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Econ Unit 1 Test Flashcards | StudBud
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Econ Unit 1 Test
Econ Unit 1 Test
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Questions
30
Answers
1
Economics is the study of how people…
Calculate their taxes
Gain knowledge and skills from study and experiences
Respond to war and drought
Choose from their limited resources to meet their needs
2
Point “C” represents the full amt. of resources is not used to their best pot. The term that best describes this is:
Underwhelming
Maximum utilization
Non-capacity
Inefficient
3
In the Soviet economy, a light factory produced giant flood lights, rather than light bulbs because their quota was in
number
lumens (light power)
weight
length
4
Which part of the curve demonstrates the resources being used fully and efficiently?
Underutilization Point
Prod Poss. Frontier Line
Goods on the Y-Axis
Goods on the X-axis
5
determine whether the example is a type of land, labor, human capital, or physical capital.
land
labor
Physical Capitol
Human capitol
6
Which of these is not part of "capital"
the land where the law firm builds its office.
the money the lawyer used to start his law firm
the computer the lawyer uses to work.
a lawyer's knowledge of the law.
7
determine whether the example is a type of land, labor, human capital, or physical capital.
land
labor
Human capitol
Physical Capitol
8
Where did Courtny Munna attend college?
SMU
NYU
BYU
TCU
9
Resources needed to survive like air and water are also known as
Services
Wants
Processing
Needs
10
What type of economy relies on time-tested customs to deal with economic problems?
Command Economy
Traditional Economy
Market Economy
Mixed Economy
11
Which of the following statements characterizes the relationship between tradeoffs and opportunity cost?
Tradeoffs create opportunity costs
None of the above
Tradeoffs are a result of opportunity cost
Tradeoffs and opportunity cost are the same thing
12
The doctor performing surgery is her ____________ while her medical school education would be her __________________
human capital; labor
labor; human capital
entrepeneurship; human capital
human capital; physical capital
13
The resources that are used to make goods and services are grouped into…
Marginal analysis
Gross national product
Factors of production
Opportunity costs
14
What type of economy often creates goods and services of low quality due to little incentives to work?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
15
determine whether the example is a type of land, labor, human capital, or physical capital.
labor
Physical Capitol
land
Human capitol
16
What is the difference between a shortage and a scarcity?
Shortages result from rising prices; scarcities result from falling prices
A shortage is a lack of all goods; a scarcity is a lack of all services
A shortage is temporary while scarcity always exists
There is no real difference between shortages and scarcities
17
Which of the following is not an assumption (rule) that applies to Production Possibilities Curves?
There is a fixed amount of resources
There is an unlimited level of technology
Only two goods can be produced
Goods are produced at maximum production (full efficiency)
18
Who are the individuals that bring factors of production together to make new goods and services?
Human Resource Departments
Entrepreneurs
Communities
Chief Executive Officers
19
determine whether the example is a type of land, labor, human capital, or physical capital.
labor
land
Physical Capitol
Human capitol
20
Which of the following is an advantage of a market economy?
The quality of goods is high due to competition
The government plans what goods to make
Tradition and cultural values keep the economy running smoothly
Workers get paid the same salary, regardless of the quality of their work
21
Because the change of the curve is not constant, we can assume which of the following laws?
Law of increasing costs
Law of nature
Law of decreasing labor
Law of economic stability
22
In a market economy _______ is the driving force and __________ is the regulating force
government control; quotas
quotas; self interest
self-interest; competition
co-operation; competition
23
Which of the following points is impossible at this time?
Point A
Point D
Point B
Point C
24
The most important sacrifice one makes when making a decision is called:
Opportunity costs
Tradeoffs
Alternatives
Opportunity benefits
25
Which tool can be used to visualize choice and the cost of those choices by individuals, businesses, and govts?
Production Possibilities Curve
Circular Flow Model
Underutilization Graph
Factor Production Scale
26
In economics, we accept that all resources are…
Stable
Scarce
Unlimited
High quality
27
What is the main concept found in Adam Smith's "The Wealth of Nations?"
Invisible Hand
Opportunity cost
Trade-offs
Produciton Possibilities Curve
28
If benefits are greater than costs, businesses will…
Produce the same amount of goods
Stop production of goods
Produce less goods
Produce more goods
29
JJ Watt's football skills are his ___________; his playing the game is his ____________
human capital; physical capital
human capital; entrepeneurship
labor; physical capital
human capital; labor
30
determine whether the example is a type of land, labor, human capital, or physical capital.
Human capitol
labor
land
Physical Capitol
