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Duplicate of Econ Unit 1 Test Flashcards | StudBud
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Duplicate of Econ Unit 1 Test
Duplicate of Econ Unit 1 Test
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1
Which of the following points is impossible at this time?
Point D
Point B
Point C
Point A
2
Which part of the curve demonstrates the resources being used fully and efficiently?
Goods on the X-axis
Goods on the Y-Axis
Prod Poss. Frontier Line
Underutilization Point
3
What type of economy often creates goods and services of low quality due to little incentives to work?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
4
which of the factors of production involves natural resources?
land
labor
Physical Capitol
Human capitol
5
In economics, we accept that all resources are…
Unlimited
Stable
High quality
Scarce
6
What is the difference between a shortage and a scarcity?
There is no real difference between shortages and scarcities
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
7
Because the change of the curve is not constant, we can assume which of the following laws?
Law of increasing costs
Law of economic stability
Law of nature
Law of decreasing labor
8
Which of the following is an advantage of a market economy?
The government plans what goods to make
The quality of goods is high due to competition
Workers get paid the same salary, regardless of the quality of their work
Tradition and cultural values keep the economy running smoothly
9
Economics is the study of how people…
Respond to war and drought
Choose from their limited resources to meet their needs
Calculate their taxes
Gain knowledge and skills from study and experiences
10
Resources needed to survive like air and water are also known as
Processing
Services
Needs
Wants
11
Which tool can be used to visualize choice and the cost of those choices by individuals, businesses, and govts?
Production Possibilities Curve
Factor Production Scale
Underutilization Graph
Circular Flow Model
12
Point “C” represents the full amt. of resources is not used to their best pot. The term that best describes this is:
Underwhelming
Non-capacity
Maximum utilization
Inefficient
13
which factor of production involves education,training, and job skills?
land
Physical Capital
Human capital
labor
14
which of the factors of production involves jobs/the work force?
Physical Capitol
land
Human capitol
labor
15
Who are the individuals that bring factors of production together to make new goods and services?
Communities
Human Resource Departments
Chief Executive Officers
Entrepreneurs
16
which of the factors of production involves factories,machinery, and technology?
Physical Capitol
Human capitol
land
labor
17
What type of economy relies on time-tested customs to deal with economic problems?
Traditional Economy
Mixed Economy
Market Economy
Command Economy
18
The most important sacrifice one makes when making a decision is called:
Opportunity costs
Alternatives
Tradeoffs
Opportunity benefits
19
The resources that are used to make goods and services are grouped into…
Gross national product
Marginal analysis
Factors of production
Opportunity costs
20
Which of the following is not an assumption (rule) that applies to Production Possibilities Curves?
There is an unlimited level of technology
Only two goods can be produced
There is a fixed amount of resources
Goods are produced at maximum production (full efficiency)
21
Which of the following statements characterizes the relationship between tradeoffs and opportunity cost?
None of the above
Tradeoffs and opportunity cost are the same thing
Tradeoffs are a result of opportunity cost
Tradeoffs create opportunity costs
22
If benefits are greater than costs, businesses will…
Stop production of goods
Produce less goods
Produce the same amount of goods
Produce more goods
