stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Econ Test One Flashcards | StudBud
Explore
/
Econ Test One
A mixed economic system
Scarcity
Econ Test One
20 terms
·
StudBud Administration
·
802 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Scarcity
Not enough
People respond predictably
Giving up one thing for another
Consumers buy the factors of production
2
A mixed economic system
Has a little bit of everything
Free market
Government interference
Based on customs and traditions
3
Opportunity Cost
Utility
The cost of the next best thing
Cost benefit analysis
The cost of the choice made
4
Points A, B, and C show
Impossible production
Fully efficient production
Inefficient production
None of the above
5
What shifts a PPF outward?
Fewer laborers
New technology
Decrease in resources
More time
6
Scarcity creates opportunity cost
False
True
7
Incentives
People respond predictably
Useful/Satisfying
Next best thing
Less of what you want
8
A product market is
Where producers buy resources
Where consumers buy goods and services
9
Circular flow charts show
Factor Markets
Product Markets
All of the Above
Firms and households
10
Factors of production
Land, Capital, Labor, Entrepreneurship
Land, Money, Labor, Entrepreneurship
Land, Labor, Utility, Entrepreneurship
Land, Product, Utility, Entrepreneurship
11
A factor market
Where consumers buy goods and services
Producers buy resources
12
Bear Market
A company's value is going down
Stocks are generally going down
Stocks are generally going up
A company's value is going up
13
Which system provides the most sovereignty?
Command
Market
Traditional
Mixed
14
Opportunity Cost of switching from textbooks to computers
What?
Staying the same
Decreasing
Increasing
15
When the cost of resources goes up
The cost for the final product goes up
The cost for the final product remains generally the same
More of the product is produced
The cost for the final product goes down
16
The Wealth of Nations was written by Carl Marx
True
False
17
What is the basic issue facing all humans?
Incentives
Scarcity
Selfishness
Utility
18
Main goal of Capitalism
Produce for the government
Provide jobs
Produce goods
To make the money
19
The invisible hand is when
self-interests leads to best economic results
people are selfish
self-interests must be managed by a government
the government leads the economy
20
Dividends
Company's value in dollars
Profit Sharing
Earnings per share
Price Earnings Ratio
