stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Review Microeconomics Unit 1 Flashcards | StudBud
Explore
/
Review Microeconomics Unit 1
Review Microeconomics Unit 1
26 terms
·
StudBud Administration
·
206 plays
Review Game for Unit 1
Flashcards
26 cards
F
Practice quiz
P
Host live
L
Questions
26
Answers
1
If you weren't here right now, you would be sleeping. In this scenario, sleep is an example of
Opportunity Cost
Trade Offs
Self-Interest
The Invisible Hand
2
Whenever you make a decision, the options you DID NOT choose are known as:
Opportunity Cost
Cost/Benefit Analysis
Utilities
Trade Offs
3
What's the opportunity cost of moving from point C to point G
100 pizzas
20 calzones
100 calzones
20 pizzas
4
Why isn't a PPC a straight line?
Because math
Because some people like butter more than guns.
Not all resources are well suited for making every product
As labor intensity increases, labor efficiency decreases
5
Which characteristic of a Free Market Economy drives Pepsi and Coke to make better products?
The Invisible Hand
Self-Interest
Competition
Private Ownership
6
Which of the following would not be considered a public good?
Freedom High School
Bruce B Downs
A coffee from Starbucks
The Tampa police force
7
Which of these people most closely fits the description of an entrepreneur?
Bill Gates
Barack Obama
Kevin Stephenson
Mr. Tillman
8
The United States is an example of a:
Command Economy
Free Market Economy
Mixed Economy
9
A command system would answer the question "For Whom To Produce" by saying:
For whoever wants the product being produced.
For everyone as equally as possible
For those who work the hardest
For kids who live in New Tampa
10
How could a society reach point C?
Technological Innovation
A, B, and C
Imperialism (take other people's resources)
Immigration (more people)
11
In a command system, who owns the factors of production?
Businesses
The government
Mr. Tillman
Individuals
12
In a free market economic system, who owns the factors of production?
The Government
The People
Mr. Tillman
13
A free market system would answer the question: "How to Produce" by saying
However a business chooses
Safely and carefully
With guidance from the government
Without child labor
14
Which of these would definitely not exist under a pure free-market economic system
A class system
Child Labor
Minimum Wage
High Quality and Innovative Product
15
The free market idea that hard work and talent will result in more personal income is known as:
The profit motive
The Invisible Hand
Mr. Tillman
Socialism
16
Which of the following would be considered "physical capital"?
An airline pilot
A computer
A cow
Milking a cow
17
In a purely "Free Market" circular flow model, which of these is not present.
Money
Businesses
The Government
Households
18
Which of these points represents an INEFFICIENT utilization of resources?
C
A
B
19
What is the opportunity cost of moving from point E to point B?
15 pizzas
65 calzones
65 pizzas
15 calzones
20
Why is point "A" considered to be an inefficient use of resources?
You're producing too much butter and not enough guns.
You can make more of either product w/o an opportunity cost
You can't make more of one product w/o an opportunity cost.
You're producing too many guns and not enough butter
21
In economic terms, the idea that resources are limit is known as:
Scarcity
A fact of life
Mr. Tillman
The rare factors of production conundrum
22
Which of these economic goals is NOT championed by a Free Market System?
Security
Growth / Innovation
Freedom
Efficiency
23
Economics would be unnecessary if this problem didn't exist:
Corrupt Governments
Systemic Racism
The Wage Gap
Scarcity
24
An example of human capital in this building would be:
Mr. Tillman's journalism writing experience.
The carrots served at lunch today.
Mr. Tillman waxing about existentialism
The copy machine in the faculty room
25
Business would purchase labor from households in the...
Resource Market
Labor Market
Product Market
Farmer's Market
26
In the circular flow model, the government taxes individuals and business in the...
Product Market
Both Markets
Neither
Resource Market
