In a Laissez-faire system

government interference is minimal

To an economist, a want is

something other than basic survival need

Example of economic stability.

ta country's standard of living

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Economics Chapter 1 & 2 Review

25 termsStudBud Administration432 plays

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Questions 25

Answers

1
In a Laissez-faire system
government interference is minimal
government controls factors of production
individuals and government make economic decisions
government purchases good and services from consumers
2
Father of modern economics.
Adam Smith
Herman Cain
Bernie Sanders
Sam Walton
3
Basic problem of economics
price
scarcity
shortage
surplus
4
Economics is primarily concerned with which of the following?
methods of production
future costs of goods
values and objectives of a society
use or resources
5
Human effort directed toward producing goods and services
capital
freedom of choice
profit incentive
labor
6
Why can't economic models judge whether policies are good or bad?
Economists do not test their hypotheses
judgments depend on values
models are not based on fact
models are not good enough
7
Aboriginal Australians
mixed economy
free market economy
traditional economy
command economy
8
If you sell your motorcycle in order to get a diamond ring, what is the opportunity cost?
the motorcycle
none of these
your potential spouse
the ring
9
The first step in creating an economic model is to
form a generalization
evaluate the data
state a hypothesis
define the problem
10
Guns vs. Butter is a classic example of
production possibilities curve
shortages
scarcity
mixed economy
11
You are paid $15 an hour. Your get off 2 hours early to study for an exam. What is the opp cost
Possible A on exam
$30
study time
fun at work
12
The word "equity" means
fairness
profitability
expansion
equality
13
As an economic term, land includes
natural resources
work people do
machinery
knowledge
14
To an economist, a want is
overabundance of resources
something most people have
something other than basic survival need
needed for survival
15
Is is easier to start a business in a
command economy
free enterprise system
traditional economy
controlled economy
16
Tangible objects that can satisfy people's wants
goods
services
time factors
constant factors
17
The production and distribution of goods and services in a society
trade-off
economy
values
market
18
Value of the next best alternative given up for the alternative that was chosen
opportunity cost
wants
diminishing marginal utility
trade-off
19
A scarce resource
coal
money
time
all of these are scarce
20
A company's office buildings are an example of
capital
land
entrepreneurship
labor
21
Which country has a command economy?
France
North Korea
Taiwan
South Korea
22
Example of economic stability.
unemployment rates sky rocketing
worker's compensation
Applying for a job and getting a fair chance of getting it
ta country's standard of living
23
Freely chosen activity between buyers and sellers of goods and services
market economy
market
private property
economic growth
24
Adam Smith's "invisible hand" refers to the role of
the government
customs and beliefs
factors of production
the market
25
Private property, such as land, can
build equity
be handed down to off-spring
all of these
hold value

Economics Chapter 1 & 2 Review Flashcards | StudBud

Economics Chapter 1 & 2 Review

25 termsStudBud Administration432 plays

Imported from external platform

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
In a Laissez-faire system
government interference is minimal
government controls factors of production
individuals and government make economic decisions
government purchases good and services from consumers
2
Father of modern economics.
Adam Smith
Herman Cain
Bernie Sanders
Sam Walton
3
Basic problem of economics
price
scarcity
shortage
surplus
4
Economics is primarily concerned with which of the following?
methods of production
future costs of goods
values and objectives of a society
use or resources
5
Human effort directed toward producing goods and services
capital
freedom of choice
profit incentive
labor
6
Why can't economic models judge whether policies are good or bad?
Economists do not test their hypotheses
judgments depend on values
models are not based on fact
models are not good enough
7
Aboriginal Australians
mixed economy
free market economy
traditional economy
command economy
8
If you sell your motorcycle in order to get a diamond ring, what is the opportunity cost?
the motorcycle
none of these
your potential spouse
the ring
9
The first step in creating an economic model is to
form a generalization
evaluate the data
state a hypothesis
define the problem
10
Guns vs. Butter is a classic example of
production possibilities curve
shortages
scarcity
mixed economy
11
You are paid $15 an hour. Your get off 2 hours early to study for an exam. What is the opp cost
Possible A on exam
$30
study time
fun at work
12
The word "equity" means
fairness
profitability
expansion
equality
13
As an economic term, land includes
natural resources
work people do
machinery
knowledge
14
To an economist, a want is
overabundance of resources
something most people have
something other than basic survival need
needed for survival
15
Is is easier to start a business in a
command economy
free enterprise system
traditional economy
controlled economy
16
Tangible objects that can satisfy people's wants
goods
services
time factors
constant factors
17
The production and distribution of goods and services in a society
trade-off
economy
values
market
18
Value of the next best alternative given up for the alternative that was chosen
opportunity cost
wants
diminishing marginal utility
trade-off
19
A scarce resource
coal
money
time
all of these are scarce
20
A company's office buildings are an example of
capital
land
entrepreneurship
labor
21
Which country has a command economy?
France
North Korea
Taiwan
South Korea
22
Example of economic stability.
unemployment rates sky rocketing
worker's compensation
Applying for a job and getting a fair chance of getting it
ta country's standard of living
23
Freely chosen activity between buyers and sellers of goods and services
market economy
market
private property
economic growth
24
Adam Smith's "invisible hand" refers to the role of
the government
customs and beliefs
factors of production
the market
25
Private property, such as land, can
build equity
be handed down to off-spring
all of these
hold value