Duplicate of Economics Review #1

What is a factory building an example of?

Any resources made by humans and used to create other wealth are called

The three main points on a production possibility curve are

To improve its standard of living, a nation’s economy must

The ability to prosper in a country without intervention from government or economic authority

What is the purpose of a production possibilities graph?

Which of the following is NOT a key economic question?

Which of the following is characteristic of a traditional economy?

Which of the following might be an advantage of command economies?

Balance of economic distribution in a population that is considered balanced between the people

A stable source of financial income for on-going maintenance of one's standard of living

According to Keynesian economics, the government

What is the major basic problem in economics and forces people to make choices?

Which of the following are factors of production?

Increase in a country's productive capacity, measured with GNP and GDP.

Human capital includes

In what kind of economy does the government make all the decisions?

Which of the following would be characteristic of a traditional economy?

Which of the following is an example of a firm trying to increase its human capital?

The main economic actors of a market circular flow model would include

What explains why prices are kept low at the same time the quality of a product is kept high?

What happens when workers are laid off?

The opportunity cost of a decision can be examined by using a

What are methods used to encourage people to take certain actions?

A socialist society has a more flexible command economy than a communist society because

Which of the following describes economics as it ought to be?

1. Increasing the number of laborers in an economy generally causes a(n)

The factors of production are

What does a circular flow model of a market economy show?

Which of the following best describes the economy of the United States?

Which of the following best describes an entrepreneur?

All goods and services are scarce because

Which of the following studies the behavior of the economy as a whole?

An economy that is producing the maximum amount of goods and services is considered

Balance in production between losses and gains made given the resources that one was allocated.

Where do businesses buy resources and households sell resources in the circular flow model?

What is the opportunity cost of a decision?

Which economist claimed that the government should own all means of production?

What effect does technology usually have on an economy?

The resources used to make all goods and services are the

How would you describe an economy that uses its resources to make the greatest possible goods?

Which economy is efficient?

Food, clothing, and televisions are all examples of

Which of the following is NOT an example of a public good?

Which of the following was a free market thinker (philosopher)?