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Duplicate of Economics Unit 1 Flashcards | StudBud

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Duplicate of Economics Unit 1

9 terms·StudBud Administration·152 plays

A quiz over the fundamental economic concepts for a high school economics class.

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Questions 9

Answers

1
How are economic decisions made in a command economy?
Government
Consumers
Producers
Supply and Demand
2
Leo and alex have a car washing business. What is the best way for them to work?
Leo washes, Alex waxes
Leo waxes for alex and alex waxes for leo
Leo does all the washing one day and they switch
They wash the cars together
3
An assembly line is an example of what?
specialization
diversification
marginalization
inefficiency
4
What basic economic problem does the US share with all other nations?
too much government control
lack of technology
lack of public services
scarcity of resources
5
Henry deposits money into his account instead of spending it. What's his opportunity cost?
the enjoyment of what that money could have bought
the interest he will earn
a better chance of going to college
the opportunity to please his parents
6
What are two advantages market economies have over command economies?
more control over prices and wages
more limits on profits and public goods
more security and equity
more freedom and efficiency
7
What is the relationship between productivity and earnings?
the more you pay people, the more productive they will be
the more productive yo uare, the more money you make
there is no relationship
the less productive you are, the more you make
8
To obtain goods and services in a market economy, most people rely on what?
barter
communal ownership
voluntary exchange
government regulations
9
Which is an example of entrepreneurship?
a person who buys land and builds a new house
a person who starts an online business
a person who invests in computer stocks
a person who takes a job at a large corporation