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Chapter 2 Review for Quiz Econ. Flashcards | StudBud
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Chapter 2 Review for Quiz Econ.
Chapter 2 Review for Quiz Econ.
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StudBud Administration
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10 questions about economics covering from the systems to the policies. #economicsystems
Flashcards
22 cards
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Questions
22
Answers
1
The primary motivating factor in a market economy is...
profit
quality goods
market stability
business growth
2
Movement along PPF indicates that ? of producing more capital is producing fewer consumer goods
absolute advantage
opportunity cost
economic growth
division of labor
3
? is the process that involves converting gov. owned enterprises into private enterprises.
Privatization
Division of labor
Specialization
Efficiency
4
Which question does NOT fit into the questions economic systems answer?
who to produce it for
what to produce
how to produce it
where to sell it
5
Combination of 2 types of goods that can be produced when available resources used efficiently
Data Chart for Butter and Tanks
Capital and Consumer goods
Production Possibility Frontier
Maximum GDP is produced
6
Which type of economy produces the highest standard of living?
command
transitional
traditional
market
7
There is no pure ___________ economic system.
Mixed
Traditional
Communism
Market
8
Producing the max possible output from available resources.
pure market economy
efficiency
max labor laws
economic growth
9
Organizes the production process so that each worker specializes in a separate task.
efficiency
PPF
division of labor
absolute advantage
10
The "invisible hand" is mostly found in which economy.
Command Economies
Economies of Cuba and North Korea
Adam Smith's Economy of Industry
Market Economies
11
In a command economy the decision on whom to sell the goods to is decided by who?
Consumers
The government
The producers
Federal reserve
12
What is another name for an entrepreneur?
Financial Advisor
Consumer
Business Owner
Investor
13
How many basic economic questions must every economic system answer?
2
9
3
7
14
Economic system which the means of production are passed from one generation to the next.
pure market economy
transformational economy
traditional economy
pure command economy
15
What type of economy does the USA have?
Traditional
Command
Mixed
Market
16
This image portrays which economic system?
Socialism
Traditional
Market
Communism
17
What type of economy does the government control everything?
Market Economy
Traditional Economy
Mixed Economy
Command economy
18
An increase in the availability of resources shifts the PPF inward.
False
True
19
Points ??? the PPF represent unattainable combos given resources, tech, & rules of the game
outside
near
inside
on
20
Economics is the study of how to use limited resources to satisfy unlimited what?
wants & needs
decisions
supply
money
21
Which type of economy would best describe China?
Traditional Economy
Transitional Economy
Pure Market Economy
Pure Command Economy
22
Which of the following is an example of a natural resource?
A bottle of water in a Pepsi machine
Coal that is found underground
Sand on the beach
A tree in your back yard
