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Fundamentals of Economics Unit Test Review Flashcards | StudBud
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Fundamentals of Economics Unit Test Review
Point "W" on the PPF is
A free market economy struggles to meet which goals
Fundamentals of Economics Unit Test Review
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Answers
1
A free market economy struggles to meet which goals
equity, stability
growth, freedom
freedom, efficiency
2
Point "W" on the PPF is
unattainable
inefficient
rational
efficient
3
Which of the following is an example of specialization?
musician playing a piano
a chef in a dog pound
a landscaper working with others to get a task done
4
Besides making a higher income, how do you increase the standard of living?
a person could hve a more well rounded life experience
not pursuing a higher education
by selling your house
5
Opportunity cost is best described as....
value of alternative option lost
most expensive resources used in a production
The value of alternatives that is gained during a decision
6
In economics things that are used to produce goods and services are
wants
land
factors of need
factors of production
7
An increase in natural resources would cause the curve to
shift outward
remain the same
shift inward
8
Which economy is controlled by individuals/business and government?
mixed
free market
command
market
9
Which economy allows individuals popular sovereignty over the market?
command
mixed
free command
market
10
Which is not an example of scarcity?
Georgia running out of gas
Peoples unlimited wants exceed limited resources
People want everything but resources are limited
11
What causes a PPF to shift outward?
New technology
Money
Natural disaster
12
Marginal benefits should be ____ the marginal costs
equal to
less then
Brittany is less
more than
13
Which form of government is present when individuals own all factors of production?
Mixed
Traditional
Market
Command
14
A chef's oven is an example of what factor of production?
physical capital
entrepreneurship
labor
human capital
15
Free market is the same thing as a
traditional economy
mixed economy
command economy
market economy
16
How do you know when something is a rational decision
when it is inneficient
when it is unattainable
when the benefits are greater than the cost
17
Increased standard of living occurs when
you invest in you health and welfare
you invest in education, technology and equipment
you invest in your appearance and wealth
18
Which economic system provides freedom, security, and growth
command economy
mixed
market economy
19
"With every economic decision you make or is mentioned scarcity is always applied"
FALSE
TRUE
20
Give an example of a profit motive of a farmer.
investing in a new fertilizer
both
putting the animals on a healthier diet
21
Which factor of production consists of the machines used in producing products?
Capital
Land
Entreprenuership
Labor
22
An example of a public good is a
FDA
Library books
college
23
Opportunity cost is
the value of your trade-offs
the value of not choosing your second choice
the money you lose for making a choice
24
An assembly line is an example of
governments regulating trade
Cooperation to work together as a group
specialization to complete a specific task
25
Which of the following is an example of a public good?
a university
shopping mall
doctors office
highway
26
What is Voluntary Exchange?
The trade between different countries to get new goods.
Security
Buyer and seller exercise economic freedom
27
The space used to build your new restaurant is an example of which factor of production
entrepreneurship
capital
land
labor
28
What is an example of a non-fraudulent exchange?
You thought you bought an iPhone 7, but it was a flip phone
You bought an iPhone 7 and enjoyed it.
29
What is scarcity?
supplies of goods and services are attainable.
producers will not or cannot offer goods or services
limited quantities to meet unlimited wants
30
"Guns and Butter" is a production possibility curve that represents
military and consumers
guns and butter
government and military
people and labor
31
A dictatorship is an example of which type of economy
command
market
mixed
32
What is an example of government regulation?
Mcdonalds
School
Custodian
OSHA
33
Trade offs are
value of second choice given up
value of all choices you didn't pick
every choice you did pick
34
Which of the following is NOT a factor of production?
Captial
Labor
Land
Money
35
This economy has no economic growth, but has economic stability
Command
Mixed
Market
36
Which factor of production involves a manager and employees?
Labor
Capitol
Land
37
"What to produce", "How to produce", and "For whom to produce" all fall under which category?
economic goals
factors of production
three basic economic questions
38
What could cause the curve to shift inwards?
natural disaster
new technology
new inventions
39
What does "X" represent?
unattainable
inefficient
rational decision
efficient
40
Which is NOT an example for a higher standard of living ?
not allowing people to go to school after 5th grade
paying excessive amount for school
(free) better education
41
Who makes economic decisions in a market economy?
individual and business
entrepreneur
government
42
Land, Labor, Entrepreneurship , and _____ are the factors of production?
Limited resources
Capital
Economy
43
Example of voluntary non-fraudulent exchange?
Buying shoes & receiving an empty box
Buying a dress & loving it
Being told what to buy
44
Which economic system is controlled by a central authority?
mixed
market
command
free enterprise
45
What is considered private ownership?
public library
illegal space
a home
