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Economics Unit 1 review for test Flashcards | StudBud
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Economics Unit 1 review for test
Economics Unit 1 review for test
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This test is a review for economics unit 1. Read each question carefully. Have fun studying!!!
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
What is laissez faire?
abstention by governments from interfering the workings of the free market.
Somthing owned my the people
An equation in economics money making
MONEY
2
What is opportunity cost?
The value of the next best choice
entroprenuer
Two dicisions based on insurance
The value of your money after a purchase
3
According to the law of demand, if nothing changes, the quantity demand of goods and services is greater at low prices
False
True
4
who determines the answers to a fundamental economy question in a command economy?
The president
The Government
The People
The central Government
5
entrepreneuors are risk takers who determine the 5 economics questions and organize land, labor, and capital.
False
True
6
Production decreases because...
they just werent good buinsess owners
The buisness has no more money
The people dont want to buy it anymore
Downsizing, outsourcing, bankruptsy
7
A corporation is a legal entity where the owners are shareholders.
True
False
8
Adam smith wrote what?
The wealth of nations
The secret to sucess
The bible
The dictionary
9
What are some principles of capitalism?
Entreprenuers
Competition, profit motive, private property
The government owned company
Legal documents, money check
10
Human Capital is...
The right to have money
The ability to have a self standing government
The skill and knowledge of workers
The governments moto
11
The most comprehensive measure of a nations wealth is provided by it's...
Human officials
Government officials
Protection Of Money (POM)
Gross Domestic Product (GDP)
12
Adam Smith belived an "Invisible hand" guided the market and that the government should not interfere in the economy
True
False
13
workers employed in manufacturing have been declining in the us for the past.. how many years?
60
40
50
30
14
What will haappen when a price is higher than the equilibrium price?
A conclusion will occur
A Surplus will occur
Patrnership production
Society will go bankrupt
15
what studies the ecnomic behaviors or large economies, while microeconomies involes the economic behaviors of small unit
Financialeconomies
Macroeconomies
Governmenteconomies
Surpluseconomies
16
What type of economy is the US considered?
Marketed
multi-financial
Mixed
Partnership
17
Define economics
The balance of needs and wants
Inflation
MONEYYY
The study of choices we make because of scarcity.
18
The supply curve WONT shift because of government actions, such as subsides, taxes and regulations
False
True
19
Workers can protect themselves by...
Joing the military
Calling the corporation a begging for help
Nothing, theyre not in control
Joining a labor union, going on strike, bargoning collectivly
20
What is the oppurtunity cost measured by?
Adam smith
Laissez faire
Government
Value of the next best choice
21
Scarcity is a situation in which we are unable to satisfy all our wants.
True
False
22
What to produce, how much to produce, how to produce it, from whom to produce, and who gets to make these decisions.
The 5 economic questions
The five laws to Buisness owning
Business partnership
Government officials protocal
23
Usually work with their hands, have had some voctional training, and are most likley a memeber of the union
Pink paper laws
Yellow Yodge
Green Government
Blue collar workers
