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Mr. Pierce's Economics Class Unit I Review Flashcards | StudBud
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Mr. Pierce's Economics Class Unit I Review
Mr. Pierce's Economics Class Unit I Review
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Units I Exam Review
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Shortages occur when
an equilibrium price exists
the quantity demanded is greater than the supply available
too much of a good is being produced
the quantity demanded is less than the supply available
2
What type of opportunity cost does this PPC graph illustrate?
constant opportunity cost
stable opportunity cost
increasing opportunity cost
decreasing opportunity cost
3
The resources of land, labor, capital and entrepreneurs together are called ____________.
factors of production
services
resources
factories
4
What contributes to the economic problem of scarcity?
resources are unlimited
resources are expensive
resources have alternative uses
resources are efficient
5
Experience, college education, training, and knowledge all fall into what economic category.
skills
factors of production
human capital
physical capital
6
In a command economy, producers make decisions based on __________________________.
past customs
government planning
tradition
competition
7
When making a decision, opportunity cost is
the profitable alternatives decisions
all the possible alternative decisions
the highest or number one alternative decision that was given up
the lowest alternative decision
8
A point that falls on the Production Possibilities Curve represents which of the following?
efficiency
maximum production
all of the above
a production decision
9
What is the basic problem of economics?
scarcity
labor shortages
unlimited resources
lack of technology
10
When a person buys a new computer, who gains from the exchange?
all the above
the store
the buyer
the manufacturer
11
The study of how people and nations use their resources to fulfill their wants and needs.
Economics
Opportunity Cost
Consumerism
Entreprenuership
12
What primary economic concept does this PPC illustrate?
maximum production
underutilization
growth
efficiency
13
Analyze the demand and supply schedule for equilibrium. What is the equilibrium price and quantity?
Eq. price = $3 Eq. quantity = 90
Where supply and demand cross on the graph.
Eq. Price = $7 Eq. quantity = 70
Eq. Price = $5 Eq. Quantity = 60
14
What is the role of the government when calculating Gross Domestic Product?
to count all the final goods and services produced in a year
to dictate when goods should be put on sale
to create laws that benefit the public interest
to determine production levels
15
How will government subsidies (payments) to corn farmers influence the market supply for corn?
the market supply will decrease
the market supply will increase
the market supply will stay the same
the demand for corn will increase
16
The study of the behavior and decision making of entire economies bests describes
macroeconomics
partnerships
microeconomics
national economics
17
What are the essential characteristics of Adam Smith's theory of the Invisible Hand
all the above
laissez-faire
competition
self interest
18
What type of opportunity cost does this PPC graph (linear graph) illustrate?
stable opportunity cost
decreasing opportunity cost
constant opportunity cost
increasing opportunity cost
19
A mixed economy is made up of which two economic systems?
free market and centrally planned economies
pure market and free market economies
traditional and free market economies
Communism and Command Economy
20
To determine a good trade when comparing the advantages of different economies, one must know each country's what?
import taxes
trade-off
all of the above
per unit opportunity cost
