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Econ - Unit 1 Review Flashcards | StudBud
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Econ - Unit 1 Review
Econ - Unit 1 Review
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Economics
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which point shows an unattainable production goal?
A
B
C
D
2
Why are resources scarce?
People have unlimited wants
People are too lazy to get more
Resources are hard to find
Resources are very expensive
3
A move from A to B has an opportunity cost of 1 power drill. But a move from B to C has an opportunity cost of 2. Why?
Mislabeled graph
Tradeoffs
Law of increasing opportunity cost
Constant slope
4
As a result of scarce resources, what are people forced to do?
Fight for what they want
Nothing
Constantly make choices
Continue to wish they had what they don't
5
Which point shows an economy producing below its maximum ability?
B
A
C
D
6
Which of the following is an example of an entrepreneur?
A person who teaches at a college
An athlete
A person who starts a dog walking business
An Actor
7
Which point shows an efficient economy?
D
None of the above
C
A
8
In a mixed economy, the government's role is to ________
plan all activities
define goals
regulate
make all decisions
9
The USA has a ________ economy
market
traditional
mixed
command
10
The study of how societies satisfy unlimited wants with limited resources is called
Business Model
Opportunity cost
Cost-Benefit analysis
Economics
11
The value of time, money, goods and services given up to make an economic choice is
opportunity cost
item cost
trade-off
scarcity cost
12
True or False: Voluntary exchange is present in a command economy
False
True
13
What is the purpose of trading?
Getting something you value more
trading is healthy
It's good manners to trade
competition is fun
14
Which is not an economic goal in the US?
price stability
stagflation
full employment
economic growth
15
What are the 4 resources that go into the factor market?
Rent, taxes, profit, interest
land, labor, capital, entrepreneurship
transfer payments, price, value, supply
land, wages, profit, entrepreneurship
16
What is the opportunity cost of moving from point D to point B
2 power drills
5 power drills
5 skis
2 skis
17
What is an example of a capital good?
A factory
Oil
Risk Taking
Employees
18
Which is NOT considered a factor of production?
Revenue
Labor
Capital
Land
19
In capitalism, the __________ own the factors of production
private citizens
government
businesses
producers
20
A good used to produce another good or service is called __________
Service
Product
Consumer good
Capital good
21
The best alternative that was not chosen is called what?
Opportunity Cost
Scarcity Cost
Trade-off
Economics
22
An economy that is producing below their maximum production ability is considered
unattainable
inefficient
growing
efficient
23
The economic concept of guns and butter refers to
A government must decide to make military or civilian goods
A government must decide to make guns or butter
A person must decide to buy guns or butter
a company must decide to make guns or butter
24
All of the following illustrate the flow of money around the outside of the circular flow model EXCEPT
Taxes
Factor Payments
Household income
Revenue
25
What is an example of a labor resource?
risk taking
employees
oil
a factory
26
What does a production possibilities curve show?
how much time is needed to produce 2 things
how much money it costs to produce 2 items
the cost of producing 1 good at the expense of another
the 2 items consumers demand most
27
Not having enough resources to produce all of the wants of a society is called what?
Extinction
Shortage
Scarcity
Limitation
28
When you go to work at the ice cream parlor, is that the factor market or the product market from your perspective?
Factor Market
Product Market
29
Opportunity cost can be
Money
Time
Neither of these
Both of these
30
What is an example of a land resource?
risk taking
oil
employees
a factory
