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Economics
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Economics Basics & Circular Flow Model
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
An example of a free market economic system is
Austrialia
Venezuela
China
Mozambique
2
Our RESOURCES are LIMITED, yet our Wants and Needs
undefined
opportunities
Unlimited
Limited
3
Baby boomers were born between these years
1946 - 1964
1964 - 1989
1955 - 1970
1920 - 1960
4
How does a corporation usually raise capital? (money)
They sell shares of its stock
They ask for donations
They sell the product they make
They have a BBQ plate sale
5
I am an Austrian economist who believes in free markets, and author of "The Road to Serfdom"
Freddy Mac
Salma Hayek
Milton Friedman
Freidrich Hayek
6
I love entrepreneurship & believe that competition brings the best product & prices, who am I
Free benefits Economy
Socialist Economy
Free Enterprise Economy
Communist Economy
7
The US free enterprise system creates the incentive to work, save and invest.
False
True
8
What is not a characteristic of a Command Economy?
little incentive for quality work
can adjust day-to-day changes
Does not fluctuate much
requires a large bureaucracy
9
The basic idea of "choice" presents which problem in economics?
Decisions produce costs
Choice is a way of life
People get to decide what they want
Businesses can sell what they want
10
Responsive prices, creation of wealth & investment opportunities are examples of
Free socialist system
Free government benefits
Free enterprise system
Free expectation system
11
What is not a characteristic of a Market Economy?
many basic services provided
Requires a large bureaucracy
can adjust day-to-day changes
high degree of consumer satisfaction
12
Which is not a factor of production?
Labor
Investment
Capital
Land
13
Microeconomics is generally the study of
Country and gov't decisions
Individuals and business decisions
unlimited wants and limited resources
relationship of the scarcity of a service to its cost
14
When speaking of the Four Factors of Production, "labor" means
easy work
risk takers in search of profit
people w/all their efforts, abilities and skills
very tiresome work
15
I lowered fed income tax rates and the marriage penalty tax and capital gains tax
Clinton Tax Cuts
Obama Tax Cuts
Reagan Tax Cuts
Bush Tax Cuts
16
China's leader Deng Xiaoping moved China closer to this type of economy
communist
free enterprise
socialist
business
17
Scarcity
– the condition of unlimited wants and limited resources
True
False
18
When David gets a job at the car wash,what is he doing?
buying his resource
buying his goods
selling his resource
selling his goods
19
Cuba has a command economy
True
False
20
Land, Capital, Labor and Entrepreneurship are aka
Factors of Business
Factors of Distinction
Factors of Concern
Factors of Production
21
Which is a characteristic of the US free enterprise system?
Affordable health care
Having a college degree
Social Security
ownership of private property
22
The following are benefits of free enterprise system, EXCEPT
prices depend on supply and demand
investment opportunities
buyers have freedoms to choose
absence of laws
23
What type of economic system did Mao Zedong create in China?
Free market
Communist
Democracy
Imperialist
24
In a free enterprise system, competition leads to the best product at the highest prices
True
False
25
Mao Zedong was China's leader who introduced incentives and rewards to grow crops
False
True
