In a productions possibilities frontier what does it mean to be on the line?

using factors of production wisely

What are the roles of the government in a mixed market economy?

Protector, Regulator, Producer and consumer, Promoter

What is exchanged in a factor market?

Land, Labor, Capital for Wages and Rent

How is scarcity different from a shortage?

Shortage can be fixed with time scarcity cannot

Which of the following would be most affected by inflation?

A retiree living on Social Security

Social Security was created for whom?

Disabled people and older people who can no longer work

How are comparative advantage and specialization linked?

A country produces what it cost them the least to make

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Economics 1st 9 weeks

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Questions 20

Answers

1
Which is an example of a command economy?
USA
North Korea
Ukraine
France
2
The fundamental principle all economic systems deals with is ________________.
Poverty
Unemployment
Wealth
Scarcity
3
Which social or economic goal would be most valued in a command economy?
economic freedom
economic security
Price stability
full employment
4
Which country is an example of a market economy?
Switzerland
Cuba
North Korea
Venezuela
5
In a productions possibilities frontier what does it mean to be on the line?
using factors of production wisely
not possible with current factors of production
Wasting factors of production
Using the factors of production unwisley
6
What are the roles of the government in a mixed market economy?
Protector, Regulator, Producer and consumer, Promoter
national promoter, consumer of foreign goods, tax enforcers
Regulator of national goods & creator of goods & services
Law maker, rule enforcer, economic controller, policy maker
7
What does the government intake in the circular flow of goods and services?
Expenditures
Tax Returns
Factors of production
Government Contracts
8
Define opportunity cost.
greatest opportunity lost
what you give up to do something else
sleeping
being in Ms. Glazier's class
9
What are the 3 economic questions must all economic systems answer?
What, How, Whom
Whom, Where, What
What, Where, When
What, How, When
10
Which factor of production organizes the other factors of production in order to produce a good
capital
entrepreneur
land
labor
11
What is exchanged in a factor market?
Land, Labor, Capital for payments
Good and services for wages and rents
Land, Labor, Capital for Wages and Rent
Goods and Services for Payments
12
What does "TINSTAAFL" mean?
somebody is doing dishes!
everything has a cost
someone is paying
not sure we get free lunches at school
13
What is exchanged in a product market?
Good and services for payments
Land, Labor, Capital for Wages and Rent
Goods and services for wages and rent
Land, Labor, Capital, for payments
14
How is scarcity different from a shortage?
Shortage can be fixed with time scarcity cannot
Scarcity is limited resources unlimited wants
There is always a shortage
Scarcity can be fixed with time shortage cannot
15
Which of the following would be most affected by inflation?
A retiree living on Social Security
A teacher
a professional athlete
A factory worker
16
Social Security was created for whom?
People with little to no income
Disabled people and older people who can no longer work
Both A and B
people who do not want to work
17
How does a consumer make their preferences known in a market economy?
protesting
by telling the shop clerk
purchasing goods and services
voting
18
What is needed for a traditional economy to survive?
Strong Community
Government
Friends
Competition
19
The way a society provides for the wants and needs for it's people determines what?
Religion
Government
Charitable organization
Economic System
20
How are comparative advantage and specialization linked?
A country produces what costs them the most to make
Specialization and comparative advantage are the same thing
Comparative adv. & specialization means make a product well
A country produces what it cost them the least to make

Economics 1st 9 weeks Flashcards | StudBud