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Fundamentals of Economics Review Flashcards | StudBud
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Fundamentals of Economics Review
Fundamentals of Economics Review
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A review to go over concepts for the Unit 1 test.
Flashcards
18 cards
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Questions
18
Answers
1
In the production of chocolate chip cookies, which represents the factor of CAPITAL?
the oven used to bake the cookies
the retailer who sells the cookies
the dough used to make the cookies
the worker who decorates the cookies
2
Which one of the following is NOT one of the three basic economic questions?
How to produce
What to produce
For whom to produce
When to produce
3
"High Tech Firms Begin Producing New Generation of Computers"
What economic question is asked?
What to produce
For whom to produce
When to produce
How to produce
4
An assembly line can increase a factory’s productivity because it allows workers to...
diversify their skills
put in overtime hours on the job
use a wide range of knowledge
focus on a specific task
5
Investing heavily in new capital goods and technology is MOST related to
Supply and demand
Economic growth
Economic freedom
Opportunity cost
6
Which is NOT a method for allocating scarce resources?
authority
majority rule
first come, first served
market correction
7
Which BEST describes scarcity?
A unlimited demand for goods and services
Unlimited wants exceeding limited resources
A temporary shortage of a good or service
A condition where supply exceeds demand
8
Dan sleeps in an extra hour and misses his first class. For him it's a "rational decision"...
The cost of missing class > the benefit of sleeping in
The benefit of sleeping in > the cost of missing class
9
The economic system where decisions about what/how to produce are made by business owners...
mixed economy
command economy
traditional economy
market economy
10
Which of the following is an example of an investment in human capital?
a state builds a new highway
a county hires a new tax collector
a company builds a new factory
a person goes to college
11
Which points on the PPC graph represent the economy producing at it's maximum capacity?
A
C
F
G
12
In a mixed economy, the role of the government is to...
make rules and regulations for businesses
make economic decisions based on the needs of the people
decide how the four productive resources are used
set output quotas
13
A factory owner buys machines to help increase production. Which factor of production are they?
labor
entrepreneurship
capital goods
land/natural resources
14
What is the
opportunity cost
of shifting from point B to point A?
7,000 boats
3,000 trucks
2,000 boats
7,000 trucks
15
You go out to eat and notice a waiter, a cook, and a dishwasher. This is an example of...
economy of scale
shared consumption
marginal productivity
division of labor
16
Profits, job creation, innovation, and improving society are viewed as motivation for whom?
Day traders
Monopolies
Government officials
Entrepreneurs
17
If you are a jeweler and purchase 50 pounds of gold, which factor of production is being used?
Entrepreneurship
Natural resources/land
Capital goods
Labor
18
Which of the following is NOT one of the roles of the U.S. government in our economy?
set prices
protect private property ownership rights
resolve negative externalities
enforce contracts
