Four factors of production...

Capital goods, Natural resources, Haman Capital, and Entrepreneurship

Which is not part of a command economy?

Each person decides where he/she wants to work

Human captial example?

A Taxi's drivers knowledge of the city streets

Children tend to have the same jobs as their parents did.

In a Mixed Economy...

Individ can start their own businesses with little government interference

Scarcity is a problem because...

All resources are limited, but wants are not

Price of soda rose from $1 to $2. What will be the effect?

The quantity demanded of Soda will decrease

Which is included in GDP?

The purchase of a computer from a store

When a good's price is lower, people will buy more of it.

Gross National Product Measures...

All final goods and services produced in a country during a specific year

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Unit 7 Test Review

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Questions 25

Answers

1
Four factors of production...
Supply, Demand, Scarcity and Resources
Natural resources, Capital goods, Human Capital and GDP
Goods, services, Entrepreneurship and Resources
Capital goods, Natural resources, Haman Capital, and Entrepreneurship
2
What does specializing in a job do for an economy?
It makes it more efficient
It makes it easier to control
It fosters competition
It eliminates unemployment
3
Who makes economic decisions in the US?
Federal Government
Citizens & Government
Business owners & consumers
Citizens
4
Which is not part of a command economy?
The central government owns all land and capital
The central government makes all economic decisions
The central government sets prices on most goods and services
Each person decides where he/she wants to work
5
US Economy
Command
Mixed
Pure Market
Traditional
6
Resources needed to produce goods.
Factor markets
Inputs and Outputs
Produce Markets
Factors of production
7
GDP per capita means...
GDP per person
A country's standard of living
The total market value of a country's production
GDP per year
8
Human captial example?
A Taxi's drivers knowledge of the city streets
The Machinery used to weave cloth
The equipment used by a doctor to heal patients
The salary paid to an accountant
9
Traditional economy?
Both A and B
They have a high standard of living
Children tend to have the same jobs as their parents did.
They are usually based on light industrial production
10
In a Mixed Economy...
Businesses are heavily regulated by the government
Individuals must have government approval to start a business
Only groups may start their own businesses
Individ can start their own businesses with little government interference
11
Loss of income because you decided to take the day off is...
Marginal Cost
Total Cost
Fixed Cost
Opportunity Cost
12
Why would supply of a product decrease?
An increase in the number of suppliers
A decrease in consumer demand
An increase in the number of consumers
A decrease in the price of resources used to make the product
13
It takes approx $10 to make a book. Books are sold to the consumer for approx $60. How much is the profit per book?
$60.00
$50.00
$70.00
$10.00
14
Entrepreneurs start and invest in business due to what?
The cost of Production
Economic Interdependence
Supply and Demand
The profit motive
15
Regulates the economic market and influences price...
Antitrust Policy
Monetary Policy
Substitution and Consumption
Supply and Demand
16
Scarcity is a problem because...
All expensive goods cannot be shared equally
All resources are limited, but wants are not
Nations must spend money for resources they do not have
People face shortages on a seasonal basis
17
Buyers want more than sellers will sell..
Price Floor
Surplus
Supply and Demand
Equilibrium
18
Price of soda rose from $1 to $2. What will be the effect?
The quantity demanded of Soda will increase
The demand curve for Soda will move right
There will be a shortage of Soda
The quantity demanded of Soda will decrease
19
Which is included in GDP?
The purchase of a dining room table from a garage sale
The sale of a two year old car between private parties
Cooking a large dinner for your family
The purchase of a computer from a store
20
Coke over Chips is...
Marginal Cost
Total Cost
A Trade Off
Scarcity
21
Command Economy?
China
Japan
North Korea
Mexico
22
Fixed Cost?
Money spent on supplies
Electric Bill
Rent
Inventory
23
Law of Demand?
Everyone has a limited income that they will spend.
When a good's price is lower, people will buy more of it.
Services are of interest in the same way that goods are.
The higher the price, the more people will want the good.
24
Surplus indicates?
Suppliers cannot meet the demand
Government price controls are needed
The price is too high
The market is in equilibrium
25
Gross National Product Measures...
All goods and products sold during a specific year
All intermediate goods sold in s specific country
All final goods and services produced in a country during a specific year
All products produced in a country during a specific year

Unit 7 Test Review Flashcards | StudBud