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Duplicate of Econ unit 1 Bleess Flashcards | StudBud
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Duplicate of Econ unit 1 Bleess
Duplicate of Econ unit 1 Bleess
30 terms
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Questions
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Answers
1
Who is the first Marvel Super Hero to ever appear in a comic book?
Spiderman
Mr. Fantastic
The Human Torch
Thor
2
Which of the following is an example of land?
A factory
Plastic
Trees
Steel
3
The man credited with idea of the free market is?
Duane Johnson
Adam Smith
Thomas Jefferson
Karl Marx
4
What is one of the major disadvantages of a centrally planned economy?
There is no incentive to work hard
It focuses on rewarding innovation instead of guaranteeing jobs and income.
It lacks the capacity to produce factory goods due to scarcity
It places individual freedoms above the pursuit of societal goals.
5
Which of the following economic systems is generally the most poor?
Free Market
Traditional
Mixed
Centrally Planned
6
Which of the following is a cornerstone of the American free enterprise system?
low competition
Government regulation
Private property rights
Low taxes
7
Economics is the study of how people
gain knowledge and skills from study and experience.
Seek to satisfy their needs and wants by making choices.
respond to war and drought.
create money
8
Which of the following is the best example of a free market economy?
China
Cuba
North Korea
Japan
9
Name the character IN the Armidillo suit
Ross
The Holiday Armadillo
Joey
Chandler
10
What is one key role of a
business
in the free enterprise system?
To respond to the incentives of competition and profit
To determine taxation policy
To persuade public officials to pass health and safety law
To signal producers concerning what and how much to produce
11
The lack of gas for thousands who wanted it during the last hurricane is an example of
scarcity of gas.
that gas is not an abundant resource
a shortage of gas
that gas is a limited resource.
12
When a nation decides between spending on the consumers or the military this is often referred to as a _____ decision.
export or import.
farm or factory.
guns or butter.
free market.
13
Which of the following could potentially create economic growth?
decreasing a labor force
Creating more efficient capital
produceing more guns than butter.
making more trade-offs.
14
Karl Marx created which economic system
Traditional
Free Market
Socialism
Communisim
15
Scarcity always exists because
machines and people are inefficient.
there are more poor people than rich people.
changes have occurred in global weather patterns.
All factors of production are limited
16
Which of the following is a function of
firms
in the market economy?
They supply households with land, labor, and capital.
They consume the goods and services that households produce.
They convert land, labor, and capital into goods and services.
All of the above
17
Which economic goal is most easily achieved in a pure market system?
Environmental protection
Full employment
equality
innovation
18
One way
government
affects the
physical flow
in a mixed economy is by
taxing households to support firms.
taxing firms to support households.
Controlling the military
purchasing goods and services from firms.
19
Name this CHARACTER
The Waterboy
Happy Gilmore
Billy Madison
Adam Sandler
20
In a society with a free market economy, who answers the basic economic questions?
Elected officials
a central government
a military commission
consumers in markets
21
Which of the following is true about scarcity?
Scarcity of resources can be eliminated using sound economic policies
Scarcity only exists in poor countries.
Scarce goods leads to lower prices.
scarcity affects all societies
22
All the goods and services we produce are
in shortage
expensive.
Scarce
efficiently produced
23
Which of the following countries is the best example of a centrally-planned economy?
Germany
U.S.A.
North Korea
Singapore
24
Which is a NOT a key economic question faced by all countries?
Who consumes the goods and services?
How much should be spent on the military?
How should goods and services be produced?
What goods and services should be produced?
25
One way the government helps increase economic productivity is by
imposing regulations.
increasing taxes
favoring quantity over quality.
encouraging innovation.
26
Production possibilities curves are important tools for
determining the importance of an economy’s resources.
showing the efficiency of an economy or business.
comparing costs and profits of producing goods and services.
demonstrating which products will sell better than others.
27
In a traditional economy, economic decisions are based largely on
Popular vote
Religion
Government
Science
28
The invisible hand is said to self regulate which economic systems?
communist economies.
centrally-planned economies.
traditional economies.
free market economies.
29
A point
on
the production possibilities frontier represents
a point of economic growth.
a point at which the economic resources are being underutilitzed.
a point at which a nation is producing only one good or service.
a point at which an economy is using all resources most productively.
30
Giving up one alternative for another is called
human capital.
efficiency.
underutilization.
a trade-off.
