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Econ Unit 1 Flashcards | StudBud
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Econ Unit 1
Econ Unit 1
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1
Bob's Paint Company decides to produce
8 gallons of BLUE paint
. How many gallons of
RED
paint could they produce?
None of the Above
1 Gallon
2 Gallons
3 Gallons
2
Which of the Following are Factors of Production?
Labor and Land
Inputs and Outputs
Profit and Competition
Goods & Services
3
Security and Stability are the Primary Goals of Which Type of Economic System?
Command
All of the Above
Market
Traditional
4
Which Country is closest to a Command / Socialism system?
South Korea & Hong Kong
Sweden & Finland
USA in 2022
USA in 1900
5
Which of the following expresses a measure of
Productivity
.
Susie decides to buy clothes instead of jewelry
Farmer Brown buys 100 acres of land
10 Workers can produce 500 Pizza in a night
The U.S. GDP grew 4.5 % last year
6
Which person would proudly wear this T-shirt
Karl Marx
Adam Smith
Mick Jagger
Mr. Clifford
7
Choosing Whether or Not to Study
ONE MORE HOUR
for the test best demonstrates which Economic Principle
Incentives Matter
Thinking at the Margin
Markets Coordinate Trade
Scarcity forces tradeoffs
8
The Opportunity Cost of Moving From Point A to Point B is...
35 Bushels of Corn
15 Bushels of Corn
20 Robots
70 Robots
9
Which Point on the Graph is currently UNATTAINABLE?
E
C
A
D
10
Robinson Crusoe has a
Comparative Advantage
at...
Neither Fishing or Coconuts
Gathering Coconuts
Both Fishing and Coconuts
Fishing
11
According to the Concept of Comparative Advantage, the Castaway's best choice would be...
Crusoe trades fish to Hawkins for Coconuts
Crusoe trades Coconuts to Hawkins for Fish
To separate and take care of themselves
Build a raft
12
No Pure Economic Exists Today
because almost All Nations have a _________ Economy
Market
Mixed
Command
Traditional
13
Who has a Comparative Advantage when it comes to manufacturing low-skill items?
Developed Nations
Both Developed and Developing Nations
Less Developed Nations
14
Which of the Following is
NOT
a Characteristic of the Free Enterprise System?
Limited Government (Laissez - Faire)
Profit Motive
Economic Freedom
Five Year Plans / Centralized Planning
15
Bernie chooses to buy new mittens instead of a new bathing suit - the bathing suit is the... of this decision.
Marginal Utility
Opportunity Cost
Absolute Advantage
Scarcity
16
Jim Hawkins has an
Absolute Advantage
at...
BOTH Fish & Coconuts
Gathering Coconuts
Fishing
Neither Fish of Coconuts
17
The Maximum Combination of two goods (or services) that can be produced from a given amount of resources is...
A Supply and Demand Graph
None of the Above
the Circular Flow Model
a Production Possibilities frontier
18
This image demonstrates what Economic Principle?
Opportunity Cost
Incentives Matter
the Invisible Hand
Law of Diminishing Marginal Utility
19
Which point on the PPF would be Possible but Inefficient?
E
C
A
F
20
Economists would DISAGREE with which of the following statements?
Trade moves goods to people who value them
Trade Lowers the costs of goods
Trade increases the Quantity of available goods
Trade creates more Losers than Winners
21
Adam Smith's description of Division of Labor (Pin Factory example) was an argument for...
Higher Taxes
Less Government Regulation
Specialization
Higher Tariffs
22
In a Capitalist System, Most Property is...
is shared among many people
owned by Banks
owned by Private Individuals & Businesses
owned by the Government
23
This image depicts which Factor of Production?
Land
Entrepreneurship
Capital
Labor
24
A Chief Goal of a Command System would be
Economic Freedom
Economic Growth
Economic Efficiency
Equity
25
People agree to trade (or buy something) because they expect it to improve their well being
. This quote demonstrates...
Binding Contracts
Voluntary Exchange
Law of Diminishing Marginal Utility
Absolute Advantage
