Entrepreneurs tend to:

Take a financial risk in search of profits

Not being able to have everything you want because of lack

Capital is economics is most closely considered which of the following?

Previously manufactured tools or equipment used to create

What is an opportunity cost?

The next best alternative forgone when a choice is made

Land, as an economic term most closely resembles which of the following:

Naturally occurring scare resources/gifts of nature

The study of how scarcity affects the choices society makes

"Lassez Faire" most closely represents what idea?

That the government should have a hands off approach

Which of the following would be an example of a traditional economy?

Tribes and villages in undeveloped Africa

There are several characteristics of entrepreneurs. Which of the following is a common trait?

They are accepting of taking risk

All economic systems must answer the three basic questions, these questions are:

What, how and for whom to produce?

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EOY Review Unit 1: Intro to Economics

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Review of Polk County Economics with Financial literacy EOY exam

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Questions 16

Answers

1
Who controls the factors of production in a command economy?
No one
The people
Tradition
The government
2
Entrepreneurs tend to:
Not be highly educated
Take a financial risk in search of profits
Lack creativity
Be very risk adverse
3
What is scarcity?
Previously manufactured tools or equipment
Not being able to have everything you want because of lack
The idea that all of society must use labor to produce
The idea that natural resources always replenish themselves
4
Capital is economics is most closely considered which of the following?
Using naturally occurring resources in the production proces
Paid labor in the production process
Previously manufactured tools or equipment used to create
Natural resources or gifts of nature
5
What is an opportunity cost?
A financial situation in which a choice must be made
All of the different possibilities with time/money
The next best alternative forgone when a choice is made
The condition of not having everything you want
6
Who controls the factors of production in a market economy?
The government
Tradition
No one
The people
7
Land, as an economic term most closely resembles which of the following:
None of the above
Naturally occurring scare resources/gifts of nature
The ground we physically step on
Political boundaries set by government's of a certain area
8
Which of the following would an economist consider "land?"
Cattle
An assembly line
A farm worker
A cash register
9
What is economics?
The study of the circular flow of markets
The study of finances and money
The study of how scarcity results in supply and demand
The study of how scarcity affects the choices society makes
10
What is the opportunity cost in terms of robot production when moving from point C to point A?
2 robots
1 robot
3 robots
4 robots
11
Which of the following is an example of capital?
A bulldozer
A plot of land
A cow
Knowledge and experience an entrepreneur has
12
"Lassez Faire" most closely represents what idea?
That the government should have a hands off approach
The government should be heavily involved in the economy
The idea that traditional economies are superior
The idea that the government should intervene in our economy
13
Which of the following would be an example of a traditional economy?
The former Soviet Union
Cuba
The United States
Tribes and villages in undeveloped Africa
14
There are several characteristics of entrepreneurs. Which of the following is a common trait?
Tend to not be creative
They do not feel comfortable taking risk with their money
They are accepting of taking risk
They are not accepting of taking risk
15
Which famous economists believes in "Lassez faire" and is the father of free market economics?
Rupert Murdoch
Joseph Stalin
John Maynard Keynes
Adam Smith
16
All economic systems must answer the three basic questions, these questions are:
Why, Where, and How to produce?
When,Why, and How to produce?
Cuando, Donde', Que to produce?
What, how and for whom to produce?

EOY Review Unit 1: Intro to Economics Flashcards | StudBud