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Final Exam Review Fundamentals
Final Exam Review Fundamentals
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Fundamentals
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36 cards
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Answers
1
What is the opportunity cost of moving from point A to point B?
100 books and 200 loaves of bread
400 books
100 books
200 loaves of bread
2
Brian wants to get a promotion at work. He should:
invest in additional training
better assess his opportunity costs
pay more subsidies
increase his capital investments
3
If a company is productive, then its ratio of outputs to inputs will be:
less inputs, more output
less inputs, less output
more inputs, more output
more inputs, less output
4
An economic system based on customs, practices, and religious beliefs is called
a controlled economy
a command economy
a market economy
a traditional economy
5
When wants exceed resources, it is known as
economics
productive resources
scarcity
entrepreneurship
6
Which of these happens in the product market?
Households sell products
Households pay income
Businesses sell products
Household sell resources
7
SWDland decides to produce cheese. Which of the 3 basic questions is answered in this scenario?
What should be produced?
Why should it be produced?
How will it be produced?
Who should receive it?
8
Which of the following could cause a shift from point A to Point C?
Investing less money in training workshops
Not allowing workers to specialize
eliminating workers
Using new technology
9
Which of these happens in the resource market?
Businesses sell the factors of production
Households sell resources
Households buy resources
Businesses sell goods
10
Sean works as a janitor for
James Janitorial Services
, owned by Jamie James. Which is true?
Sean is labor. Jamie is entrepreneurship.
Sean & Jamie are labor.
Sean & Jamie are entrepreneurs.
Sean is entrepreneurship. Jamie is labor.
11
Productivity will decrease if which of the following occurs:
more natural resources are available
skilled workers are hired
less investment in human capital
new technologies are utilized
12
A rational decision occurs when
There are no marginal benefits.
The marginal benefits are less than the marginal costs.
The marginal benefits exceed the marginal costs
The marginal benefits are equal to the marginal costs.
13
Public ownership means
members of the community can purchase the resource
the resource is owned by the government
the resource is owned by the people
the resource is owned by businesses
14
If a factory owner uses some of her profits to purchase new machinery, she is investing in
stocks and bonds
human capital
the producer price index
capital goods
15
Which of the following is an example of investing in human capital?
Paying for an employee's health insurance
An employee asking for a raise
Requiring employees to document what they do at work
Buying a new company truck
16
Which of the following could cause a country to move from point D to point A?
having more workers
using new technology
NOT allowing workers to specialize
using their existing resources wisely
17
The act of giving up one thing of value to gain another thing of value is called a(n):
marginal cost
entrepreneurship
tradeoff
profit
18
Which of the following is NOT an element of the U.S. free enterprise system?
freedom
voluntary exchange
motivation to make profits
full employment
19
Which of the following tends to make economies more efficient?
public ownership of property
specialization
regulations aimed at economic equity
income redistribution
20
The "Father of Economics" is
John Adams
Adam Smith
Joseph Smith
John Smith
21
What does a point like C represent?
an impossible level of production
underproduction
one of the many possible combinations of production
overproduction
22
The value of the BEST alternative that is given up when one makes an economic decision is
marginal benefit
tradeoff
minimal outcome
opportunity cost
23
What does a point like D represent?
not using resources wisely
overproduction
an impossible level of production
an ideal level of production
24
Which of the following goals deals with increasing production of goods and services?
economic stability
economic growth
economic efficiency
economic security
25
Which of the following economic systems is BEST at providing incentives to produce?
mercantilist
traditional
command
market
26
Bill wants to buy a shirt and a hat. If he only buys the shirt, his opportunity cost will be:
the cost of the shirt
the cost of the hat
the enjoyment he would've gotten from the hat
how comfortable he will feel in the shirt
27
The gains we experience from having an additional unit of a product are known as:
cost-benefit analysis
marginal benefit
production possibilities
marginal cost
28
The economic system that best at achieving economic equity is the
pure command economy
pure market economy
free enterprise system
traditional economy
29
Why can the "resource market" also be called the "factor market"?
because businesses are also known as "factories"
because resources are also known as factors of production
many factors affect the success of the resource market
because factories are used to produce resources
30
What is the basic problem of economics?
people acting in their own self-interest
too much production
scarcity
supply & demand
31
Which of the following is NOT a type of economic system?
command
competitive
controlled
capitalist
32
The term defined as "the ratio of outputs to inputs" is
productivity
cost-benefit analysis
marginal cost
PPC
33
The study of how individuals, businesses, & nations can best allocate scarce resources is:
entrepreneurship
command economy
economics
government regulation
34
An economic system in which all property is publically owned is a
capitalist economy
controlled economy
traditional economy
market economy
35
What is the opportunity cost of moving from point B to point A?
100 books and 200 loaves of bread
400 books
200 loaves of bread
100 books
36
People can produce what they want, but the gov't. does regulate some aspects. This economy is:
a command economy
a mixed economy
a traditional economy
a market economy
