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Duplicate of Economic Fundamentals (Milestone)
Duplicate of Economic Fundamentals (Milestone)
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Review of Fundamental Economics Concepts GPS for the Milestone Exam.
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
North Korea, China, and Cuba are all examples of...
Traditional Economies
Command Economies
Market Economies
2
In a circular flow model who buys goods and sells the factors of production
Firms
Households
3
Who makes the decisions in a market economy
The government
Tradition
Individuals
Individuals and the Government
4
Any resource made by humans and used to create other resources
labor
land
services
capital
5
How are public goods paid for in the US?
The constitution
Free Riders
Taxes
Donations
6
The fundamental problem of economics is
The Product Market
Unlimited needs
Scarcity
Command Economies
7
Which point can not be reached without more resources or technology?
C
D
A
B
8
Points "B" and "D" are on the...
Apex
Supply Curve
Underutilization line
Frontier
9
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
The movie
the $10
The $10 and the movie.
The dinner
10
The top half of this chart represents
firms
The scarcity market
The factor market
The product market
11
The most desirable alternative forgone when a choice is made
Trade-off
Scarcity
Opportunity Cost
Rational Decision
12
A warehouse building is an example of
entreprenuership
capital
Land
labor
13
This man started a business. He represents which productive resource?
Land
Capital
Entrepreneurship
Labor
14
Laizzez Faire is associated with
mixed economies
traditional economies
command economies
market economies
15
What is the opportunity cost of getting a Coke from this vending machine?
The Pepsi
The Coke
$1.00
16
Which of the following WOULD NOT cause a PPC to shift right
More technology
Training people to use computers
Less population
More resources
17
What is the opportunity cost of moving from "A" to "B"
2 million corn
2 million coffee
1 million corn
1 million coffee
18
How do consumers BEST make their desires known to businesses
buying goods
lobbyists
boycotting
surveys
19
In a circular flow model, who sells products and buys factors of production
firms
households
20
Which productive resource does this represent?
Firms
Labor
Land
Human Capital
21
What type of economy is represented here?
Market
Command
Traditional
Mixed
22
Which of the following is not a productive resource
Money
Labor
Entrepreneurship
Land
23
Which point represents underutilization
C
D
B
A
24
A taxi cab drivers knowledge of the city streets would be considered
Human Capital
Physical Capital
Entreprenuership
Land
25
In reality, most economies are ________________.
Market
Traditional
Mixed
Command
26
Which economic system gives individuals the most freedom?
mixed
command
market
traditional
27
Which of the following IS NOT a key economic question
Who will consume goods and services
How to produce goods and services
What goods and services to produce
Who makes decisions
