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Econ Ch.1 and 2 Review Game Flashcards | StudBud
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Econ Ch.1 and 2 Review Game
Econ Ch.1 and 2 Review Game
40 terms
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StudBud Administration
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20 plays
#econ #economics #introtoeconomics #economicsystems
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
A producer is...
someone who provides goods and services.
someone who consumers goods and services.
2
One performs a(n) ________ to determine how best to use one's limited resources.
cost-benefit analysis
incentive analysis
factor of production
opportunity cost assessment
3
________ are supposed to have sovereignty in market economies.
Consumers
Producers
Governments
4
Capital does NOT include...
none of the other answers are correct
special knowledge or skills possessed by workers.
vehicles used to deliver a product to consumers.
the machinery used to produce a product.
5
He is considered the father of Communism.
Adam Smith
Edward Keynes
Martin Luther
Karl Marx
6
In _________ economies, goods and services are produced for the purpose of survival.
command
traditional
market
lassiez-faire
7
An outward shift in a PPC may be caused by...
an improvement in production technology.
a loss of technology.
a rising unemployment rate.
a decrease in resources.
8
On a PPC, as one moves away from one product to the other, opportunity costs will always...
remain constant.
decrease.
PPCs have nothing to do with opportunity costs.
increase.
9
________ promotes government control of certain industries, but still allows private ownership.
Capitalism
Socialism
Globalization
Communism
10
This type of product is work that one does for another.
service
good
11
________ occurs when industries are brought under the control of the government.
Nationalization
Industrialization
Privatization
Capitalization
12
________ exists anywhere between Communism and Laissez-faire Capitalism.
Opportunity cost
Market economics
Command economics
Socialism
13
According to the assumptions of a PPC, resources...
do not matter.
are both fixed and fully-employed.
are full-employed.
are fixed.
14
A consumer is...
someone who makes goods and services.
someone who uses a product.
15
Inefficiency in a PPC could be caused by...
broken technology.
acquiring new resources.
better workers.
16
There is no such thing as...
the law of economics.
a free lunch.
entrepreneurship.
opportunity costs.
17
In ________ economies, producers are motivated by profit.
command
communist
market
traditional
18
Which of the following is NOT one of the factors of production?
goods and services
labor
entrepreneurship
land
19
In market economies, business are motivated by _______ to offer better goods at lower prices.
dictatorship
competition
government involvement
humanitarianism
20
The value of the thing one trades-off is known as the...
cost-benefit.
incentive.
disincentive.
opportunity-cost.
21
Private property rights are generally disregarded in ________ economies.
command
market
22
In the Circular-Flow Model, business are ________ and households are ________.
both businesses and households produce and consume.
producers, consumers
consumers, producers
23
Which of the following does NOT flow in the Circular-Flow Model?
factors of production
products
money
consumers and producers
24
This factor of production refers to all of the natural resources used to produce a product.
labor
capital
entrepreneurship
land
25
Modern economies are...
mixed.
mixed and global.
global.
26
In the product market of the Circular Flow Model, ________ buy from ________.
businesses, households
households, businesses
27
A(n) ________ is a benefit that encourages one to act in a certain way.
cost
opportunity cost
product
incentive
28
________ studies the ways people use their limited resources to meet their unlimited desires.
Globalization
Communism
Socialism
Economics
29
According to the assumptions of a PPC…
all technology is removed.
the number of workers does not matter.
only one product can be produced.
the amount of resources is fixed.
30
When one economizes, one must give up something. This is known as a...
circular flow.
trade-off.
cost-benefit analysis.
factor of production.
31
________ is the satisfaction received from using one more unit of a product.
Opportunity benefit
Marginal cost
Marginal benefit
Marginal incentive
32
Production Possibilities Curves show...
underutilization.
efficiency.
production impossibilities.
all the other answers are correct.
33
________ economies can have problems with worker motivation.
Market
Command
Traditional
34
________ refers to the workers needed to produce a product.
Capital
Entrepreneurship
Labor
Land
35
In command economies, economic questions are answered by...
the government.
private businesses.
consumers.
36
________ occurs when industries become privately-owned instead of government-owned.
Nationalization
Globalization
Communism
Privatization
37
According to the Circular-Flow Model, ________ buy from ________ in the factor market.
businesses, households
households, businesses
38
According to the Law of Economics, people have ________ wants, but _________ resources.
limited, unlimited
unlimited, limited
39
Market economies generally make ________ responses to changes in economic conditions.
fast
slow
40
________ economies desire as little government involvement as possible.
Command
Market
