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Basics of Economics Review Flashcards | StudBud
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Basics of Economics Review
Basics of Economics Review
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Questions
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Answers
1
Which of the following are examples of CURRENT entrepreneurs?
Rockefeller and Morgan
Woodrow Wilson and FDR
Susan B Anthony and Harriet Tubman
Elon Musk and Jeff Bezos
2
I am going to rock the test tomorrow
False
True
3
Making sure prices stay stable is the economic goal of
stability
security
efficiency
full employment
4
Which of the following is NOT an example of a service?
Lawn Mowing
Grass Removal
Sidewalk Repair
Lawn mower
5
A hammer being used to build a house is an example of a human resource.
False
True
6
Which of the following is an example of scarcity?
Oil
Toilet paper
Land
All of the above
7
This is an example of a...
Natural Resources
Opportunity Cost
Supply and Demand Curve
Production Possibilities Curve
8
Which of the following strategies has the US used to distribute scarce resources?
Lottery
Appearance Based
Brute Force
First Come First Served
9
Communism is when the government owns ALL means of production.
True
False
10
Doctors and nurses are examples of division of labor.
True
False
11
If I choose to study tonight instead of reading a book, reading a book is an example of _________________.
cost benefit analysis
opportunity cost
scarcity
PACED decision making
12
Which of the following is a productive resource?
Capital resource
Natural resource
Human resource
Entrepreneur
13
Which economic type has some government ownership and some private ownership?
Socialism
Communism
Market
Traditional
14
In PACED the D stays for
Evaluate the Alternatives
Detrimental consequences
MAKE A DECISION
Identify the Problem
15
Deciding to use corn for fuel instead of eating is an example of
Choices
Production
Distribution
Allocation
16
Which is NOT one of the three basic economic questions?
Allocation
Distribution
Consumption
Production
