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Economics: Work & Prosperity Review Flashcards | StudBud
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Economics: Work & Prosperity Review
Economics: Work & Prosperity Review
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A #economics quiz for Chapters 1 - 5 for Abeka Economics Work & Prosperity
Flashcards
45 cards
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Questions
45
Answers
1
the French group of economists who believed the market should be guided by "the rule by nature"
capitalists
physiocrats
communists
mercantilists
2
refers to the quantity of a good for sale at a certain price under certain conditions
demand
utility
value
supply
3
Desire to improve ones economic situation
Depreciation
Profit
Profit motive
4
Value of the best alternative that is forgone when a different alternative is taken
Value in use
Opportunity cost
5
What type of good is a computer that is used for personal home use?
capital
imported
producer
consumer
6
What type of economy would a Communist-controlled country have?
free market economy
mixed economy
command economy
traditional economy
7
Prices at which goods can be sold in an open market with many potential sellers and buyers
Diminishing Marginal Utility
Total Utility
Market Price
Marginal Utility
8
Who used his resources wisely to make gunpowder for President Jefferson?
E. I. du Pont
John Adams
Pierre Samuel du Pont
Adam Smith
9
What term refers to a person that owns a share of some business that produces goods?
entrepreneur
capitalist
distributor
supplier
10
Amount of satisfaction that results from one unit increase of a product tends to become smaller
Total Utility
Marginal Utility
11
Goods that last less than 3 year
Non-durable goods
Durable goods
12
the establishment of colonies to benefit a mother country
microeconomics
macroeconomics
physiocracy
imperialism
13
What type of economy is directed by government?
command economy
mixed economy
free market economy
traditional economy
14
The value associated with any good is directly related to what two things?
labor, capital
scarcity, utility
want, need
supply, demand
15
What do some economists list as a fifth factor of production?
the Internet
shopping malls
information
wheat
16
Adam Smith stressed the importance of separating work into individualized tasks -
capital
work
labor
division of labor
17
What type of economy is directed by an "invisible hand"?
traditional economy
command economy
mixed economy
free market economy
18
Who was the founder of the Austrian school of economics?
Carl Menger
Francois Quesnay
E.I. du Pont
John Adams
19
Amount of money that a buyer pays the seller for a particular item
Price
Value in use
20
Value that is directly related to the benefits their owners receive through their use
Value in use
Price
21
What type of good is a forklift that is used to transport imported goods within a warehouse?
capital
producer
imported
consumer
22
mechanism through which people exchange goods
demand
market
supply
economic model
23
Relationship between a goods price and the amount producers are willing to provide
Supply
Demand
24
the worth that consumers attach to a good
want
scarcity
value
utility
25
What are taxes that governments apply only to imported goods?
subsistence
market
demand
tariffs
26
Diminishing value of goods
Profit
Depreciation
Profit motive
27
People substitute less expensive goods for ones whose price has risen
Income effect
Substitution effect
28
Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom
utility
prosperity
wealth
value
29
What French phrase, often connected with economics, means "let things alone"?
laissez-mare
laissez-faire
laissez-tare
laissez-care
30
Who risks his investment of time and money int he management of an economic enterprise?
entrepreneur
supplier
capitalist
distributor
31
Excess of the total revenue
Depreciation
Profit
Opportunity Cost
32
Who wrote
The Wealth of Nations?
John Adams
Adam Smith
Pierre Samuel du Pont
E.I. du Pont
33
Part of an economy controlled by the government
Public sector
Private sector
People sector
34
the study of specific components within a major economy
maniceconomics
mastereconomics
microeconomics
macroeconomics
35
Total value of the business minus any liability
Free Enterprise
Equity
36
Total amount of satisfaction received from a particular amount of goods
Total Utility
Marginal Utility
37
_______ capitalism is a system in which the government controls most of the capital
state
entrepreneur
business
private
38
Which is NOT a factor of production
entrepreneurship
capital
natural resources
supply
39
A ________ economy provides barely enough to keep a society alive.
traditionalist
capitalist
communist
subsistence
40
the amount of a good that is bought at certain price under certain conditions
demand
market
supply
value
41
material items for which people expect to pay
capital goods
wants
consumer goods
service
42
All people are said to be ________, or people who use goods.
producers
communists
consumers
capitalists
43
What are signs used by consumers and producers to determine how much of a good to buy or sell?
Market signals
Market prices
Market economy
44
What did Adam Smith write?
Diamond-Water Paradox
The Wealth of Nations
45
What type of economy is directed by customs and habits?
traditional economy
free market economy
command economy
mixed economy
