stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Foundations Flashcards | StudBud
Explore
/
Economics Foundations
Economics Foundations
30 terms
·
StudBud Administration
·
609 plays
Review of Fundamental Economics Concepts GPS for the Milestone Exam.
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Which of the following is not a factor of production?
Land
Money
Entrepreneurship
Labor
2
The fundamental problem of economics is
The Product Market
Command Economies
Unlimited needs
Scarcity
3
North Korea, China, and Cuba are all examples of...
Market Economies
Command Economies
Traditional Economies
4
The most desirable alternative forgone when a choice is made
Opportunity Cost
Trade-off
Scarcity
Rational Decision
5
The top half of this chart represents
The product market
The scarcity market
The factor market
firms
6
Points "B" and "D" are on the...
Supply Curve
Apex
Frontier
Underutilization line
7
What is the opportunity cost of moving from "A" to "B"
1 million corn
1 million coffee
2 million corn
2 million coffee
8
How do consumers BEST make their desires known to businesses
buying goods
surveys
boycotting
lobbyists
9
Which describes people that benefit from a public good, even if they would not pay.
Free loader
Tax evader
Tax shelter
Free rider
10
In reality, most economies are ________________.
Traditional
Command
Market
Mixed
11
Which of the following IS NOT a key economic question
Who will consume goods and services
Who makes decisions
How to produce goods and services
What goods and services to produce
12
Which point represents underutilization
C
D
B
A
13
In a circular flow model who buys goods and sells the factors of production
Households
Firms
14
Which factor of production does this represent?
Human Capital
Labor
Firms
Land
15
The pollution from this factory represents
a negative externality
a public good
a positive externality
a free rider
16
A taxi cab drivers knowledge of the city streets would be considered
Human Capital
Land
Entreprenuership
Physical Capital
17
Which economic system gives individuals the most freedom?
command
mixed
traditional
market
18
Which of the following WOULD NOT cause a PPC to shift right
Training people to use computers
More technology
More resources
Less population
19
What type of economy is represented here?
Command
Market
Mixed
Traditional
20
Laizzez Faire is associated with
traditional economies
command economies
market economies
mixed economies
21
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
the $10
The movie
The $10 and the movie.
The dinner
22
Any resource made by humans and used to create other resources
capital
services
land
labor
23
How are public goods paid for in the US?
Taxes
Donations
Free Riders
The constitution
24
A warehouse building is an example of
entreprenuership
capital
labor
Land
25
In a circular flow model, who sells products and buys factors of production
households
firms
26
Who makes the decisions in a market economy
Individuals
Individuals and the Government
The government
Tradition
27
What is the opportunity cost of getting a Coke from this vending machine?
$1.00
The Pepsi
The Coke
28
Which point can not be reached without more resources or technology?
A
B
C
D
29
When people are deciding how much more or less to do they are....
avoiding rational though
creating economic analysis
thinking at the margin
Thinking critically
30
This man started a business. He represents which productive resource?
Land
Labor
Capital
Entrepreneurship
