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Econ UMP Unit 1 Flashcards | StudBud
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Econ UMP Unit 1
Econ UMP Unit 1
38 terms
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Brendan McLoughlin 4th Pd
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Which isn’t one of three basic economics questions,?
Why to produce it?
For whom to produce?
What to produce?
How to produce it?
2
A situation in which unlimited wants exceed the limited resources available
Shortage
Scarcity
Trade-off
Opportunity costs
3
The profit motive makes sure their firm is operating at its highest level of efficiency
False
True
4
Government largely controlling the economy is a characteristic of a Centrally planned economy.
True
False
5
Man-made resources that assist workers in the production of a good or Service
Resources
Wealth
Capital
Gain
6
Because of scarcity, every decision involves a(n)
Panic
Opportunity cost
Shortage
Trade-off
7
an authoritarian government doesn’t require strict obedience from its citizens.
False
True
8
What change led China to huge economic growth?
Staying the same
Adopting traditional market policies
Adopting free market policies
Adopting command market policies
9
tangible products that we use to satisfy our wants and needs
Services
Capitol goods
Resources
Goods
10
Which of the following isn’t a factor of production?
Labor
Capital
Services
Land
11
a system based on private ownership, free trade between buyers and sellers, and competition
Mixed economy
Command economy
Traditional economy
Market economy
12
Deciding to work 4 extra hours & spend 1 more hour studying a week, example of what principle?
Trade-off
Thinking at the margin
Shortage
Opportunity cost
13
Profit motive is the reason business owners make sure their companies are being efficient?
False
True
14
Which of the following causes a production possibilities frontier to shift to the right?
The economy falls
The economy remains the same
The economy grows
15
Producers are responsible for the production of goods and services in the economy
False
True
16
The standards of living improve with economic growth
True
False
17
a system in which the central government makes all economic decisions
Command economy
Traditional economy
Market economy
Mixed economy
18
In a free market system, the concept of consumer sovereignty means that
consumers have the power to decide what goods get produced
Consumers get what the need only
Consumers most fight for food
Consumers will get nothing
19
Most desirable alternative of all the alternatives given upon the decision-making process
Scarcity
Shortage
Trade-off
Opportunity cost
20
What are people who buy goods and services called?
Producers
Citizens
Entrepreneurs
Consumers
21
Which concept provides the economic reason for nations to specialize in what they produce?
Scarcity
Trade-off
Shortage
Opportunity costs
22
When one benefit is given up in order to gain another
Thinking at the margin
Scarcity
Opportunity cost
Trade-off
23
The government provides safety nets to protect individuals, benefits a market economy
True
False
24
The cost of making one more unit of a good is called:
Marginal benefit
Marginal cost
Marginal cost analysis
Marginal loss
25
What happens to a production possibilities curve when economic growth occurs?
The curve shifts left
The curve shifts right
The curve remains the same
26
What is a barter?
a person who starts up and takes on the risk of a business
people who buy goods and services
determines what products and services will be available
To exchange goods or services without the use of money
27
market-based economic system with limited government involvement.
Mixed economy
Command economy
Traditional economy
Market economy
28
A point on a production possibilities frontier represents...
A point where the graph shifts down
A point where the graph will never change
A point where the economy uses resources most productively
A point where the graph shifts left
29
specialization leads to efficient use of capital, land, and labor
True
False
30
they ensure that consumers can make informed decisions
public disclosure laws
The FDI
The entrepreneurs
The consumers
31
Private property ownership; some government regulation of the economy are characteristics of
Market economy
Mixed economy
Command economy
Traditional economy
32
innovation promotes economic growth?
True
False
33
anything that is used to produce goods or services is called:
Factors of production
Resources
Goods
Services
34
The option you don’t choose when you make a choice is called:
Scarcity
Shortage
Opportunity cost
Trade-off
35
What is the opportunity cost of getting up early to study?
More knowledge of the subject
Better test grades
Less sleep
36
Why is there scarcity?
People make it that way
It just happens
Resources are unlimited
Resources are limited
37
Which of the following is typical of a centrally planned economy?
Little scarcity
Government control
All of the above
Freedom
38
A production possibility frontier
Shift the graph to the left
Shifts the graph to the right
shows alternative ways to use as economy's resources.
Doesn’t change anything
