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Econ. 1.2 Review Flashcards | StudBud
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Econ. 1.2 Review
Econ. 1.2 Review
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1
The consumers "right to redress" protects a person's right to:
be heard and involved in the making of consumer related legislation
yell and scream at a customer service person on the phone
be safe from a product causing harm to someone or their family
receive $ in the case a compnay or their product has harmed someone
2
The consumers "right to be heard" protects a person's right to:
be safe from a product causing harm to someone or their family
be involved in the making of consumer related legislation
receive $ in the case a compnay or their product has harmed someone
yell and scream at a customer service person on the phone
3
Which President originally pushed the idea of consumers rights in the 1960s?
Franklin Delano Rooselvelt
John F. Kennedy
Barack Obama
Richard Nixon
4
Which of the following is NOT one of the 4 Factors of Production?
consumerism
entrepreneurship
labor
land
5
A crane used to construct a high rise building is part of which factor of production?
land
entrepreneurship
capital
labor
6
The slope of this PPC shows that the Opportunity Cost is _________________ with each new point.
growing more and more (exponentially)
idk man
staying constant
going up and down and up and down
7
The slope of this PPC shows that the Opportunity Cost is _________________ with each new point.
growing more and more (exponentially)
idk man
staying constant
going up and down and up and down
8
People described as being economic motivators who invent new products and bring new ideas to the market are:
capital goods
Entrepreneurs
Production Possibilities Curve
labor
9
The idea that consumers should also be ethical when dealing with companies is called:
consumer rights
trade offs
production possibilities curve
consumer responsibilities
10
The consumers "right to safety" protects individuals from:
fraudulent activities within a company
monopolies within the markets
receiving money if a customer is wronged or harmed by a company/products
coming in contact with items that may be a risk to their health/lives
11
consumers when deciding how to spend their money or time also must think of opportunity costs and the idea of:
trade offs
PPC
opportunity cost
factors of production
12
Point Y represents:
when resources are being used with max efficiency
idk man
Underutilization of resources
an unattainable point
13
The idea that something is given up when a choice is made about what/how much to produce:
factors of production
consumerism
opportunity cost
PPC
14
Points A, B, and C on the curve represent:
when resources are being used with max efficiency
idk man
an unattainable point
Underutilization of resources
15
How many products can be represented on a PPC?
8 products
only 1 product
2 products
4 products
16
The consumers "right to choose" protects individuals from:
coming in contact with items that may be a risk to their health/lives
monopolies within the markets
fraudulent activities within a company
receiving money if a customer is wronged or harmed by a company/products
17
Chickens raised to produce eggs for a local grocery store are part of which factor of production?
land
entrepreneurship
capital
labor
18
What is the opportunity cost of going from point B to point E?
3 bikes
6 bikes
2 bikes
4 bikes
19
Point X represents:
idk man
an unattainable point
when resources are being used with max efficiency
Underutilization of resources
20
The name for all the resources a producer must consider when looking to make/produce any good or service:
Rights of Consumers
Consumerism
Trade offs
Factors of Production
21
People
who assemble pieces of a car along an assembly line are part of which factor of production?
capital
entrepreneurship
labor
land
22
Cotton that is grown and harvested to be turned into fabric and clothing would be a part of which factor of production?
entrepreneurship
land
labor
capital
23
What is the opportunity cost of going from point A to point B?
4 bikes
6 bikes
3 bikes
2 bikes
24
The consumers "right to be informed" protects individuals from:
receiving money if a customer is wronged or harmed by a company/products
fraudulent activities within a company
monopolies within the markets
coming in contact with items that may be a risk to their health/lives
