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Economic Fundamentals (Milestone) Georgia Review Flashcards | StudBud
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Economic Fundamentals (Milestone) Georgia Review
Economic Fundamentals (Milestone) Georgia Review
30 terms
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StudBud Administration
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250 plays
Review of Fundamental Economics Concepts for the Milestone Exam.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
What type of economy is represented here?
Mixed
Command
Market
Traditional
2
Which productive resource does this represent?
Human Capital
Labor
Land
Firms
3
In a circular flow model, who sells products and buys factors of production
households
firms
4
Which point represents underutilization
B
A
C
D
5
How do consumers BEST make their desires known to businesses
boycotting
lobbyists
buying goods
surveys
6
In reality, most economies are ________________.
Market
Mixed
Traditional
Command
7
How are public goods paid for in the US?
Taxes
The constitution
Free Riders
Donations
8
The top half of this chart represents
The factor market
The scarcity market
The product market
firms
9
What is the opportunity cost of getting a Coke from this vending machine?
The Coke
$1.00
The Pepsi
10
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
the $10
The $10 and the movie.
The dinner
The movie
11
Which of the following is not a productive resource
Entrepreneurship
Land
Labor
Money
12
The most desirable alternative forgone when a choice is made
Rational Decision
Opportunity Cost
Trade-off
Scarcity
13
This man started a business. He represents which productive resource?
Land
Capital
Labor
Entrepreneurship
14
Any resource made by humans and used to create other resources
land
capital
labor
services
15
When people are deciding how much more or less to do they are....
thinking at the margin
creating economic analysis
avoiding rational though
Thinking critically
16
The pollution from this factory represents
a positive externality
a public good
a free rider
a negative externality
17
In a circular flow model who buys goods and sells the factors of production
Firms
Households
18
What is the opportunity cost of moving from "A" to "B"
2 million coffee
2 million corn
1 million corn
1 million coffee
19
Which economic system gives individuals the most freedom?
command
mixed
traditional
market
20
Which of the following IS NOT a key economic question
Who makes decisions
Who will consume goods and services
How to produce goods and services
What goods and services to produce
21
Who makes the decisions in a market economy
Individuals and the Government
The government
Individuals
Tradition
22
The fundamental problem of economics is
Command Economies
Unlimited needs
Scarcity
The Product Market
23
Which point can not be reached without more resources or technology?
A
B
D
C
24
A taxi cab drivers knowledge of the city streets would be considered
Land
Entreprenuership
Physical Capital
Human Capital
25
A warehouse building is an example of
capital
labor
Land
entreprenuership
26
Which describes people that benefit from a public good, even if they would not pay.
Free loader
Free rider
Tax shelter
Tax evader
27
North Korea, China, and Cuba are all examples of...
Command Economies
Traditional Economies
Market Economies
28
Laizzez Faire is associated with
market economies
command economies
traditional economies
mixed economies
29
Points "B" and "D" are on the...
Apex
Frontier
Underutilization line
Supply Curve
30
Which of the following WOULD NOT cause a PPC to shift right
Less population
More technology
More resources
Training people to use computers
