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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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Review of economic systems
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
What does OPEC stand for?
Oil Producing and Exporting Companies
Organization of Petroleum Exporting Countries
Office of Petroleum and Ethanol Consorting
Olive Peppers and Extra Cheese
2
Oil is an example of...?
Nonrenewable Resource
A Scarce Resource
Natural Resource
All of the Above
3
Fossil Fuels Are...?
Unlimited
A Natural Fuel Formed From Living Organism Remains
A Natural Fuel Formed From Non-Living Organism Remains
A Non-Natural Fuel Made From Petroleum
4
What kind of resource is this?
Entrepreneur
Natural
Human
Capital
5
How does technology change production?
Production Slows Down & Less Products are Made
Production Speeds Up & More Products are Made
More Human Workers Would be Hired
Production Stays the Same
6
Ethanol is a type of fuel made from...?
Dinosaur Remains
Corn and Other Natural Products
Oil & Petroleum
Minerals Found Deep in the Earth
7
Nonrenewable means...?
Non-Recyclable
Old
Out-Dated
Not Easily Recreated
8
What kind of resource is this?
Natural
Human
None of these
Capital
9
An action or thing that can be done for others to fulfill a want or need.
Service
Opportunity Cost
Good
Favor
10
Which of the following best describes McDonald's restaurants?
Producer
Natural Resource
Good
Consumer
11
In a school the principal would be considered...
A Capital Resource
An Entrepreneur
A Natural Resource
A Human Resource
12
Which of the following is an example of the use of alternative energy?
Coal-Powered Train
1990's Automobile
Solar powered calculator
Diesel Engine Tractor Trailer
13
Babysitting is an example of a...?
Service
Product
Good
Evil Thing Parents Do To Their Kids
14
The check-out machine in this picture is an example of what kind of resource?
Television
Human
Natural
Capital
15
Which country is the top oil consumer?
Western Europe
Japan
China
United States
16
If demand increases, what will happen to price?
Prices & Production Will Increase
Prices Will Increase But Production Will Decrease
Prices & Production Will Remain the Same
Prices & Production Will Decrease
17
The person in this picture is what kind of resource?
Human
Natural
Teacher
Capital
18
According to the reading "Life Blood of the World" experts predict oil will run out in _ years?
100
45
1000
60
19
In this picture, what is the capital resource?
The Axe
The Lumberjack
The Tree
The Grass
20
The two children in these picture are examples of...?
McDonald's Human Resources
Entrepreneurs
Consumers
Producers
21
What are petrochemicals?
A Chemical Product of Petrology
A Chemical Product of Petrography
A Chemical Product of Petroleum
A Chemical Product of Petrous
22
Ray Kroc of McDonald's would be considered a...?
Entrepreneur
Consumer
Lucky Man
Producer
23
Money was invented to replace which of these?
Goods
Bartering
Scarcity
Services
24
When there aren't enough resources to meet people's wants/needs?
Renewable
Nonrenewable
Goods/Services
Scarcity
25
Which is an example of a natural resource?
iPhone
Tree
Jeans
Hot Dog
26
Goods are...?
Services you Provide
Resources
Tangible
Made Naturally
27
Renewable resources are...?
Only Found in Delaware
Plentiful
All of the Above
Replaceable
28
Which country is the top oil producer in the world?
United States
Iran
Saudi Arabia
Russia
29
John can: (A) Buy pizza or (B) Buy cake. He chooses to buy pizza. What is the opportunity Cost?
Pizza
Cake
$2.00
John
30
The United States has a reserve of _ barrels of crude oil stored underground.
700 Million
800 Million
1 Billion
600 Million
31
What product did Brad Morgan produce and sell for a $1,500,000 annual profit?
Clothing
Chocolate
Cow Manure
Milk
