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Unit 1 Fundamentals review Flashcards | StudBud
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Unit 1 Fundamentals review
Unit 1 Fundamentals review
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Answers
1
This is considered a third party cost and/or benefit to society.
Productivity
Market Failure
Externality
Supply and Demand
2
Which of the following is considered a positive incentive?
Speeding Tickets
Working long hours to earn vacation time
Poor job performance= no job
Tardiness= fired
3
What is the purpose of the government?
redistribute income to the needy
provide for the general public
to keep people safe
protect consumers
4
What does consumer sovereignty mean?
consumers choose what to buy
consumers
the government tells consumers what to buy
consumers have no say so
5
What does the word allocate mean?
take care of
distribute
distort
change
6
Pollution is considered a...
negative externality
positive externality
7
What is an incentive?
a motivation to get better
a demotivation
it looks good
it smells good
8
Which one of the three economic systems value property rights?
market
command
Traditional
mixed
9
Who runs a market economy?
the government and people
the people
Bill Gates
the government
10
What economic system provides full private property?
capitalism
market
mixed
command
11
Joey gave up a good grade on his test because he went to the movies.
trade off
opportunity cost
12
How can someone increase their human capital?
Eat potato chips
learn a new skill
go to college
be a couch potato
13
What does point A represent?
unattainable
Inefficient
allocatively efficient
Efficient
14
A PPC represents...
opportunity cost
marginal cost
Investment
marginal benefit
15
Sam purchases a combo meal at a fast food restaurant for $5.00. This scenario is best described as
voluntary exchange
functions of money
total cost
specialization
16
What is a trade-off?
trade
the other choice you didn't choose
stopping trade
opportunity cost
17
Trees, oil, chickens, and cows are which of the four factors of production?
human resources
physical capital
entrepreneur
natural resources
18
What is productivity?
costs > benefits
measuring inputs to outputs
measuring outputs
measuring inputs
19
Which of the following are forms of government regulation?
CDC
GPS
FDA
EPM
20
All of the following are example of command economies,
EXCEPT
:
Cuba
France
Former Soviet Union
North Korea
21
Which of the 3 broad social goals goes with a Market economy?
Equity, stability, growth
Efficiency, growth, equity
freedom, growth, equity
Freedom, growth, security
22
What is an opportunity cost?
the cost you pay for a good
a scarce good
what you give up, when you give up
what you give up, to gain something else
23
What does the term "equity" mean?
unruly
efficient
productive
fair
24
What do you know about marginal cost and marginal benefit?
benefits < costs
benefits > costs
25
All of the following are factors of production, EXCEPT:
Natural Resources
Human Resources
Physical Capital
Money
26
How does the government redistribute income?
taxes money funds walmart
tax money funds servies (welfare, ss, disability)
they take money from their paychecks to pay the people
the government doesn't get money
27
Mrs. Jordan is an economics teacher. What does this refer to?
smartness
allocation
distribution
specialization
28
What is human capital?
ability to increase one's knowledge
a human pyramid
physical money
ability to increase one's body mass
29
Which of the following allocation strategies is based on the voting population?
Force
Lottery System
Authority
Majority Rule
30
What would cause this curve to shift to the right?
U.S. government fails
New Technology
A tornado hitting both factories
Rise in unemployoment
31
Economics is the study of...
America
businesses
the economy
choices
32
What does the term "efficient" mean?
using non of your resources
unattainable
using all resources
goal
33
Unlimited wants, but limited resources
marginal benefit
marginal cost
opportunity cost
scarcity
34
This economy is based on how their ancestors economy.
Market
Command
Traditional
Mixed
35
Which of the following would be an example of land?
chickens
computers
telephone
humans
36
All of the following are examples of capital,
EXCEPT
:
telephone
Bill Gates
tractor
sewing machine
37
Which of the following best defines increased productivity? (SSEF6a)
Increased output with fewer inputs.
Efficiently utilizing outputs.
Less government
Increased inflation.
38
Brayden is a farmer. What factor of production does he represent?
entrepreneur
land
capital
labor
39
What is the purpose of government regulation?
Ensure quality and safety of products
to spend money
to impose taxes
to keep people from buying goods
40
What do points B, D, and C represent?
Inefficient
Efficient
Unattainable
Goal
41
Where do households buy goods?
factor market
government
product market
resource market
42
All of the following are the basic economic questions,
EXCEPT:
When to produce?
For whom to produce?
What to produce?
How to produce?
43
How are public goods and services provided?
through the supreme court
through income redistribution
Through private businesses
through taxes
