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Fundamental Concepts
Fundamental Concepts
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1
What does the term "equity" mean?
productive
unruly
efficient
fair
2
What do you know about marginal cost and marginal benefit?
benefits = costs
benefits ≠ costs
3
All of the following are example of command economies,
EXCEPT
:
France
North Korea
Cuba
Former Soviet Union
4
What is an incentive?
a motivation to get better
a demotivation
it smells good
it looks good
5
This is considered a third party cost and/or benefit to society.
Supply and Demand
Market Failure
Productivity
Externality
6
What does the word allocate mean?
take care of
distribute
distort
change
7
What does the term "efficient" mean?
goal
unattainable
using none of your resources
using all resources
8
How can someone increase their human capital?
go to college
Eat potato chips
be a couch potato
learn a new skill
9
Economics is the study of...
choices
the economy
America
businesses
10
Who runs a market economy?
the government
Bill Gates
the people
the government and people
11
What is a trade-off?
trade
opportunity cost
stopping trade
the other choice you didn't choose
12
What does point A represent?
allocatively efficient
unattainable
Inefficient
Efficient
13
What is human capital?
a human pyramid
ability to increase one's knowledge
ability to increase one's body mass
physical money
14
Which of the following is considered a positive incentive?
Poor job performance= no job
Working long hours to earn vacation time
Speeding Tickets
Tardiness= fired
15
Brayden works on a farm. What factor of production does he represent?
entrepreneur
labor
capital
land
16
How are public goods and services provided?
through the supreme court
through income redistribution
through taxes
Through private businesses
17
Which one of the three economic systems value property rights?
mixed
command
market
18
What economic system provides full private property?
command
mixed
market
capitalism
19
What is productivity?
measuring inputs to outputs
measuring outputs
measuring inputs
costs > benefits
20
What is the purpose of government regulation?
to keep people from buying goods
Ensure quality and safety of products
to impose taxes
21
What would cause this curve to shift to the right?
Rise in unemployoment
A tornado hitting both factories
U.S. government fails
New Technology
22
What does consumer sovereignty mean?
consumers choose what to buy
the government tells consumers what to buy
consumers have no say so
consumers
23
Which of the following would be an example of land?
computers
humans
chickens
telephone
24
Unlimited wants, but limited resources
scarcity
opportunity cost
marginal cost
marginal benefit
25
Joey gave up a good grade on his test because he went to the movies.
trade off
opportunity cost
26
What do points B, D, and C represent?
Inefficient
Goal
Efficient
Unattainable
27
All of the following are the basic economic questions,
EXCEPT:
When to produce?
What to produce?
How to produce?
For whom to produce?
28
Which of the 3 broad social goals goes with a Market economy?
Efficiency, growth, equity
freedom, growth, equity
Equity, stability, growth
Freedom, growth, security
29
Which of the following allocation strategies is based on the voting population?
Lottery System
Majority Rule
Authority
Force
30
All of the following are factors of production, EXCEPT:
Human Resources
Physical Capital
Money
Natural Resources
31
Mrs. Mathis is an economics teacher. What does this refer to?
smartness
distribution
specialization
allocation
32
What is an opportunity cost?
the cost you pay for a good
what you give up, to gain something else
a scarce good
what you give up, when you give up
33
All of the following are examples of capital,
EXCEPT
:
tractor
Bill Gates
sewing machine
telephone
34
How does the government redistribute income?
tax money funds walmart
tax money funds services (welfare, ss, disability)
the government doesn't get money
they take money from their paychecks to pay the people
35
This economy is based on how their ancestors lived.
Command
Traditional
Market
Mixed
36
Trees, oil, chickens, and cows are which of the four factors of production?
natural resources
human resources
entrepreneur
physical capital
37
A PPC represents...
marginal cost
opportunity cost
Investment
marginal benefit
38
Pollution is considered a...
positive externality
negative externality
39
Which of the following are forms of government regulation?
FDA
CDC
EPM
GPS
40
What is the purpose of the government?
redistribute income to the needy
provide for the general public
to keep people safe
protect consumers
