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Gov/Eco Unit 4 - Economic Basics Flashcards | StudBud
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Gov/Eco Unit 4 - Economic Basics
Gov/Eco Unit 4 - Economic Basics
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Economic Basics review
Flashcards
45 cards
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Practice quiz
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Host live
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Questions
45
Answers
1
Level of government in Market systems?
A little
Complete
None
A lot
2
A point inside the PPC is?
Market Saturation
Impossible
Inefficient
Efficient
3
A public good is one which?
Benefits only a few
Most people could not afford on their own
Is consumable
Has no effect on the economy
4
Level of government control in Socialism?
Complete
A little
Half and Half
None
5
Opportunity cost?
Best alternative given up as a result of a decision
Production Cost
Market Price
Value of unsold product
6
A big difference between Capitalism an Communism is?
Brands
Choice
National Defense
Money used
7
A severe contraction of the business cycle?
GPD
Depression
Bankrupcy
Recession
8
If PfISD built a pool, what it the opportunity cost involved?
A pool cleaner
The water
What could have been built instead
The Cost of the Pool
9
What goes in the marked box?
Product Market
Resource Market
Household
Businesses
10
A teacher is what production category?
Capital
Labor
Land
Entrepreneurship
11
US Economic system?
Capitalism
Market
Communism
Socialism
12
What is the U.S. good at?
Cloting
Oil
Shoes
Medical
13
What goes in the marked box?
Buy Resources
Taxes
$
Sell Resources
14
How much government control in a Command system?
Complete
A lot
A little
Half and half
15
A computer is what production category?
Capital
Entrepreneurship
Land
Labor
16
Which of the following is part of the public sector?
Police Stations
Shopping Malls
All goods and services
Colleges and Universities
17
Which is one of the three fundamental economic questions?
How much tax should be charged?
What price should it be?
How many should be made?
What should be made?
18
A public good is one?
Is for all
Is inexpensive
Which can be excluded
is funded only by donations
19
The freedom to buy and sell is part of?
Legal Equity
Profit Motive
Economic Freedom
Private Property
20
What goes in the marked box?
Resource Market
Government
Product Market
Household
21
What goes in the marked box?
Business
Resource Market
Product Market
Household
22
Someone who gets the benefit of something without paying for it would be?
Consumer
Free Rider
Politician
Tax Payer
23
What is GDP?
Everything in an economy in a year
Everything in an economy in a month
Everything in an economy in a week
Everything in an economy held by poor people
24
Government control in Communist?
Complete
A lot
A little
None
25
The government provides a safety net and ensures competition?
Voluntary Exchange
Profit Motive
Limited Government
Competition
26
What is the "invisible hand"?
Unemployment
Motivation
Self-interest
Inflation
27
Benefit of Free Enterprise?
Responsiveness
All other answers
Investments
Variety
28
Grass is what production category?
Land
Labor
Capital
Entrepreneurship
29
What is the consumers role in Free Enterprise?
Competiotn
Private Property
Dollar Voting
Limited Government
30
Karl Marx described which system?
Capitalist
Communism
Free Enterprise
Traditional
31
We have unlimited wants but ______________ resources.
Valuable
Limited
Continious
Replaceable
32
Who wrote about self-interest?
Frederick Engels
Karl Marx
Bill Gates
Adam Smith
33
Which of the following has the greatest effect on price?
Competiton
variety
GDP
Revenue
34
Little to no innovation?
Traditional
Socalist
Communist
Command
35
Which of the following system is characterized by limited government involvement?
Free Consumerism
Free Rider
Free Enterprise
Market
36
What is the driving factor behind economics?
Scarcity
The stock market
Money
Politics
37
What goes in the marked box?
Consumption
Revenue
Personal income
Buy Reources
38
Which of the following is considered to be a service?
A tree
A car tire
Christmas lights
Getting your lawn mowed
39
What goes in the marked box?
Revenue
Business Expenditures
Goods and Services
Taxes
40
Rich get richer, Poor stay the same?
Poverty level
Stability
Income Gap
Recession
41
Which is closest to a Command Economy?
Traditional
Socialist
Capitalist
Communist
42
A point outside the PPC is?
Efficient
Market Saturation
Inefficient
Impossible
43
Which of the following is a good?
Notebook Paper
Car Wash
Haircut
Teeth Cleaning
44
What goes in the marked box?
Buy Resources
Sell Resources
Goods and Services
$
45
Level of government control in Capitalism?
None
A little
Complete
A lot
