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Duplicate of Econ Test One Review Flashcards | StudBud
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Duplicate of Econ Test One Review
Duplicate of Econ Test One Review
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Questions
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Answers
1
The invisible hand is when
self-interests must be managed by a government
self-interests leads to best economic results
people are selfish
the government leads the economy
2
Opportunity Cost
Cost benefit analysis
The cost of the choice made
The cost of the next best thing
Utility
3
A factor market
Producers buy resources
Where consumers buy goods and services
4
Factors of production
Land, Product, Utility, Entrepreneurship
Land, Capital, Labor, Entrepreneurship
Land, Money, Labor, Entrepreneurship
Land, Labor, Utility, Entrepreneurship
5
Main goal of Capitalism
Produce for the government
Produce goods
To make the money
Provide jobs
6
Scarcity creates opportunity cost
False
True
7
A mixed economic system
Based on customs and traditions
Free market
Government interference
Has a little bit of everything
8
What shifts a PPF outward?
New technology
Decrease in resources
Fewer laborers
More time
9
Which is not one of the three basic questions of economics?
What to produce?
For whom to produce?
How to produce?
When to produce?
10
When the cost of resources goes up
More of the product is produced
The cost for the final product goes up
The cost for the final product remains generally the same
The cost for the final product goes down
11
The Wealth of Nations was written by Carl Marx
True
False
12
Circular flow charts show
Firms and households
Factor Markets
All of the Above
Product Markets
13
A product market is
Where producers buy resources
Where consumers buy goods and services
14
Points A, B, and C show
Fully efficient production
Inefficient production
Impossible production
None of the above
15
Opportunity Cost of switching from mobile phones to cameras
What?
Increasing
Decreasing
Staying the same
16
What is the basic issue facing all humans?
Incentives
Scarcity
Utility
Selfishness
17
Incentives
Useful/Satisfying
Next best thing
Less of what you want
People respond predictably
18
Which system provides the most sovereignty?
Market
Mixed
Command
Traditional
19
Adam Smith is the father of capitalism
True
False
20
Scarcity
Not enough
People respond predictably
Consumers buy the factors of production
Giving up one thing for another
