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Economic Fundamentals (GSE)
Economic Fundamentals (GSE)
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Review of Fundamental Economics Concepts GPS for the Milestone Exam. #gamilestones #economics #gps
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
Which productive resource does this represent?
Land
Firms
Labor
Human Capital
2
A warehouse building is an example of
labor
Land
capital
entreprenuership
3
Which of the following IS NOT a key economic question
For whom to produce for
How to produce goods and services
When to produce
What goods and services to produce
4
Which medium of exchange requires you to pay more than the PRICE of a good or service?
Barter
Credit
Money
trade
5
How do consumers BEST make their desires known to businesses representing consumer sovereignty?
lobbyists
surveys
buying goods
boycotting
6
Points "B" and "D" are on the...
Supply Curve
Apex
Underutilization line
Frontier or curve
7
What is the opportunity cost of getting a Coke from this vending machine?
$1.00
The Coke
The Pepsi
8
Which economic system gives individuals the most freedom?
traditional
command
mixed
market
9
Which of the following is a Human Resource
A teacher
None of theses
A pencil
A computer
10
Who makes the most of the production decisions in our economy?
Individuals and the Government
Tradition
The government
Consumers and producers
11
What is the opportunity cost of moving from "A" to "B"
1 million coffee
2 million corn
6 million corn
2 million coffee
12
Why does the government provide public goods and services?
They are very profitable
They would not be provided if they didn't
We are a communist country
To get the Olympics in 2024
13
The fundamental problem of economics is
Command Economies
limited needs
Scarcity
The Product Market
14
What is the opportunity cost of moving from point B to point C.
55 tons of steel
30 Tons of Wheat
20 Tons of Steal
55 Tons of Wheat
15
When is a rational economic decision made?
Opportunity costs are more than receipts
Opportunity costs are less than opportunity Benefits
Marginal costs exceed marginal benefits
Marginal benefits are equal to or exceed marginal costs
16
Which of the following is not a productive resource
Labor
Entrepreneurship
Land
Opportunity cost
17
Which point represents underutilization
A
D
C
B
18
Which point can not be reached without more resources or technology?
A
B
D
C
19
When people are deciding how much more or less to do they are thinking....
about avoiding rational thought
Rationally about marginal costs and marginal benefits
about creating economic analysis
critically
20
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
the $10
The dinner
The movie
The $10 and the movie.
21
Any resource made by humans and used to create other resources
capital
land
labor
services
22
How are public goods paid for in the US?
Free Riders
Donations
The constitution
Taxes
23
Which of the following is not an entity of an economy?
Government
Firms
Individuals
Tax shelter
24
Productivity refers to
When Produce is collected at Ingles.
Using resources to the best of your ability
The relationship of inputs to outputs.
How resources are allocated
25
Which of the following WOULD NOT cause a PPC to shift right
More technology
Loss of resources
Training people to use computers
More resources
26
This man started a business. He represents which productive resource?
Labor
Entrepreneurship
Land
Capital
27
The most desirable alternative forgone when a choice is made
Rational Decision
Marginal benefit
Opportunity Cost
Scarcity
28
A taxi cab drivers knowledge of the city streets would be considered
Land
Entreprenuership
Human Capital
Physical Capital
