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Introduction to Economics Flashcards | StudBud

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Introduction to Economics

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Questions 10

Answers

1
Which of the following FOP is dependent on technology for growth?
labor
land
entrepreneurship
capital
2
The difference between authoritarian socialism (AS) & democratic socialism (DS) is
DS is a free economy where citizens answer ALL economic ?s
AS allows citizens to distribute factors of production
DS allows citizens to vote so their economic needs are met
none, they both stem from the same foundation
3
The circular flow diagram depicted represents
A pure market economy
One of our mixed market economies
A US Free Enterprise
An authoritarian socialism economy
4
The difference between scarcity & shortage is
scarcity is temporary, shortage is temporary.
scarcity is temporary, shortage is permanent.
scarcity is permanent, shortage is temporary.
scarcity is permanent, shortage is permanent.
5
The basic economic questions are
answered by the business only
answer by every economy
answered by the working class only
answered by the government
6
Christina has to choose between one of the following colleges for next year. Example of?
shortage
trade offs
opportunity cost
scarcity
7
Marx would be in favor of disolving
business regulation
economic equality
private property
government intervetion
8
Identify which of the following social movements depicts the issue of scarcity
Women demand equal pay in the workforce.
Crowds gather to protest new immigration policies.
DAPL protesters are taking a stand to preserve our water.
Black Lives Matter protesters march for racial issues.
9
In a free enterprise system the government intervenes to protect
consumers, competition & workers
consumers only
workers only
competition only
10
Which economic goal is depicted?
economic growth
full employment
economic equity
economic freedom