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Quiz Economics 1st Partial
Quiz Economics 1st Partial
25 terms
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StudBud Administration
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Intro to Economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Human capital is
machinery that meets or exceeds federal safety standards for use by humans.
all capital owned by individuals or corporations, but not by governments.
all capital owned by individuals, but not by corporations or governments
the skill and knowledge of workers.
2
What are the 3 basic questions economic systems face?
Cruz Azul is the best :)
What, where, and how
Where, what, and how.
What, how, and for whom.
3
___ is the basic economic problem?
Production
Labor
Capital
Scarcity
4
One characteristic of the American economy is
free healthcare for all
no freedom of enterprise
competition
government control
5
The study of how people and countries make choices.
History
Goods
Capital
Economics
6
An item that people buy.
Good
Manufacture
Database
Labor
7
Something that is necessary to stay alive is a ___.
Good
Need
Want
Service
8
In a Market economy the
government controls the factors of production
individual controls the factors of production
tradition controls the factors of production
it is mixed
9
Narural resources, labor, and capital are factors of ___.
Services
Wants
Production
Technology
10
An incentive
could be a penalty but could not be a reward
is the opposite of a trade off.
could be either a reward or a penalty.
could be a reward but could not be a penalty
11
People have unlimited ___.
Services
Needs
Technology
Wants
12
The analysis of the behavior of individual decision-making units is the definition of
macroeconomics.
microeconomics
normative economics.
positive economics.
13
A person who runs some or all of a business.
Employee
Manager
Manufacture
Worker
14
Machines, buildings, tools and money.
Capital
Production
Manufacture
Labor
15
When an economy produces more houses and fewer typewriters, it is answering the ________ question
"what"
"where"
"how"
"for whom"
16
When China builds a dam using few machines and a great deal of labor, it is answering the ________ question
"where"
"for whom"
"how"
"what"
17
People who do work for others for a fee provide ___.
Needs
Services
Wants
Goods
18
Natural resources include water, minerals, and ___.
Technology
Wants
Services
Land
19
People who take risks to start new businesses or improve old ones are ___.
Employees
Entrepreneurs
Managers
Manufcturers
20
Economics is about making ___.
Choices
Resources
Capital
Money
21
The cost of a trade-off is a(n) ___.
Need
Land
Opportunity Cost
Service
22
Giving up one thing for another is a ___.
Trade-off
Opportunity cost
Need
Service
23
As an economic concept, scarcity applies to
time but not money.
neither time nor money.
money but not time.
both money and time.
24
You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not report to work where
$2,000
$750.
$2,750.
$1,250
25
In a command economy the
it is mixed between the individual and the government
individuals control the factors of production
government controls the factors of production
tradition controls the factors of production
