stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Mr. Worthington Unit 1 Review Flashcards | StudBud
Explore
/
Mr. Worthington Unit 1 Review
Mr. Worthington Unit 1 Review
20 terms
·
StudBud Administration
·
912 plays
Unit 1 General Economics
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
•Anyone that creates, launches, and runs a new business is known as a...
Entrepreneur
Capital
Land
Labor
2
A graph that shows alternative ways to use an economy’s productive resources is known as the…
Production Possibilities Curve
Marginal Cost/Marginal Benefit Graph
Money Market Graph
Supply and Demand Graph
3
All of the alternatives that we give up when we choose one course of action over another are known as...
Utility
Opportunity Cost
Incentives
Trade-offs
4
On the graph, which combination represent(s) an efficient use of resources?
a. Only point A
a. Point B and C
a. Only point B
a. Only point D
5
The term "Laissez Faire" would be best used to describe which economic system?
Command Economy
Mixed Economy
Centrally Planned Economy
Free Market Economy
6
Which is not one of the four factors of production?
Wealth
Capital
Labor
Land
7
On the graph, the opportunity cost of moving from combination B to combination C is...
a. 200 consumer goods
a. 100 capital goods
a. 20 capital goods
a. 400 consumer goods
8
A system with free markets but also some government intervention is known as a...
Free Market Economy
Traditional Economy
Command Economy
Mixed Economy
9
In order to classify a decision as rational
the decision is lawful
the producer makes a profit
the marginal cost outweighs the marginal benefit
the marginal benefit outweighs the marginal cost
10
Which choice is "not" one of the three economic questions used to determine economic systems?
What goods and services should beproduced?
How should these goods and services beproduced?
What regulations should government implement?
Who consumes these goods and services?
11
The principle that limited amounts of goods and services are available to meet unlimited wants is known as...
Opportunity Costs
Choices
Production Possibilities Curve
Scarcity
12
The opportunity cost of moving production from 2 baskets of cherries to 4 baskets of cherries is...
a. 8 video games
a. 14 video games
a. 1 basket of cherries
a. 6 video games
13
A situation in which the free-market system fails to satisfy society’s wants in known as a/an...
Capital
Opportunity Cost
Efficiency
Market Failure
14
The most desirable alternative given up as the result of a decision is known as…
Opportunity Cost
Inefficiency
Efficiency
Trade-offs
15
All natural resources used to produce goods and services are known as which factor of production?
Land
Labor
Entrepreneurship
Capital
16
On the graph, the opportunity cost of moving from combination C to combination B is...
a. 40 bikes
a. 80 bikes
a. 100 skateboards
a. 40 skateboards
17
Economic growth, government spending, inflation, and unemployment are all things that would be studied in
Macroeconomics
MIcroeconomics
Calculus
Quantum Physics
18
Which statement would be considered a "positive statement"?
Mr. Worthington teaches economics.
Mr. Worthington's room is too bright.
Mr. Worthington's posters are cool.
Mr. Worthington is the best teacher.
19
______ describes the unintended social benefits of an individual's self-interested actions. (Hint: Adam Smith)
Supply and Demand
Surpluses
The Invisible Hand
Externalities
20
Freedom of choice and competition are most commonly associated with which type of economic system?
Communist
Command
Free Market
Traditional
