Ch 1/2 Econ MH

Economics is the study of how people try to satisfy their wants and needs through the careful use of 

True example of this type has never existed

Which of these is the most striking example of the costs and risks of pure capitalism? 

describes the number of people per square mile of territory.

Economic growth is an increase in a nation's output of

A can of soda is an example of a 

Which of the following explains why products made under a command economy are more likely to be low quality? 

The relationship between markets can best be described as

Consumers are powerful because 

The final form of capitalism to which a country transitions usually reflects its own ________________and social values. 

A market economy enables people to make decisions in their own best interest, thus bringing together

Economists measure economic growth by examining 

In the United States, consumer spending influences what type of economic decision?

What term describes a society in which the majority of economic choices are made without government interference? 

Can develop when societies with different kinds of economies interact.\

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Which statement describes why the people in a nation with a command economy might resist a shift to a free market? 

Which type of economy is most prevalent in the world today? 

Which of the statements best describes the communist ideal? 

Which statement describes a disadvantage of a command economy? 

Which of these helps explain why mixed economies develop?

People's skills, abilities, health, knowledge, and motivation all add up to

Which of these is NOT one three basic economic questions must all societies answer?

What two characteristics must an item possess to have monetary value? 

Certificates used to buy formerly government owned property

Opportunity cost refers to 

Which of these economic systems have the least in common? 

In a command economy, individuals do not have the ___________to make economic choices such as where and how they live.

An economic idea that everyone is faces

The _______________________________was the worst period of economic decline in U.S. history

In Alpha, new technology that makes manufacturing twice as efficient as before. How will this change the PPF?

Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in 

All economies have some type of govt intervention EXCEPT

The conversion of government property to private ownership is the process of 

 A bicycle is an example of a

Which of the following would result in a change in the production possibilities frontier in the mythical country Alpha? 

The two broad groups of people whose choices drive the economy are 

Economic growth causes the production possibilities frontier to

How is the principle of "There's No Such Thing As A Free Lunch" illustrated in a socialist economy?

North Korea and Cuba are examples of

Economies that include aspects of both command and free-enterprise systems.

Economies are most influenced by habits and customs

In a transitioning economy, why would privatization tend to raise a nation's overall standard of living? 

These can develop when societies with different kinds of economies interact.

How is the principle of "There's No Such Thing As A Free Lunch" illustrated in a socialist economy?

Which of these is a major advantage of a market economy?

Which of the following is a disadvantage of a market economy? 

The final form of capitalism to which a country transitions usually reflects its own ________________and social values. 

Which type of economy is most prevalent in the world today? 

Division of labor is practiced because companies 

What are the four factors of production? 

Which of the following is a feature of Japanese capitalism that would be illegal in the United States? 

Economics is best defined as the study of how societies deal with 

What does the gross domestic product measure?

In what kind of economy does the government own some of the factors of production? 

 How many distinct factors of production do economists recognize? 

State-owned factories are a characteristic of the economies of communism and

The world's last leading example of a command economy is 

The relationship between markets can best be described as

Who was Karl Marx? 

Which of the following lists economic systems in order from most to least flexible?

Separation of tasks to be performed by different workers is