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EPF Unit 1 Review - The Basics of Economics Flashcards | StudBud
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EPF Unit 1 Review - The Basics of Economics
EPF Unit 1 Review - The Basics of Economics
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Questions
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Answers
1
A positive benefit of an unintended consequence might be called a
windfall
surprise
lucky break
production factor
2
Wants are studied in economics and resources are studied in finance.
True
False
3
The largest source of tax revenue for the federal government is
personal income tax
social security tax
property tax
4
Saving money to buy a house in ten years is an examples of a(n)
long=term goal
short-term goal
marginal goal
5
Economics is the study of
choice under conditions of scarcity
stocks and bonds markets
gambling
making money
6
The four resources used to produce goods and services are land, labor, capital and
technology
entrepreneurship
education and training
goods and services
7
Materials that come from nature such as water, coal and timber are examples of
limited resources
natural resources
capital resources
unlimited resources
8
In which economic system are the factors of production most likely be owned by the government?
market economy
traditional economy
command economy
9
A farm represents what factor of production?
Capital
Land
Labor
10
Custom, traditional ways and beliefs are the base values of this economic system.
traditional economy
market economy
command economy
11
You have a Coke & a Pepsi and drink the Pepsi. What is the opportunity cost of your choice?
the Coke
zero
the Pepsi
12
You can decide what job you would like to do in this economic system
market economy
command economy
traditional economy
professional economy
13
The principle of opportunity cost evolves from the concept of:
scarcity
consumer spending
individuality
14
A trade-off is
an exchange of a good or service for another
a way to eliminate scarcity
a means of satisfying all of your needs
a way to eliminate opportunity costs
15
A computer is an example of a
Capital resource
Limited resource
Natural resource
Unlimited resource
16
Making a profit is highly stressed in this economic system.
command economy
market economy
traditional ecoomy
17
A delivery truck represents what factor of production?
Capital
Entrepreneurship
Labor
18
A trade-off occurs because of unlimited resources.
True
False
19
Getting a college education or starting a business is an example of a (n)
goal
marginal benefit
marginal cost
20
A Factor of Production is
Used in the production of services.
Used in the production of goods and services.
Used in the production of goods.
21
The additional satisfaction you receive from consuming an additional unit of a good is called
Marginal cost
Tradeoff
Marginal benefit
22
The opportunity cost of attending college is
the money you borrow to go to college
equal to the salary one earns from college
the money you could earning by skipping college
23
A risk-taker represents what factor of production?
Entrepreneurship
Labor
Capital
24
The things you would like but can live without are called
Products
Wants
Resources
25
The pursuit of self-interest always promotes the social interest." This concept is known as:
consumer sovereignty
the guiding function of prices
the invisible hand
26
The idea that consumers determine what goods and services will be produced is called
Consumer sovereignty
Competition
Private property
27
What businesses use to produce goods and services is called
Production
Resources
Needs
28
The U.S. Economy is a mixed economy which means that the economy is
Run by a combination of both business andgovernment.
Run mainly by government.
Run mainly by business.
29
Your financial goals should be
specific
limited
unclear
costly
30
An opportunity cost occurs
only when you make a bad choice
only when you don’t make a choice
only when you make a good choice
whenever you make a choice
31
Opportunity cost is the value of the
resources you gave up
best alternative you gave up
ce resources you haveaction that waschosen
resources you gave up
32
When marginal benefit of an activity exceeds marginal cost
people are better off doing more of it
people are better off doing less of it
33
Which is NOT an economic resource?
Money
Land
Labor
Capital
34
The market system is characterized by
private property rights
centralized decision-making
government price controls
35
Our economy is characterized by
abundant productive labor
no energy resources
unlimited wants
unlimited material resources
