Economics Unit 1

Mistaken belief that what is good for an individual is good for everyone.

In order for China to meet its economic goals, what is the minimum economic growth rate must be maintained

A mistaken belief, based on oversimplification, that an event has one cause rather than several.

The scientific method is used to make discoveries in natural science & social sciences.

In a command economy the government/state answers the 3 questions

Which of the following political economies combines free-market economy with non-democratic (authoritarian) govt't

China' large population and government assistance has made China very competitive in world markets

Which of the following questions must every economic system answer

Which of the following political economies calls for the public ownership of the means of production?

Which economic systems does the practices of the past determine the answers to the basic production questions?

The branch of economics that deals with facts & direct observation of the world:

Tangible and Intangible resources work together to form the real source of a country's wealth & prosperity.

China currently operates on 10 year development plans

Which country incorporates a "three-party" arrangement to negotiate wages & working conditions

Which of the following refers to the ability to develop & organize a business-taking risks

In Sweden, the gov''t mediates between labour and businesses to support sustainable economic growth

The funds used to acquire warehouses and equipment etc is referred to as money capital

Which of the following are examples of Intangible resuources?

Which of the following political economies bans free-enterprise and private property-uncontested control of government

The sum of all that is lost from taking one course of action over another. This known as:

Nationalization refers to the taking over of a private business by government

In a Market system inefficient producers will not be to compete in the long run

Which of the following political economies is characterized by private ownership of business and the profit motive

The eventual decline in the rate of extra outputs produced that occurs when 1 input is constant & others are increased:

The branch of economics that deals with value judgements about economic subjects:

In a Market Economy the actions of buyers and sellers determine the answers of production questions

Increase in uotput when ALL inputs are increased... this is referred to as:

Which of the following best reflects China's current economic model?

The study of the way society makes decisions about the use of scarce resources is referred to as

The Production Possibility Curve illustrates the concept of Scarcity

Which of the following are considered productive resources?

Canada is an example of a Pure Market economy

Sweden is referred to as a "Universalist Welfare" state

Which of the following are considered to be "real" capital?

The use of a bare minimum of resources to achieve a desired end is referred to as: