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Econ Fundamentals Exam Review - 2024-2025 Flashcards | StudBud
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Econ Fundamentals Exam Review - 2024-2025
Econ Fundamentals Exam Review - 2024-2025
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Questions
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Answers
1
According to Frederick Hayek, less government intervention gives people more economic freedom. Which answer is true?
Government intervention does not reduce economic freedom.
Hayek's statement is false.
Hayek's statement is true.
Not enough information is proviced to answer the question
2
Studying instead of playing video games, hanging with friends, or watching sports. This scenario is an example of
trade offs
utility costs
expenses
give ups
3
What are factors of production?
all the human efforts involved in the production process
all the physical tools and equipment used in the production process
all the resources used to produce any goods and services
all the naturally occurring resources found in land, air, and water
4
This is the phenomenon that Adam Smith said guides firms in a market based economy
incentives
revenue
scarcity
the invisible hand
5
According to Adam Smith, and to Coach Searcy, all decisions are made based on individual
utility
self-interest
profit
incentives
6
Going to sleep instead of doing homework - what is the opportunity cost in this scenario?
The money lost from not working.
The rest gained from the sleep.
The sleep not gotten
The academic information not gained
7
Credit is most commonly obtained from financial instutions by leveraging
property
utilities
human capital
money
8
Joe's Pastry Shop decides to make hamburgers on some of its equipment rather than pastries. As a result, a PPC may show
a curve shift to the right
a point outside the curve
all its points on the curve
a point inside the curve
9
In this type of economy, the aggreement between producers and consumers is the primary driver.
Traditional
Command
Market
Contemporary
10
This determines for whom, how, and what a society will produce goods and services?
the external sector of the society
the economic system in the society
the available resources in the society
the population of the society
11
If the amount of land available to the company increases, the PPC will likely
not enough information to answer the question
shift to the right
have no impact on the PPC
shift to the left
12
Scarcity and shortages are
the same
different in that scarcity can be corrected but shortages cannot
different in that shortages can be corrected but scarcity cannot
both solvable
13
Which shows government intervention in an economy from highest to lowest?
market, command, mixed
market, mixed, command
command, market, mixed
command, mixed, market
14
Salary increases, commisions on sales, and stock options are all examples of this type of incentive
non-monetary
opportunity
monetary
fiduciary
15
To improve the economy, a communist government gives citizens limited economic freedom. A concern it may have is
citizens cannot provide for themselves
citizens will want more economic freedom
the government will lose tax revenue
the government cannot meet the demand
16
Hungry & deciding between menu items to get the most for the $3 you have. What is the scarce resource in this scenario?
money
hunger
time
food
17
The three economic questions that an economic system answers are
Who will consume, How will they consume, & Why will they consume
What to produce , How to produce, & For whom to produce
How to produce, What to produce, & For whom to consume
What to produce, Why to produce, For whome to produce
18
You stay after practice for extra workouts to be a better player & get more playing time. The incentive(s) here is/are
more playing time
to be a better player
both triangle & square
the extra workouts
19
Being able to use your financial and property resources in the ways you want and that bring the most benefit to you is
Economic Growth
Economic Freedom
Economic Equity
Economic Stability
20
International trade agreements can ______________
cause an increase in the price of domestic goods
All of these are correct answers
reduce the level of competition between foreign and domestic players
open new markets for domestic goods
21
An investment in human capital by a country can cause
all of these are correct
a decline in inefficiency
less unproductivity
growth in GDP
22
Investing in physical capital is more associated with
an increase in speed and productivity
an increase in expenses and revenue
a decrease in ineffectiveness and revenue
a decrease in expenses and productivity
23
People's savings accounts & bank deposits can
be infusions into the economy
be injections into the economy
be any or all of these answers
be leaked into the economy
24
The nine resource allocation strategies are used
to distribute scarce resoures in a society
by government to disrtribute scarce resources
all of these answers are correct
to allocate scarce resources in a society
25
In which economic system would equal wages & full employment be more indicative of?
traditional
command
market
contemporary
