College Econ. Unit 1 Review

Adam Smith analyzed the workings of a free market system in his book:

The money payments to owners of land, labor, capital, and entrepreneurial ability are:

Which of these is a pure free market economy?

Which of the following would be considered a capital good?

Which of the following would NOT shift a nation's PPC?

The output of iPhones should be:

Which of the following would most likely be considered an entrepreneur?

Who developed the ideas of socialism with his partner Engels in their book, The Communist Manifesto?

In which economic system is there private ownership of the factors of production?

The law of increasing opportunity costs explains:

Economics involves marginal analysis because:

In which economic system is competition discouraged or eliminated altogether?

In drawing the production possibilities curve we assume that:

The general concern of economics is with the study of the:

In terms of the circular flow diagram businesses get revenue through the _market and have expenditures in the _ market.

The term "laissez-faire" suggest that:

In the resource market:

Economics is often referred to as the science of:

Which expression is another way of saying marginal cost?

If an economy wanted to experience greater growth they would produce more:

The economic system that features a small planning committee is:

The concept of economic efficiency is primarily concerned with:

According to Adam Smith, the "invisible hand" was self-interest and:

Economic resources are also called:

In answering the question of "How to produce something," a market systems is more efficient largely due to: