stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Unit 1 Review Flashcards | StudBud
Explore
/
Economics Unit 1 Review
Economics Unit 1 Review
30 terms
·
StudBud Administration
·
1,859 plays
Review for first unit test in Economics. #economics #11thgrade #12thgrade #unit1 #review
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
The slope of the curve in this PPF illustrates this kind of opportunity cost.
Constant opp. cost
Decreasing opp. cost
Increasing opp. cost
Inconsistent opp. cost
2
Which system puts the government over public sector and individuals over the private sector?
Traditional
Mixed
Command
Free Market
3
What you will gain from a choice versus what you will lose represents which principle?
Future consequences count
Costs vs. Benefits
Incentives matter
Scarcity forces tradeoffs
4
Traditional economies tend to value which economic goal?
Economic freedom
Economic equity
Economic growth
Economic stability
5
Any factor that encourages or motivates a person to do something or
not
do something.
Margin
Benefit
Consequence
Incentive
6
A point INSIDE a production possibilities curve represents what?
Impossible production
Inefficiency
Supply and demand
Maximum possible production
7
Which term is most closely related to tradeoffs?
Consequences
Scarcity
Markets
Incentives
8
What does a PPF represent?
Price of a good or service
A company's total profits
An economy's exports and imports
Alternative possible uses for an economy's resources
9
A man-made material, such as a computer, used to make a good or service, is an example of:
Natural resource
Entrepreneurship
Capital resource
Human resource
10
How does a country answer the basic economic questions?
All economies allow the government to answer the questions
Using their economic goals
All economies rely on tradition to answer the questions
All economies rely on markets to answer the questions
11
Which economic system has the MOST government control over the economy?
Command
Traditional
Free Market
Mixed
12
Tools, machinery, and money invested in a business are what type of resource?
Land (Natural)
Entrepreneurship
Labor (Human)
Capital
13
Which economic system answers the basic questions through custom and precedent?
Free Market
Mixed
Traditional
Command
14
A way to compare the cost of an action with the benefits of that action
Future consequences
Incentive backfire
Cost-benefit analysis
Thinking at the margin
15
Which principle of economics states that because resources are limited, we must make choices?
Cost vs. Benefits
Incentives matter
Scarcity Forces Tradeoffs
Future Consequences Count
16
What is the first question that every economy must answer?
What will be produced?
Who will produce?
For whom will it be produced?
How will it be produced?
17
Which economic system provides the LEAST amount of consumer choice?
Free Market
Mixed
Command
Traditional
18
When an employer must decide whether to hire one more employee, which principle is at work?
Thinking at the margin
Markets coordinate to trade
Incentives matter
Future consequences count
19
Karl Marx developed the concept of ________; it is important in a _________ economic system
Communism; Command
Communism; Free Market
Invisible Hand; Free Market
Communism; Free Market
20
Economics is the study of the use of resources under the constant condition of
scarcity
shortage
abundance
surplus
21
When an economy shifts from making one good to producing another, there is always loss called
Supply
Opportunity Cost
Price
Tradeoff
22
Seeing Starbucks and Pizza Hut inside Target illustrates which principle?
Future consequences count
Costs vs. Benefits
Markets coordinate to trade
Scarcity forces tradeoffs
23
Construction workers, teachers, and doctors would all represent this type of resource:
Human (Labor)
Entreprenuership
Capital
Natural (Land)
24
A point on a PPF that is OUTSIDE the curve represents what?
Inefficiency
Maximum possible output
Equilibrium price
Impossible production
25
Which economy has almost no government intervention in the economy?
Command
Mixed
Traditional
Free Market
26
You choose to spend $20 on a book instead of a movie. Your opportunity cost was:
The book
The movie
Production possibilities
$20
27
What is the
opportunity cost
for this economy to go from production pt. C to production pt. D?
3 Gunns
3 Butter
1 Gun
1 Butter
28
Which economic principle would cause people to stop speeding to avoid getting a ticket?
Scarcity forces Tradeoffs
Incentives matter
Markets coordinate to trade
Thinking at the margin
29
Which principle deals with the law of unintended consequences?
Costs vs. Benefits
Incentives matter
Markets coordinate to trade
Future consequences count
30
Adam Smith developed the concept of __________; it is important to the _________ system.
Invisible Hand; Command
Communism; Free Market
Communism; Command
Invisible Hand; Free Market
