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Econ Fundamental Concepts Fall 2020 Flashcards | StudBud
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Econ Fundamental Concepts Fall 2020
Econ Fundamental Concepts Fall 2020
35 terms
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#economics #fundamental #concepts #grade12
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Manufactured products intended for final sale to households
consumer goods
capital goods
human capital
Mostly Cheap Chinese Junk
2
Using the PPC above, if the manufacturer wishes to move from point C to A, what is the opp cost
5 Boats
4 Boats
5 Trucks
4 Trucks
3
Using the PPC above what does point E represent?
Maximum Efficiency
Inefficiency
Unattainable/impossible level of production
Inflation
4
Which broad goal of economies is geared towards allocating resources 'fairly' and 'evenly'?
Equity
Security
Stability
Freedom
5
the physical work of employees is classified as which factor of production?
land
entreprenuership
labor
capital
6
society as a whole benefit from selfish decisions of businesses in a free market
marginal benefit
the invisible hand
marginal analysis
market failures
7
After a gas pipeline break the gov't steps in to prevent price gouging, this is an example of...
public goods and services
protecting property rights
government deregulation
government regulation
8
producers and consumers freely engage in transactions based on their self-interests and both are well informed
production possibilities curve
factors of production
voluntary non-fraudulent exchange
marginal analysis
9
The value of the next best alternative when a choice is made
trade off
scarcity
opportunity cost
PPC
10
_________ is when you sacrifice some of one thing in order to get more of another.
opportunity cost
growth
efficiency
trade off
11
Which of the following represents a key role of a government in a mixed market economy?
redistribute income equally
decide how to produce
allocate all resources
resolve market failures
12
______ is the study of choices that people make to satisfy their needs and wants.
PPC
Government
Economics
Scarcity
13
Which broad econ goal is geared towards making the best use of a society's resources?
Growth
Freedom
Stability
Efficiency
14
Which of the following goals is NOT associated with a market economy?
Efficiency
Equity
Freedom
Growth
15
Which of the following would enable this producer to potentially be able to produce at point E?
more resources, better resources, technology
bonus pay incentives for workers
punishing/threatening workers for not working hard enough
less resources, less capital
16
The end result of increasing productivity is that it leads to...
government deregulation.
economic security.
a higher standard of living.
more economic equity.
17
Specialization, division of labor, and investment in technology/education are all ways to...
...increase productivity
...decrease government regulation
...decrease profitability
...increase stability
18
The fact that companies typically make what people want in a market economy shows the power of
government regulation
rational decision-making
consumer sovereignty
greed
19
A more educated, skilled, and productive society usually results in...
increased poverty
world wars
the emergence of oligarchies
a higher standard of living
20
Comparing the marginal costs with marginal benefits in order to make rational decisions
voluntary exchange
production possibilities curve
factors of production
marginal analysis
21
Which of the following is NOT one of the 3 Key Questions of economics?
For whom to produce?
What to produce?
How to produce?
When to produce?
22
When sellers want $ more than a good, and buyers want the good more than $, __ has taken place.
voluntary exchange
increased productivity
barter
division of labor
23
An economic decision is said to be 'rational' when the _____ is greater or equal to the _____.
marginal cost; marginal benefit
opportunity cost; trade off
marginal benefit; marginal cost
trade off; opportunity cost
24
Which of the following represents a key role of a government in a mixed market economy?
decide what to produce
allocate resources
provide public goods and services
decide how to produce
25
Who answers the 3 Key economic questions in a Market Economy?
The Government
Donald Trump
Workers
Producers AND consumers
26
Purchasing a new tractor is an investment in which of the 4 factors of production?
Entrepreneurship
Labor
Capital
Land
27
The driving force behind all economic decision-making.
division of labor
specialization
scarcity
Donald Trump
28
Skills and knowledge of workers are classified as which factor of production?
entreprenuership
labor
land
capital
29
Which of the following is an economic model for rational decision-making?
assembly line
exchange table
cost-benefit analysis
voluntary exchange
30
Who answers the 3 Key economic Questions in a command economy?
Producers and Consumers
The Government
Business Owners
Donald Trump
31
Using the PPC above, what does point D represent?
Maximum Efficiency
Inflation
Unattainable/Impossible productivity level
Inefficiency
32
Manufactured products used in the production of other products are known as
human capital
consumer goods
Usually Cheap Chinese Junk
capital goods
33
If Rachel has chooses to buy shoes instead of earrings, what is her opportunity cost?
1 million dollars
the value of the Shoes
the value of the Earrings
the value of the Shoes & Earrings
34
__________ is limited economic resources combined with unlimited wants/needs.
Scarcity
Trade-Offs
Equity
Cost-Benefit Analysis
35
Ron just opened a new Corn Dog stand. What factor of production does Ron represent?
Labor
Human Capital
land
Entrepreneurship
