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Econ - Unit 1 Flashcards | StudBud
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Econ - Unit 1
Econ - Unit 1
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Questions
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Answers
1
Karl Marx is to socialism as _________________ is to capitalism.
Ethan Clark
Adam Smith
George Washington
John Hancock
2
What are the three economic questions?
What to produce, how to produce it and for whom to produce it?
What resources to use, for whom to produce, how to produce?
What to produce, where to produce, how to produce it?
What to produce, who will produce, how to distribute profit?
3
An office building would be an example of which factor of production?
Land
Capital
Labor
Entrepreneurship
4
If a country can produce goods at a lower opportunity cost than another country it has...
A comparative advantage
Neither an absolute or comparative advantage
Both an absolute and comparative advantage
An absolute advantage
5
Most countries of the world have what type of economic system?
Command
Free Market (100%)
Mixed
Traditional
6
Economic growth would be represented by a rightward shift of the production possibilities curve
False
True
7
Which of the following is the best example of a pure command based economic system?
China
Canada
Hong Kong
North Korea
8
Which of the following is NOT one of the four factors of production?
Opportunity Cost
Land
Entrepreneurship
Labor
9
The opportunity cost of moving from point A to point B is
Xb - Xa
Ya
Ya - Yb
Yb
10
In the circular flow model, what do businesses receive from households in the factor market?
Loans
Finished goods and services
Land, Labor and Capital
Money
11
Economics is...
The study of how businesses make a profit in market economies
The study of how people interact with one another
The study of governments and the systems they use to govern their citizens
The study of how societies try to deal with the problem of scarcity
12
Economic system where decisions are made by consumers
traditional
free market
command
socialism
13
The opportunity cost of a choice that is made refers to
The value of all possible other alternatives
Is the same as scarcity
The value of the next best alternative
All of the possible trade-offs that exist because of a decision
14
Scarcity is only a problem...
In developed nations
It really isn't a problem at all
In undeveloped nations
It's a problem for all nations
15
In this economic system, government owns all property.
Market
Traditional
Mixed
Command
16
In the circular flow model, what do households receive from businesses in the factor market?
Money
Finished goods and services
Land, Labor and Capital
Loans
17
Tariffs are a...
A complete cut off of trade with another country
Are used exclusively as a way for the government to get more money
Limit on the number of goods that can be imported
Tax on imported goods
18
If people are in favor of free trade they would suggest a country...
Eliminate tariffs and quotas
Adds quota restrictions to trade
All of the above
Implements tariffs on trade
19
If a country can produce more goods than another country given the same resources it has...
Both an absolute and comparative advantage
A comparative advantage
An absolute advantage
Neither an absolute or comparative advantage
20
Which point on the PPC below is unattainable?
B
C
D
A
