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Economics Unit 1 Test Prep Flashcards | StudBud
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Economics Unit 1 Test Prep
Economics Unit 1 Test Prep
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1
the creator of change in economics
creator
boss
entrepreneur
catalyst
2
unit of account
none of the above
something that holds value over time
determines economic worth in the exchange process
means through which goods can be exchanged
3
money that has value based on material which it is made
representative money
commodity money
fiat money
electronic money
4
Resource that is not created by humans
land
areas
buildings
materials
5
Economically, food, clothing, and shelter are
necessities
supplies
wants
needs
6
medium of exhange
something that holds value over time
means through which goods can be exchanged
determines economic worth in the exchange process
none of the above
7
The invisible hand is
self-interest
the government
labor
capital
8
Which is not a characteristic of money?
divisible
changable
portable
durable
9
market where you find goods for sale
target
factor market
super market
product market
10
store of value
something that holds value over time
means through which goods can be exchanged
none of the above
determines economic worth in the exchange process
11
Four factors of production
land, labor
money, materials
effort, energy
captial, entrepreneurship
12
Economic goals stressed in a market economy
economic efficiency and freedom
economic stability and equity
economic stability and sercurity
economic stability and growth
13
Economically, the effort people exert in producing goods and services
capital
entrepreneurship
labor
work
14
The point outside or above the Production Possibility Frontier
efficient
impossible
none of the above
underutilized
15
economic system that has freedom of choice to buy and sell
communism
market
command
traditional
16
The point(s) on the Production Possibility Frontier
underutilized
efficient
none of the above
impossible
17
money backed by gold
representative money
commodity money
electronic money
fiat money
18
The problem at the root of economics
jobs
choices
the economy
scarcity
19
Best goal for raising the standard of living
growth
equity
security
freedom
20
After meeting one's needs, that person thinks about what next?
cravings
wants
desires
satisfaction level
21
market where people sell their skills for money
product market
business market
individual market
factor market
22
free buying and selling of goods and services
incentives
factors of production
communism
voluntary exchange
23
example of human capital
all the goods used to make products
all the training needed to make products
all the resources as a whole
the labor the employee uses to make products
24
The point inside or below the Production Possibility Frontier
impossible
underutilized
none of the above
efficient
25
Economic goals stressed in Communism
economic stability and equity
economic efficiency and freedom
economic stability and sercurity
economic stability and growth
26
money used in the United States
fiat money
representative money
electronic money
commodity money
27
Establishing safety nets in an economy promotes which economic goal?
efficiency
freedom
equity
security
28
Karl Marx created which economic system
traditionals economies
mixed economy
captialism
communism
29
Three questions that economies have to answer on production
what colors the business sign should be
what to produce, how to produce it, and for whom to produce it
what, when, and where to produce
what, why, and how to produce
30
trading goods and services instead of a currecy
money
barter
unfair
credit
31
A PPC demonstrates what
product market
underutilization
shortage
everything is a tradeoff
32
I can make 100 butter a day. If I lose 10 butter to make 1 gun. How many guns can I make in a day instead of butter?
20 guns
3 guns
10 guns
1 gun
33
the circular flow model illustrates what
explains differences among traditional, command, and market systems
overthrow of capitalism
depicts the characteristics of the US economic systems
shows how money, goods, and resources move in a market
34
Which THREE ARE characterisitics of money
returnable
limited
stable
acceptable
35
The study of how people use their limited resources
biology
scarcity
personal finance
economics
36
Limted money and time force you to
choose goods and not services
choose wants only
choose needs only
make tradeoffs
37
a reward or punishment that influences decisions in economics
social safety net
tradeoff
incentive
economy
38
the simple idea of national spending
bread and cheese
cheese and crackers
tanks and wheat
guns and butter
39
any tool made by man used to aid production
stuff
capital
machinery
equipment
40
work performed for someone is called...
a service good
a service
a want
a good
41
the Soviet Union focused their economy in TWO areas
collectives
captial goods
family farms
heavy industry
42
economic system where government controls production
market
traditional
mixed
command
43
I can produce 10 pencils a day. Suppose I lose 1 pencil to make 7 erasers. If I make 8 pencils, how many erasers?
10 erasers
16 erasers
14 erasers
8 erasers
44
The opportunity cost of a decision is
the benefits of the choice you made
the chance to make another decision
the value of something you gave up to get what you want
the loss of all other options
45
Economically, those who provide goods and services
producers
managers
consumers
sellers
46
Which is NOT a fucntion of money?
unit of account
mutual exchange
store of value
medium of exchange
47
cost of creating one more product
physical capital
money
thinking at the margin
incentive
48
the building in economic terms is considered
physical capital
labor
land
human capital
49
economic system that has some government intervention
traditional
mixed
market
command
50
a person who purchases good and services
seller
manager
consumer
producer
