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Introduction to Economics Flashcards | StudBud
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Introduction to Economics
Introduction to Economics
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A review game for Ms. Frischman's Unit One Test
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Which is NOT an example of capital at a book printing company?
The office where it is located.
The oil used to heat the factory.
The paper upon which the books are printed.
The skills and knowledge of the people who make books there.
2
Economics is the study of how people:
respond to war and drought
choose from limited resources to meet their needs
calculate their income taxes
gain knowledge and skills from study and experience
3
Which of the following was a FREE MARKET philosopher/economist?
Karl Marx
Adam Smith
Friedrich Engels
Josef Stalin
4
What is the opportunity cost of two new CDs that cost you $30?
Dinner and a movie with your friends this weekend.
The difference between the cost of making the CDs &the price
Whatever the second choice was to spend the $30 on.
Knowing that you are the last of your friends to buy them.
5
Markets allow us to:
get the lowest prices for what we buy.
get the highest prices for what we sell.
sell the most goods we possibly can.
exchange things we have for things we want or need.
6
Which of the following is NOT one of the main economic goals of any government?
To keep unemployment low.
To regulate banks.
Keep prices stable.
Steady economic growth.
7
The govt decides between spending $$ on a hospital or border security. This is a(n)
opportunity cost
production possibility
irrational
guns-or-butter tradeoff
8
All the goods and services we produce are:
efficiently produced
expensive
recyclable
scarce
9
The free enterprise system of the US can be best described as:
free market
mixed economy with limited government and lots of freedom
traditional
socialist
10
What is it called when we exchange things we have for things we want or need.
Traditional economy
Forced exchange
Voluntary exchange
Command economy
11
Which of the following is NOT a factor of production?
The children who the woman supports with her labor.
A woman who makes a quilt for $10.00 per hour.
The cotton cloth and thread used in making the quilt.
The wood frame on which the quilt is made.
12
Which of the following is NOT capital?
the state house where state government is conducted
the paint used by a housepainter
the computer used by an accountant
the person whose picture is taken by a photographer
13
According to Adam Smith, the self-regulating nature of a free market is known as:
self-interest
"the invisible hand"
competition
safety net
14
What is one of the most important advantages of a free market economy?
It can change rapidly
It provides a safety net for the poor and less fortunate
It encourages growth and entrepreneurship.
It is easy to regulate
15
Shortages occur when:
businesses can't supply goods and services to meet demand.
interest rates go up.
many people are unemployed.
all resources are scarce.
16
Which of these is an example of a PUBLIC good that might be provided in a mixed economy?
skyscraper
milk
car
bridge
17
In a traditional economy, economic decisions are based largely upon:
market forces
technology
government control
custom
18
The public interest is:
the right of consumers to have safe products
a property right guaranteed by law
the right to buy and sell goods
the concerns of the public as a whole
19
Social Security provides:
healthcare for children
cash payments to people who lose their jobs
retirement payments to the elderly
income assistance for poor people
20
Which of the following is impossible to achieve in a pure free market economy?
economic freedom
economic equality
economic growth
economic efficiency
