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Final Exam Review Fundamentals
Final Exam Review Fundamentals
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Fundamentals
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1
Which of the following is an example of investing in human capital?
Buying a new company truck
Paying for an employee's health insurance
An employee asking for a raise
Requiring employees to document what they do at work
2
A rational decision occurs when
The marginal benefits are less than the marginal costs.
There are no marginal benefits.
The marginal benefits are equal to the marginal costs.
The marginal benefits exceed the marginal costs
3
What is the basic problem of economics?
too much production
supply & demand
scarcity
people acting in their own self-interest
4
Which of the following is NOT a type of economic system?
controlled
competitive
command
capitalist
5
The economic system that best at achieving economic equity is the
pure market economy
free enterprise system
pure command economy
traditional economy
6
What is the opportunity cost of moving from point B to point A?
100 books
400 books
100 books and 200 loaves of bread
200 loaves of bread
7
Which of the following could cause a country to move from point D to point A?
NOT allowing workers to specialize
using new technology
using their existing resources wisely
having more workers
8
Bill wants to buy a shirt and a hat. If he only buys the shirt, his opportunity cost will be:
the enjoyment he would've gotten from the hat
how comfortable he will feel in the shirt
the cost of the shirt
the cost of the hat
9
Which of the following goals deals with increasing production of goods and services?
economic growth
economic security
economic efficiency
economic stability
10
The act of giving up one thing of value to gain another thing of value is called a(n):
tradeoff
profit
marginal cost
entrepreneurship
11
Which of the following could cause a shift from point A to Point C?
eliminating workers
Investing less money in training workshops
Not allowing workers to specialize
Using new technology
12
Public ownership means
the resource is owned by the government
the resource is owned by businesses
members of the community can purchase the resource
the resource is owned by the people
13
Productivity will decrease if which of the following occurs:
more natural resources are available
skilled workers are hired
new technologies are utilized
less investment in human capital
14
Which of the following economic systems is BEST at providing incentives to produce?
command
market
mercantilist
traditional
15
The value of the BEST alternative that is given up when one makes an economic decision is
opportunity cost
marginal benefit
tradeoff
minimal outcome
16
An economic system based on customs, practices, and religious beliefs is called
a controlled economy
a traditional economy
a command economy
a market economy
17
What is the opportunity cost of moving from point A to point B?
100 books
100 books and 200 loaves of bread
400 books
200 loaves of bread
18
Why can the "resource market" also be called the "factor market"?
many factors affect the success of the resource market
because businesses are also known as "factories"
because resources are also known as factors of production
because factories are used to produce resources
19
Which of these happens in the resource market?
Businesses sell goods
Businesses sell the factors of production
Households sell resources
Households buy resources
20
The term defined as "the ratio of outputs to inputs" is
productivity
marginal cost
PPC
cost-benefit analysis
21
Sean works as a janitor for
James Janitorial Services
, owned by Jamie James. Which is true?
Sean & Jamie are labor.
Sean & Jamie are entrepreneurs.
Sean is entrepreneurship. Jamie is labor.
Sean is labor. Jamie is entrepreneurship.
22
SWDland decides to produce cheese. Which of the 3 basic questions is answered in this scenario?
Why should it be produced?
What should be produced?
Who should receive it?
How will it be produced?
23
An economic system in which all property is publically owned is a
controlled economy
capitalist economy
market economy
traditional economy
24
Which of these happens in the product market?
Household sell resources
Households pay income
Businesses sell products
Households sell products
25
Which of the following tends to make economies more efficient?
regulations aimed at economic equity
income redistribution
public ownership of property
specialization
26
The gains we experience from having an additional unit of a product are known as:
marginal cost
cost-benefit analysis
marginal benefit
production possibilities
27
What does a point like D represent?
not using resources wisely
an ideal level of production
an impossible level of production
overproduction
28
When wants exceed resources, it is known as
scarcity
productive resources
entrepreneurship
economics
29
Brian wants to get a promotion at work. He should:
invest in additional training
increase his capital investments
pay more subsidies
better assess his opportunity costs
30
The "Father of Economics" is
Adam Smith
John Adams
John Smith
Joseph Smith
31
What does a point like C represent?
overproduction
an impossible level of production
one of the many possible combinations of production
underproduction
32
People can produce what they want, but the gov't. does regulate some aspects. This economy is:
a traditional economy
a market economy
a command economy
a mixed economy
33
If a company is productive, then its ratio of outputs to inputs will be:
less inputs, more output
less inputs, less output
more inputs, less output
more inputs, more output
34
If a factory owner uses some of her profits to purchase new machinery, she is investing in
the producer price index
capital goods
human capital
stocks and bonds
35
Which of the following is NOT an element of the U.S. free enterprise system?
freedom
voluntary exchange
full employment
motivation to make profits
36
The study of how individuals, businesses, & nations can best allocate scarce resources is:
command economy
economics
government regulation
entrepreneurship
