Savings are a leakage in the circular flow

Which statement is false?

a shift in the PPF to the left is an increase in productivity

Exhaustible resources are scarce.

What is the prurpose of goods and services PRODUCED in a socialist economy

To meet the needs of the consumers

What is infastructure

the struture and facilities needed for a society

Select the type of economic system that best matches MIXED

based on price rationing and includessome government involvement

Showing what goods can be prodiced using limited resources

Allocating a resources betwen two choices to do both

Select the type of economic system that best matches = Market

based on the forces of supply and demand

What is per capita GDP

all the goods produced in a country in a year divided by the # of citizens

Select the type of economic system that best matches = COMMAND

based on government controlof resources and production

elect the type of economic system that best matches = TRADITIONAL

based on traditions and customs

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Fundamentals of Economics GSE

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Questions 22

Answers

1
what is true?
Savings are a leakage in the circular flow
Taxes are an injection in the circular flow
Households spend money in the factor market
Taxes have no effect on the economy
2
new schools will increase the skills and knowledge in the citizens resulting in more jobs for teachers and
no change in gdp
an increase in GDP
less skilled jobs
a decreae in GDP
3
Which factor of production includes human-made resources used to produce a good or a service?
capital
land
entrepreneurship
labor
4
Which statement is false?
New Technology is a increase in capital
solar power is a land resource
Elon musk is an example of entreprenuership
a shift in the PPF to the left is an increase in productivity
5
Which one is true
Inexhaustible resources are limited.
Exhaustible resources are scarce.
Exhaustible resources are abundantly available.
Only tangible goods are scarce.
6
How can you use property rights to open a business?
morgage your house to get $
Work until you have enough $ to open a company
Find investors
borrow money from your family
7
What is the prurpose of goods and services PRODUCED in a socialist economy
Because the business man see an oppurtunity
To meet the needs of the consumers
For Profit
To be innovative
8
What is Price Rationing
getting rid of prices to allocate resources
those who can pay do
Using a lottery system
First come, first served
9
Scholarships for low income students and new infastructure will result in
PPF shift right
PPF shift left
Point on original PPF
Point inside the PPC
10
What is infastructure
the natural resources used in an economy
the labor force in an economy
The human capital in an economy
the struture and facilities needed for a society
11
Select the type of economic system that best matches MIXED
based on the forces of supply and demand
based on price rationing and includessome government involvement
based on traditions and customs
based on government controlof resources and production
12
What is a PPF
a combination of price and demand of goods and services
Showing what goods can be prodiced using limited resources
a combination of two factors of production used to produce a single good
the goods produced before and after a change in a factor of production
13
What is a trade off?
Allocating a resources betwen two choices to do both
Figuring out how to do both options at the same time
Something you can trade for
Dont pick this one
14
Select the type of economic system that best matches = Market
based on traditions and customs
based on price rationing and includessome government involvement
based on the forces of supply and demand
based on government controlof resources and production
15
Which of these is NOT an investment in PHYSICAL capital
Building roads
Providing new solar power
Teaching new skills to workers
Creating new technoloy
16
What is the opportunity cost in this scenario?
the bowling he didnt go to.
The 17 dollars he spent
the time spent watching the movie
The $8 he did not have
17
At what point is the marginal benefit of Hiring more workers no longer greater than the marginal cost of the workers?
25
5
20
10
18
What is economic growth
Lower unemployment
an increase in stuff made
Lower taxes
an increase in income
19
What is per capita GDP
all the goods produced in a country in a year divided by the capital
all the goods produced in a country in a year divided by the # of citizens
all the goods produced in a country in a year
all the goods produced in a country in a year
20
Skilled workers moving out of the country and a pandemic wipes out half the population will result in
a shift to the left of the PPF
a point inside the PPF
a point along the PPF
a shift to the right of the PPF
21
Select the type of economic system that best matches = COMMAND
based on price rationing and includessome government involvement
based on traditions and customs
based on the forces of supply and demand
based on government controlof resources and production
22
elect the type of economic system that best matches = TRADITIONAL
based on government controlof resources and production
based on traditions and customs
based on the forces of supply and demand
based on price rationing and includessome government involvement

Fundamentals of Economics GSE Flashcards | StudBud