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