What does a cost-benefit analysis compare?

Marginal costs and marginal benefit

What is laissez faire economics?

Government shouldn't interfere in the marketplace

Which of these occurs in a mixed economy?

Government and private companies exist together

The four factors of production are:

Natural Resources, Labor, Capital, and Entrepreneurs

Which best demonstrates the characteristics of human capital?

Increasing productivity through training workers

Why would a business owner assign teams to perform specific tasks?

To increase productivity through division of labor

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Civics: Economics Review- Chapters 18 and 19

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Economics Review- Chapters 18 and 19

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Questions 20

Answers

1
____________ can increase productivity.
Specialization
Government regulation
Cost-benefit analysis
Foreign trade
2
What does a cost-benefit analysis compare?
Marginal costs and marginal benefit
Marginal costs and total costs
Total costs and total revenue
Total revenue and marginal benefits
3
Computers, trucks, hammers, and other man-made materials would be which factor of production?
Capital
Labor
Entrepreneurs
Natural Resources
4
Logan starts a restaurant using his own money, this is an example of:
Entrepreneurship
Productivity
Specialization
Investment
5
Choosing to buy a DVD player instead of something else is an example of:
Macroeconomics
Scarcity
Total cost
A trade-off
6
Not going to a movie with friends in order to study for a test is an example of:
Microeconomics
Cost-Benefit Analysis
Macroeconomics
Opportunity Cost
7
The study of how firms, nations, and individuals best allocate limited resources is:
Economics
Cost-Benefit Analysis
Circular Economic Activity
Factors of Production
8
Henry Ford used the assembly line in production of his vehicles, what does this illustrate?
Improving worker efficiency
Utilizing human capital
Reducing supply shortages
Creating a highly specialized workforce
9
What is laissez faire economics?
Government should regulate the economy
Government owns the factors of production
Government shouldn't interfere in the marketplace
Government encourages free trade
10
What is an example of a fixed cost of doing business?
Wages
Price of materials
Cost of fuel
Mortgage payment
11
Which of these occurs in a mixed economy?
Government and private companies exist together
The government directs all economic activity
Private businesses compete with the government for dominance
All businesses are publicly owned but privately managed
12
Producers have an incentive to make what consumers want, which will make them money, this is:
Open Opportunity of Market
The Invisible Hand
Free Choice of Market
Profit Motive
13
The four factors of production are:
Natural Resources, Labor, Capital, and Entrepreneurs
Natural Resources, Money, Labor, and Entrepreneurs
Natural Resources, Labor, Capital, and Money
Natural Resources, Capital, Goods, and Services
14
Microeconomics studies the economies of:
Societies
Governments
Industries
Individuals
15
Which best demonstrates the characteristics of human capital?
Harvesting a wheat crop to feed the homeless
Raising salaries of supervisors who purchase stock
Increasing productivity through training workers
Purchasing additional land and supplies to expand production
16
Who wrote The Wealth of Nations which described laissez-faire economics?
John Locke
Adam Smith
Alexander Hamilton
Thomas Paine
17
Costs that can change depending on the amount produced are known as:
Fixed Costs
Total Costs
Variable Costs
Marginal Costs
18
Why would a business owner assign teams to perform specific tasks?
To improve working conditions to meet OSHA requirements
To increase productivity through division of labor
To create higher wages and salaries for workers
To increase profit margins by 20%
19
The extra revenue that results from selling one more unit of output is the:
Average Total Cost
Total Revenue
Marginal Revenue
Marginal Benefit
20
The total value of all the final goods and services produced in a country in one year is its:
GDP
Resources
Income
NDP

Civics: Economics Review- Chapters 18 and 19 Flashcards | StudBud