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Econ Mid Term Review Flashcards | StudBud
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Econ Mid Term Review
Econ Mid Term Review
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Questions
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Answers
1
Which of the following is NOT a scarce resource?
Air (in normal condition)
Water
Money
Oil
2
Which of the following is a characteristic of a Market Economy?
Competition between companies
Fixed prices set by the government
No private ownership
Gov. control of businesses
3
If an economy is producing INSIDE the PPC curve what does that mean?
All resources are being used efficiently
The economy has unlimited resources
There is unemployment Or wasted resources
The country is at full employment
4
A BOWED OUT (PPC) curve means not all resources are equally suited for producing different goods
False
True
5
In a __________ _____________ resources use and social behaviors are dictated by ritual, habit or custom
Command Economy
Free Enterprise
Traditional Economy
Market Economy
6
Citizens have to learn to make their own decisions, take initiative, interpret prices,fend for themselves in a ________
Command Economy
Tradional Economy
Free Market
Socialist goverment
7
Which of the factors of production involves TAKING RISKS and combining resources to prouduce a good or service?
labor
capital
land
entrepreneurs
8
Which of these is an accurate statement about mixed economies today?
very few economys today can be accurately described as "Mixed"
Mixed economies exist mostlly in nations Communist governments
nations that once had a mixed economy have evolved into command economies
there are more mixed economies in the world than any other kind
9
What is opportunity cost?
the cost of starting a new company
The profit business makes
The amount of mney something costs
the next best alternative given up when making a choice
10
The MAIN DIFFERENCE between goods and service is that Goods are physical items, and services are actions people perform.
True
False
11
Which of the following helps determine something's value?
scarcity
utility
Both - Utility & Scarcity
beauty
12
Which type of economy is based on supply and demand?
Mixed Economy
Command Economy
Traditinal Economy
Market Economy
13
What does a PRODUCTION POSSIBILITIES CURVE (PPC) show?
The number of workers in a country
How businesses set their prices
The total money a country earns
Different combinations of goods that can be produced with limited resources
14
A _____________ economy is based on Capitalism
Mixed
Command
Market
Traditional
15
If a student chooses to study instead of watching TV, what is the opportunity cost?
The snacks they eat whie studying
The time spent watching TV
the knowledge fained from studying
The electricity used to study
16
A point outside the PPC curve represents:
A perfectly balanced economy
Full efficiency
A level of production that is cuurrently IMPOSSIBLE
A waste of resources
17
Societies are faced with three basic questions about production of goods?
what, where, and when to produce
what, how, and for whom to produce
when, where, and for whom tto produce
what,how, and why to produce
18
What does scarcity mean in economics?
An economic systemwhere the gov. owns everything
Unlimited resources for all needs
The ability to produce everything a country needs
Limited resources and ulimited wants
19
A new pair of shoes is an example of a Service
False
True
20
Studying Economics helps people become better __________________,both personally and as voting citizes.
consumers
entrepreneurs
decision makers
producers
21
Which of the following is a DISASVANTAGE of a market economy?
it restricts prersonal freedom
it discourages creativity and new ideas for doing things
it does not allocate resources as efficiently as other types of economies
it sustains a high degree of uncertainty
22
A GOOD is something you can touch and buy
True
False
23
Scarcity is an Economic problem with which all societies are faced
False
True
