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Gov/Eco Unit 4 - Economic Basics Flashcards | StudBud
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Gov/Eco Unit 4 - Economic Basics
Gov/Eco Unit 4 - Economic Basics
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Economic Basics review
Flashcards
45 cards
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Practice quiz
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Questions
45
Answers
1
If PfISD built a pool, what it the opportunity cost involved?
A pool cleaner
The water
The Cost of the Pool
What could have been built instead
2
Government control in Communist?
A lot
A little
None
Complete
3
Benefit of Free Enterprise?
Investments
All other answers
Variety
Responsiveness
4
Which of the following system is characterized by limited government involvement?
Market
Free Rider
Free Enterprise
Free Consumerism
5
What is the driving factor behind economics?
Money
Scarcity
The stock market
Politics
6
We have unlimited wants but ______________ resources.
Continious
Replaceable
Limited
Valuable
7
What is the U.S. good at?
Shoes
Medical
Oil
Cloting
8
What goes in the marked box?
Household
Product Market
Resource Market
Government
9
A computer is what production category?
Entrepreneurship
Land
Capital
Labor
10
Level of government in Market systems?
None
A little
Complete
A lot
11
Which of the following is part of the public sector?
Colleges and Universities
Shopping Malls
Police Stations
All goods and services
12
A teacher is what production category?
Capital
Labor
Entrepreneurship
Land
13
Karl Marx described which system?
Free Enterprise
Communism
Capitalist
Traditional
14
Someone who gets the benefit of something without paying for it would be?
Consumer
Politician
Free Rider
Tax Payer
15
A point outside the PPC is?
Impossible
Inefficient
Efficient
Market Saturation
16
A public good is one which?
Is consumable
Has no effect on the economy
Most people could not afford on their own
Benefits only a few
17
Level of government control in Socialism?
Half and Half
None
Complete
A little
18
The government provides a safety net and ensures competition?
Profit Motive
Competition
Limited Government
Voluntary Exchange
19
Who wrote about self-interest?
Frederick Engels
Karl Marx
Adam Smith
Bill Gates
20
What goes in the marked box?
Resource Market
Household
Product Market
Businesses
21
A public good is one?
Which can be excluded
is funded only by donations
Is for all
Is inexpensive
22
Little to no innovation?
Communist
Command
Socalist
Traditional
23
A point inside the PPC is?
Inefficient
Efficient
Market Saturation
Impossible
24
What goes in the marked box?
Business
Resource Market
Product Market
Household
25
Grass is what production category?
Capital
Land
Labor
Entrepreneurship
26
Which is closest to a Command Economy?
Socialist
Traditional
Communist
Capitalist
27
Which is one of the three fundamental economic questions?
What price should it be?
How many should be made?
How much tax should be charged?
What should be made?
28
What goes in the marked box?
Buy Reources
Revenue
Consumption
Personal income
29
Which of the following is a good?
Teeth Cleaning
Haircut
Car Wash
Notebook Paper
30
Opportunity cost?
Value of unsold product
Market Price
Production Cost
Best alternative given up as a result of a decision
31
What goes in the marked box?
Buy Resources
$
Taxes
Sell Resources
32
What is GDP?
Everything in an economy in a week
Everything in an economy held by poor people
Everything in an economy in a month
Everything in an economy in a year
33
What goes in the marked box?
Taxes
Revenue
Goods and Services
Business Expenditures
34
What is the "invisible hand"?
Self-interest
Inflation
Unemployment
Motivation
35
Which of the following has the greatest effect on price?
Revenue
Competiton
variety
GDP
36
Rich get richer, Poor stay the same?
Stability
Recession
Income Gap
Poverty level
37
How much government control in a Command system?
A little
A lot
Complete
Half and half
38
A big difference between Capitalism an Communism is?
Brands
Choice
Money used
National Defense
39
The freedom to buy and sell is part of?
Profit Motive
Legal Equity
Economic Freedom
Private Property
40
US Economic system?
Market
Communism
Capitalism
Socialism
41
Level of government control in Capitalism?
Complete
A little
None
A lot
42
A severe contraction of the business cycle?
Recession
Bankrupcy
GPD
Depression
43
Which of the following is considered to be a service?
Getting your lawn mowed
A tree
A car tire
Christmas lights
44
What goes in the marked box?
Goods and Services
Sell Resources
$
Buy Resources
45
What is the consumers role in Free Enterprise?
Competiotn
Private Property
Limited Government
Dollar Voting
