What does PPF stand for?

Production Possibilities Frontier

Scarcity is the situation that results from

limited resources and unlimited wants

What is "opportunity cost"?

The value of the next best alternative given up when you make a decision

Entrepreneurs are considered a factor of production because they

create new companies and foster business innovation

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Reg Econ Unit 1

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Questions 30

Answers

1
Economic System in which habit and custom determine the rules for all economic activity.
Mixed
Traditional
Market
Centrally Planned
2
What is true?
Wants are unlimited and resources are unlimited
Wants are limited and resources are unlimited
Wants are limited and resources are limited
Wants are unlimited and resources are limited
3
"Man-made stuff that is used to make other stuff"
land
service
labor
capital
4
Economic System in which individuals and private groups make decisions about what to produce.
Command
Traditional
Market
Mixed
5
What is true?
Command economies are on the rise around the globe.
China could best be described as a traditional economy.
The US has the best economy in the world
Most economies in the world are mixed economies.
6
Opportunity cost is
The second best choice among all your options.
The best choice among your options.
The sum total of all the options you could have chosen.
None of the answers are correct
7
What does PPF stand for?
Production Possibilities Frontier
Production, Private Enterprise, Freedom
Powder Puff Football
Pineapple Pizza Fanclub
8
Elon Musk could best be described as...
Entrepreneur
Good
A human-made thing used to make something else
Labor
9
Which is not one of the three decisions economic systems must make?
Who gets the goods and services?
How goods and services should be produced?
What goods and services should be produced?
How much goods should cost?
10
Sunscreen used by a beach-goer
consumer good
land
service
capital good
11
Scarcity is the situation that results from
an excessively large labor force
a gap between exports and imports
the irrationality of modern consumers
limited resources and unlimited wants
12
The main goal of a command economy is to
help people get rich quickly.
ensure the economy produces what people want.
make sure people follow cultural traditions.
create economic equality.
13
SAT prep academies are examples of
services
goods
land
capital
14
Which of the following is a "consumer good"?
Nuclear reactor
Bulldozer
Flamin' Hot Takis
Tow truck
15
What shifts the PPF?
scarcity
opportunity cost
quantity, quality, technology
tradeoffs
16
How do we decide who gets to consume what is produced in a free market economy?
needs
wants
prices
scarcity
17
To an economist the term "good" is
a noun
an adjective
a verb
a preposition
18
On a PPF, efficiency is
Any point ON the curve
A point that shows BALANCED production
Any point INSIDE the curve
Any point BEYOND the curve
19
If an economy has laws that prevent child labor and ensure worker safety. It CANNOT be purely
communist
socialist
capitalist
Cannot be determined
20
Economic system in which the government makes all decisions.
Market
Traditional
Command
Mixed
21
What is "opportunity cost"?
The time it takes to produce a unit of a good
The total amount of resources available for production
The value of the next best alternative given up when you make a decision
The price you pay for something
22
Entrepreneurs are considered a factor of production because they
create new companies and foster business innovation
own the land on which their company is located
produce goods and services as wage laborers
provide financial capital by investing in stock
23
Petroleum in the ground
consumer good
capital
service
land
24
The 5g network that delivers Clash Royale to your smart phone is an example of...
Capital
Good
Labor
Land
25
Which of the following is a "capital good"
Summer Fridays Lip Balm
Conveyor belt in a factory
Dentyne Ice Gum
Pineapple Pizza
26
Which is not one of the three economic types?
Traditional
Domestic
Market
Command
27
System that has some attributes of the free market and some attributes of the command economy
Mixed
Market
Command
Traditional
28
The knowledge of tax laws used by an accountant is...
land
labor
physical capital
human capital
29
Iron ore used to make a snowboard is...
capital
human capital
land
labor
30
A calculator used by an accountant
consumer good
capital good
service
entrepreneur

Reg Econ Unit 1 Flashcards | StudBud