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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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Answers
1
The opportunity cost of a good is
everything you could have had
what you have to give up to get another good
the expenditure on the good
the loss of interest in using savings
2
Economics is the study of
production technology
consumption decisions
the best way to run society
how society decides what, how, and for whom to produce
3
Which point represent an underutilization output?
Point E
Point A
Point D
Point C
4
What is the main goal of a Mixed Economy?
To promote individual and social rights
To get rid of high taxation
To ensure fairness in business
To gain private property
5
This refers to how many of a certain good or service are available for people to purchase.
N/A
supply
price
demand
6
In the mixed economy
economic questions are solved by government departments
economic allocation is achieved by the invisible hand
economic decisions are made by the private sector and market
economic problems are solved by the government and market
7
Henry Ford
land
capital
entrepreneurship
labor
8
An system that has some gov restrictions on the actions of individuals and businesses is called
Command Economy
Mixed Economy
Traditional Economy
Free Market
9
Which of these probably has the least affect how well a product sells?
N/A
The quality of the product - how good it is.
Where the employees went to school.
How well it is advertised.
10
Which of the following is NOT promoted by a command economic system?
Government ownership of land
collective good
profit for individual business
no profit
11
The building (factory) in which Jordan Shoes are made is an example of
Entrepreneurship
Labor
Land
Capital
12
For every min Sara spends doing her hair shes losing 2 min of time with her BF this is what?
Human Capital
Law of Increasing Costs
Production Possibilities
Law of Diminishing Returns
13
What is an economic problem every nation has?
The problem of meeting every one's needs.
Not enough resources.
Too much pollution.
Not enough population.
14
Which of the following provides an example of complementary goods?
French fries and ketchup
Beef and pork
Milk and orange juice
Pepsi and Coca-Cola
15
If Bob decided to take this quiz instead of doing his French homework. His opportunity cost is?
practicing her violin
the time it took to do the quiz
practicing her violin and doing her French homework
doing her French homework
16
Who makes the decisions in a Free Enterprise economy?
Pets
The people and businesses
Voters
The government
17
Which of the following is an example of shortage?
The people in Uganda, do not have enough food for everyone.
The gold mines in Colorado do not have any gold left in them
A machine at an ice cream store broke – they run out
The Beluga Whale is quickly becoming extinct.
18
Chainsaw
labor
capital
entrepreneurship
land
19
A command economy decides resource allocation by government planning
TRUE
n/a
n/a
FALSE
20
What is the difference between shortage and scarcity?
Shortages deal with money and scarcity deals with resources
Shortages are nature-made and scarcity is man-made
Shortages are man-made and scarcity is nature-made
Shortages deal with resources and scarcity deals with money
21
Natural Resource
labor
land
capital
entrepreneurship
22
The basic ideas that make a free market system work are
competition, profit, and private property
freedom, efficient use of resources, and profit
natural resources, profit, and private property
profit, efficient use of resources, and risk
23
Which point represents an impossible output?
Point A
Point D
Point C
Point E
24
Which point represents an efficient output?
Point C
Point E
Point D
25
Which is true about the PPC graph?
Point C is Inefficient
Point A is impossible
Point Y is Efficient
Point X is inefficient
26
An system in which business can produce any goods and services they wish to is referred to as
a command economy
a centrally planned economy
free market
a mixed economy
27
What is a factor of production?
Money
A person that makes a good
A finished product that can be bought and sold
Any resource used to make a good or service
