to have value it needs to have ______?
scarcity
utility
Neither
Both
49
human capital = people's _______
health
skills and abilities
knowledge
All of the above.
50
Which factor of production involves taking risks & combining resources in new ways to produce innovative goods/services.
capital
entrepreneur
land or "gifts of nature"
labor
51
Gross national product refers to gross domestic product per person.
False
True
52
a circular flow = all possible combinations of goods & services an economy can produce when all resources are used
True
False
53
The options that you do not choose are called your opportunity cost. These could be your 2nd, 3rd, 4th, etc. choices.
False
True
54
Who was in control of China when it became a communist economy in 1949?
Boris Yeltsin
Mikhail Gorbachev
Mao Zedong
Lech Walesa
55
quality of life = standard of living (How nice is your house, car, clothes, jewelry, technology, etc.?)
False
True
56
A cost-benefit analysis helps businesses decide whether a certain action is worth the cost.
False
True
57
Consumerism is a movement that promoted the rights of buyers/consumers.
False
True
58
Consumers are expected to read all information about a product before making a purchase. This is a consumer right.
True
False
59
Hiring a housekeeper is a good example of a _____.
labor
land or "gifts of nature"
service
capital
60
Which country instituted the Great Leap Forward in 1958? It was a disaster.
Poland
China
Soviet Union
Japan
