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Unit 1 Part 2 Review Flashcards | StudBud
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Unit 1 Part 2 Review
Unit 1 Part 2 Review
30 terms
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#Economics Systems, #Allocating Resources and #Roles of Government #Productivity
Flashcards
30 cards
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Questions
30
Answers
1
Residents who live near construction, have car alarms set off all day. This is an example of
Negative Externality
Public Good
Positive Externality
Private Good
2
Which of the following is NOT a characteristic of a Market Economy?
Income Redistribution
Competition
Consumer Sovereignty
Private Property
3
Pollution from traffic is an example of...
Opportunity Cost
Positive Externality
Trade Off
Negative Externality
4
Productivity it the relationship of _______________________ to ______________________
marginal cost to marginal benefit
inputs to outputs
outputs to inputs
opportunity cost to trade offs
5
Which of the following is an important concept in a Market Economy?
Providing Public Goods
Providing Reimbursement Income
Protecting Private Property
Correcting Market Failure
6
Who answers the three fundamental questions in a Command Economy?
The People and the Government
Tardition
The People
The Government
7
Sky buys ice cream. Ali makes a bowl of ice cream. Ali is an example of what economic term?
Negative Extranality
Free Rider
Price Gouging
Positive Extranality
8
Command economies tend to be better than market economies at meeting which economic goal?
Efficiency
Incentives
Freedom
Equity
9
A large portion of Jonah's income has gone to Social Security. What term is this an example of?
Government Regulation
Redistributing Income
Externalities
Private Property
10
Which of the following is an example of Price Gouging?
A hotel is $90 a night and rises to $136 with taxes and fees
The price of water bottles increase from $1.75 to $5.00
The price of a coke rises from $1.00 to $1.75
The price of gas falls from $2.49 to $1.90
11
If you spend $75 at a store, you can get $15 off. Which allocation strategy is the rebate?
Brute Force
Price
First Come; First Serve
Lottery/Contest
12
Which of the following social economics goals is associated with a MARKET economy?
Economics Equity
Government Regulation
Economic Freedom
Economics Security
13
Jim owns batting cages. He decides to buy new nets. What is he investing in?
Entrepreneurship
Physical Capital
Human Capital
Natural Resources
14
Which of the following is a way of allocating necessary goods when they are in short supply
Discounting
Rationing
Hoarding
Price
15
To achieve economic growth, a society must...
Increase taxes
Use resources less efficiently
Discover new resources
Decrease the labor force
16
Which of the following social economics goals is associated with a COMMAND economy?
Economic Freedom
Price Stability
Private Ownership[
Economic Growth
17
Which is an example of a purely PRIVATE good?
Hospitals/ER
Haircuts
Limited Access Highways
Traffic Light
18
Why does the government force certain industries to comply with environmental regulations?
To reduce the cost of goods for customers
To reduce barriers to entry into the industries
To make sure companies bear the cost of their own pollution
To make sure no company can develop into a monopoly
19
Belk gives $10 gift cards to the first 100 customers. How is Belk allocating the gift cards?
Brute Force
Lottery/Contest
First Come; Fist Serve
Price
20
Which of the following do property rights NOT extend in a market economy?
Individuals who acquire copyrights
Business that patent new products
Business that trademark symbols
Individuals who create computer programs for their employer
21
Which of the following is an example of a Public Good?
Car
Traffic Light
Money
CEO
22
Why does the government provide Public Goods?
The government needs support from the poeple
Not everyone has access to the same amount of resources
Because the government can do whatever it wants
The people need government guidance
23
Mixed Economies are a combination of...
Market, Command, and Traditional
Traditional and Market
Market and Command
Command and Traditional
24
Which of the following does the Government NOT protect people from in a Market Economy?
Public Health and Safety
Identity Theft
Fraud
Individual Business Failures
25
True or False: All economies are Mixed
True
False
26
An economic downturn caused a town to lack resources. How will the situation will be resolved?
the private sector will offer unemployment compensation
the government will create new jobs
the private sector will create new jobs
the gov't will offer unemployment compensation and welfare
27
What are the three fundamental questions of Economics?
What to Produce, How to Produce, For Whom to Produce???
Opportunity Cost, Trade-Off, PPC???
Where to buy, Where to sell, Where to make money???
Who, What, Where???
28
Ty applies for a patent for her new app. This is an example of which economic term?
Private Property
Government Regulation
Copyright
Redistribute Income
29
Who answers the three fundamental questions in a Market Economy?
The People
The Government
Tradition
The People and the Government
30
Which of the following statements best explains why gov'ts typically own and maintain parks?
People don't trust private businesses with an important task
Governments need to perform such tasks to justify taxation
It is a job which is too big for business firms to carry out
parks wouldn't otherwise be produced in the quantity desired
