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Ch. 1 - Circular Flow, Factors of Production & Basic Econ Questions Flashcards | StudBud
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Ch. 1 - Circular Flow, Factors of Production & Basic Econ Questions
Ch. 1 - Circular Flow, Factors of Production & Basic Econ Questions
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Review quiz #factorsofproduction #circularflow #productionpossibilitiesfrontier
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1
Actions in one part of the country that have an economic impact elsewhere are examples of
specialization.
economic interdependence.
opportunity costs.
trade-offs.
2
Which of the following is an example of entrepreneurship?
planting a garden
applying for a job
getting a college degree
starting your own food truck
3
The basic economic questions are: 1) what to produce; 2) ___; and 3) how to decide who gets it
when to produce it
who gets to produce it
how to produce it
where to produce it
4
Which of the following is an example of Capital?
a factory
well paid workers
money invested in the stock market
soil
5
Which choice best describes what this production possibilities frontier is depicting?
cost of idle resources
opportunity costs
alternative possibilities
economic growth
6
According to the circular flow model, what do consumers get from producers?
Consumer goods
Labor
Education
wages / salary
7
In this production possibilities frontier, what could cause production to move from a to e?
economic growth
factories that are available but idle
the availability of additional resources
increased productivity
8
Which of the following is an example of land?
glass
a boat
the water in a water bottle
a big mac
9
From which market do businesses get their resources?
Product Market
Households
Businesses
Factor Market
10
How many gallons of blue paint can the company if they must make 4 gallons of red paint?
3
8
2
6
11
According to the circular flow model, what do companies get from consumers?
Labor
Capital goods
money / profits
Consumer goods
12
Which of the following is an example of labor?
sewing a T-shirt for Nike
picking beans on a farm
setting the table for dinner at home
teaching a class
13
From which market do product markets get their finished goods and services?
Revenue $
Product Market
Businesses
Factor Market
14
An economy at its production possibilities frontier is operating
with slow economic growth.
as a free enterprise economy
at full potential.
without division of labor.
15
Which of the following are examples of capital goods?
shoes
bull dozer
banana
printing press
