Micro Review Unit 1 - all day 1

Which of the following is a distinguishing feature of a market system?

Of the three economic systems, this system allows people more freedom and choice:

Which of the following equations best defines the economic problem of scarcity?

Which of the following is one of the Four Fundamental Questions?

The term ceteris paribus means:

If an economy produces its most wanted goods but uses outdated production methods, it is

A rational decision maker will choose to act only if

Which of the following is a land resource?

Command economy characteristics include

Which of the following would cause an outward or rightward shift of the PPC?

Which of the following is true of the concept of increasing opportunity costs? 

The output of an economic system is commonly divided into what 2 categories?

If the country is producing at Point C, it can produce more computers by:

Now that Bob only packages burgers and Sue the fries, they can serve twice as many.  This is

The PPC of the country would most likely shift to the right if current production was at

Important characteristics of the Market Economy include

An opportunity cost is entailed in which of the following situations?

In the table below, a total output of 6 units of capital goods and 4 units of consumer goods:

To be considered scarce, an economic resource must be

According to the theory of comparative advantage, a good should be produced where

Examples of command economies are

Even though local newspapers are inexpensive, people rarely buy more than 1 per day. This fact:

TINSTAAFL refers to the theory that

The assertion that "There is no free lunch" means that

UTK inherited a large mansion and plans to use it for faculty parties.  The cost to UTK is:

Which of the following lists includes only capital resources (no labor or land resources)?

The study of economics is primarily concerned with which of the following?

Which of the following is NOT a factor of production?

Which of the following is an example of capital?

To be considered scarce, an economic resource must be

Which of the following problems do all economic systems face?

The division of labor means that

For the data in the table below, increasing opportunity costs is reflected in the fact that

Adam Smith's economic theory is called

Which of the following would cause a leftward (inward) shift of the PPC?

Unemployment and/or productive inefficiencies

Economists measure the true cost of a good or service by its

Which of the following violates the economic concept of matching MB with MC in test taking?

Which of the following would not be considered one of society's economic resources?

Which of the following statements about the PPC is true?

Which of the following is true if the PPC is concave to the origin?

In the Circular Flow Diagram, the 2 basic markets shown are

How might point E be attained?

The value of the best alternative forgone when a decision is made defines

Economics is characterized as a Social Science instead of a "hard" science because it

A recurring theme in economics is

The two general types of economic systems that exist today are

Which of the following is a distinguishing feature of a command system?

The term laissez faire suggests that

Which of the following goods can be considered scarce?