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Econ Topics 1 & 2 Johnson Flashcards | StudBud
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Econ Topics 1 & 2 Johnson
Econ Topics 1 & 2 Johnson
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1
_______ _______ is when the government takes private property for public use.
Manifest Destiny
Economic Equity
Public Taxation
Eminent Domain
2
On the continuum of Economic Systems, all of these lean towards the free market EXCEPT
United States
Venezuela
Hong Kong
Singapore
3
The economy of the United States is a
mixed economy
command economy
traditional economy
pure free market economy
4
An opportunity cost is the
worst alternative given up in a decision.
cost of goods.
best alternative given up in a decision
choice that is made with few alternatives.
5
All of the following are economic goals EXCEPT
Efficiency
Production
Growth
Equity
6
Which of the following causes a production possibilities frontier to shift to the right?
The economy shrinks.
A Depression
The economy stagnates.
The economy grows.
7
What is a DISADVANTAGE of central planning?
Lack of economic efficiency
No emphasis on economic equity
Too much individual freedom
Overreliance on profit incentive
8
All of these are considered Public Goods except
National Park
Police Department
Super Market
Highways
9
What is considered the motivating force in the free market?
Competition
Profit Motive
Self-Interest
Capitalism
10
What is considered the regulating force in the free market?
Capitalism
Profit Motive
Self-Interest
Competition
11
What is NOT an example of human capital?
A college degree
Computer Skills
An iPad
12 years of experience
12
Which of the following is seen by some as a disadvantage of the free market economy?
Open Opportunity
Efficiency
Income Inequality
Innovation
13
________________eliminates the need for self-sufficiency.
Socialism
Capitalism
Specialization
Innovation
14
Which is NOT an essential question in economics?
What should be produced?
How is it to be produced?
Who produces the goods?
Who consumes the goods?
15
What are the three factors of production?
Needs, wants, choices
Land, labor, capital
Human capital, physical capital, intellectual capital
Workers, management, entrepreneurs
16
The ________ is the combination of self-interest and competition without government intervention.
command economy
invisible hand
laissez faire
opportunity cost
17
What are economists referring to when they say "choosing is refusing"?
"Guns or butter"
Opportunity cost
Thinking at the margin
Marginal cost
18
Which organization insures your bank deposits?
OSHA
FDIC
EPA
FDA
19
All of these are examples of markets EXCEPT
public park
Amazon.com
7-11
Swap Meet
20
Which basic economic goal is most easily achieved in a traditional economy?
Innovation
Efficiency
Equity
Growth
