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Economics 2
Economics 2
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Chapters 1,2,3
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Answers
1
the benefit or satisfaction gained from the use of a good or service is called a(n)
desire
cost
utility
incentive
2
the value of what you give up by choosing one alternative over another is called
marginal benefit
marginal cost
opportunity benefit
opportunity cost
3
numerical data or information
pie graph
chart
macroeconomics
statistics
4
simplified representations of complex economic activities are called economic
prototypes
templates
curves
models
5
government payment that helps cover the cost of an economic activity in the public interest
subsidy
transfer payment
safety net
public goods
6
highways, mass transit, and education and health care systems are examples
transfer payment
public goods
safety net
infrastructure
7
government programs designed to protect people from economic hardships
infrastructure
subsidy
public goods
safety net
8
A free enterprise system is also as a
Capitalist system
Communist system
Free contract
Traditionalist system
9
A modified free enterprise economy is a type of
mixed economy
pure market economy
centrally-planned economy
traditional economy
10
government programs designed to protect people from economics hardships
subsidy
public goods
externality
safety net
11
everyone having the same economic rights under the law is called
profit motive
free contract
open opportunity
legal equality
12
getting cash for a birthday is an example
safety net
transfer payment
public goods
subsidy
13
when creating a PPC, economists assume that
production possibilities chart
production possibilities curve
preliminary production curve
resources are not fixed
14
a need is fulfilled by
food
jewelry
movie tickets
video games
15
circular flow model of a modified free enterprise system, the government is typically placed
in the center
at the top
on the right side
on the left side
16
the condition in which economics resources are not being used to their full potential is called
efficiency
utilization
scarcity
underutilization
17
Profit is determined by subtracting the cost of
Producing a product from the revenue gained by selling it
Selling a product from the revenue gained by producing it
Resources, taxes, costs
Marketing a product from the revenue gained by selling it
18
economic system challenged by Adam Smith
mercantilism
statistics
microeconomics
macroeconomics
19
a person who benefits but does not pay for goods or service
Public gods
free rider
market failure
market failure
20
any point outside the curve of a PPC represents a goal that is
impossible to meet because resources are fixed
possible to meet because resources are not fixed
impossible to meet because resources are not fixed
possible to meet because resources are fixed
21
shows statistics changes over time
chart
line graph
statistics
pie graph
22
study of the behavior of individuals in an economy
mercantilism
microeconomics
statistics
macroeconomics
23
The ability for everyone to enter and compete in the marketplace is called
profit motive
legal equality
open opportunity
free contract
24
the study of how people choose to use scarce resources to satisfy their wants is called
scarcity
economics
choice
entrepreneurship
25
producers help allocate scarce resources by seeking opportunity to
market products
increase incentives
lower costs
earn profits
26
study of the behavior of the economy as a whole
macroeconomics
statistics
mercantilism
microeconomics
27
The ability to decide for yourself which legal agreements you will enter into is called
Open opportunity
Legal equality
Free contract
Profit motive
28
economic system challenged by Adam Smith
mercantilism
macroeconomics
statistics
microeconomics
29
physical products that can be purchased are called
goods
bonds
stocks
services
30
side effects of an economic transaction that affects someone other than the buyer or seller
externality
safety net
subsidy
transfer payment
31
the ongoing tension of not having enough resources to meet human wants is called
surplus
need
shortage
scarcity
32
the alternative you give up when you make an economic choice is a(n)
option
utility
compromise
trade-off
33
Free to chose was written by?
Adam Smith
Milton Friedman
Mildew Fryman
Stephen King
34
circular flow model of a modified free enterprise system, the government is typically placed
in the center
on the right side
at the top
on the left side
35
the value of what you give up by choosing one alternative over another is called
marginal cost
marginal benefit
opportunity cost
opportunity benefit
36
producers help allocate scarce resources by seeking opportunity to
earn profits
increase incentives
lower costs
market products
37
displays data in rows and columns
chart
statistics
line graph
pie graph
38
PPC is an acronym for
production possibilities chart
Preliminary productions curve
production possibilities curve
Preliminary production chart
39
in a circular flow model, the arrows between government and businesses show
resources, products, and taxes
products, services, and cost
products, services, and taxes
resources, cost, and taxes
40
numerical data or information
macroeconomics
chart
pie graph
statistics
41
the human time, effort, and talent that go into the making of products is called
labor
capital
scarcity
knowledge
42
circular flow model of a modified free enterprise system, the government is typically placed
in the center
on the right side
at the top
on the left side
43
a cost-benefit analysis is often organized by using a(n)
incentive grid
incentive graph
decision-making grid
decision-making graph
44
goods and services provided by the government and consumed by the public as a group
subsidy
public goods
safety net
infrastructure
45
represents number in relation to the whole
statistics
pie graph
chart
line graph
46
Benefits offered to encourage people to act in certain ways are
wants
incentives
utilities
motives
