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Fundamental Concepts
Fundamental Concepts
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1
All of the following are example of command economies,
EXCEPT
:
North Korea
Former Soviet Union
France
Cuba
2
What does the word allocate mean?
distort
take care of
distribute
change
3
Which of the following would be an example of land?
humans
computers
chickens
telephone
4
What does consumer sovereignty mean?
consumers choose what to buy
the government tells consumers what to buy
consumers
consumers have no say so
5
What do you know about marginal cost and marginal benefit?
benefits ≠ costs
benefits = costs
6
What does point A represent?
allocatively efficient
Efficient
unattainable
Inefficient
7
What is human capital?
a human pyramid
ability to increase one's body mass
physical money
ability to increase one's knowledge
8
How does the government redistribute income?
they take money from their paychecks to pay the people
tax money funds services (welfare, ss, disability)
the government doesn't get money
tax money funds walmart
9
All of the following are the basic economic questions,
EXCEPT:
For whom to produce?
How to produce?
When to produce?
What to produce?
10
What is productivity?
costs > benefits
measuring outputs
measuring inputs to outputs
measuring inputs
11
Which of the following are forms of government regulation?
CDC
FDA
EPM
GPS
12
Which one of the three economic systems value property rights?
mixed
command
market
13
What would cause this curve to shift to the right?
U.S. government fails
Rise in unemployoment
New Technology
A tornado hitting both factories
14
All of the following are examples of capital,
EXCEPT
:
sewing machine
Bill Gates
tractor
telephone
15
This is considered a third party cost and/or benefit to society.
Market Failure
Productivity
Supply and Demand
Externality
16
Unlimited wants, but limited resources
marginal cost
marginal benefit
scarcity
opportunity cost
17
What do points B, D, and C represent?
Unattainable
Efficient
Goal
Inefficient
18
Joey gave up a good grade on his test because he went to the movies.
opportunity cost
trade off
19
All of the following are factors of production, EXCEPT:
Physical Capital
Money
Natural Resources
Human Resources
20
Economics is the study of...
choices
businesses
America
the economy
21
A PPC represents...
Investment
marginal benefit
opportunity cost
marginal cost
22
What is the purpose of government regulation?
to keep people from buying goods
to impose taxes
Ensure quality and safety of products
23
What economic system provides full private property?
capitalism
mixed
market
command
24
What does the term "efficient" mean?
unattainable
using none of your resources
using all resources
goal
25
Pollution is considered a...
negative externality
positive externality
26
Mrs. Mathis is an economics teacher. What does this refer to?
smartness
specialization
distribution
allocation
27
Which of the following allocation strategies is based on the voting population?
Authority
Force
Majority Rule
Lottery System
28
What does the term "equity" mean?
fair
productive
efficient
unruly
29
Which of the 3 broad social goals goes with a Market economy?
Equity, stability, growth
Freedom, growth, security
freedom, growth, equity
Efficiency, growth, equity
30
What is an incentive?
a motivation to get better
it looks good
it smells good
a demotivation
31
Who runs a market economy?
the government
the government and people
Bill Gates
the people
32
What is an opportunity cost?
a scarce good
the cost you pay for a good
what you give up, when you give up
what you give up, to gain something else
33
Trees, oil, chickens, and cows are which of the four factors of production?
physical capital
natural resources
entrepreneur
human resources
34
What is a trade-off?
the other choice you didn't choose
stopping trade
trade
opportunity cost
35
How are public goods and services provided?
through taxes
through the supreme court
through income redistribution
Through private businesses
36
Brayden works on a farm. What factor of production does he represent?
labor
land
capital
entrepreneur
37
What is the purpose of the government?
provide for the general public
to keep people safe
protect consumers
redistribute income to the needy
38
Which of the following is considered a positive incentive?
Working long hours to earn vacation time
Tardiness= fired
Poor job performance= no job
Speeding Tickets
39
How can someone increase their human capital?
go to college
be a couch potato
learn a new skill
Eat potato chips
40
This economy is based on how their ancestors lived.
Traditional
Market
Command
Mixed
