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Economics 2
Economics 2
46 terms
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Chapters 1,2,3
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Answers
1
government programs designed to protect people from economic hardships
subsidy
public goods
infrastructure
safety net
2
producers help allocate scarce resources by seeking opportunity to
earn profits
increase incentives
lower costs
market products
3
everyone having the same economic rights under the law is called
profit motive
legal equality
open opportunity
free contract
4
government payment that helps cover the cost of an economic activity in the public interest
subsidy
public goods
safety net
transfer payment
5
in a circular flow model, the arrows between government and businesses show
products, services, and taxes
resources, cost, and taxes
products, services, and cost
resources, products, and taxes
6
the benefit or satisfaction gained from the use of a good or service is called a(n)
desire
incentive
utility
cost
7
the value of what you give up by choosing one alternative over another is called
opportunity benefit
opportunity cost
marginal cost
marginal benefit
8
circular flow model of a modified free enterprise system, the government is typically placed
on the right side
at the top
in the center
on the left side
9
physical products that can be purchased are called
services
goods
bonds
stocks
10
PPC is an acronym for
Preliminary productions curve
production possibilities chart
Preliminary production chart
production possibilities curve
11
the condition in which economics resources are not being used to their full potential is called
utilization
scarcity
underutilization
efficiency
12
producers help allocate scarce resources by seeking opportunity to
earn profits
lower costs
market products
increase incentives
13
shows statistics changes over time
chart
pie graph
line graph
statistics
14
numerical data or information
macroeconomics
chart
pie graph
statistics
15
any point outside the curve of a PPC represents a goal that is
possible to meet because resources are not fixed
possible to meet because resources are fixed
impossible to meet because resources are not fixed
impossible to meet because resources are fixed
16
getting cash for a birthday is an example
safety net
transfer payment
subsidy
public goods
17
a person who benefits but does not pay for goods or service
free rider
market failure
Public gods
market failure
18
government programs designed to protect people from economics hardships
externality
safety net
public goods
subsidy
19
highways, mass transit, and education and health care systems are examples
infrastructure
safety net
transfer payment
public goods
20
a cost-benefit analysis is often organized by using a(n)
incentive graph
decision-making grid
incentive grid
decision-making graph
21
the human time, effort, and talent that go into the making of products is called
knowledge
scarcity
capital
labor
22
the ongoing tension of not having enough resources to meet human wants is called
need
shortage
surplus
scarcity
23
displays data in rows and columns
pie graph
line graph
statistics
chart
24
represents number in relation to the whole
statistics
line graph
pie graph
chart
25
the study of how people choose to use scarce resources to satisfy their wants is called
choice
entrepreneurship
scarcity
economics
26
study of the behavior of individuals in an economy
mercantilism
microeconomics
macroeconomics
statistics
27
goods and services provided by the government and consumed by the public as a group
safety net
infrastructure
subsidy
public goods
28
economic system challenged by Adam Smith
macroeconomics
mercantilism
microeconomics
statistics
29
simplified representations of complex economic activities are called economic
curves
templates
prototypes
models
30
The ability for everyone to enter and compete in the marketplace is called
legal equality
open opportunity
profit motive
free contract
31
The ability to decide for yourself which legal agreements you will enter into is called
Open opportunity
Legal equality
Free contract
Profit motive
32
side effects of an economic transaction that affects someone other than the buyer or seller
safety net
transfer payment
externality
subsidy
33
the alternative you give up when you make an economic choice is a(n)
option
trade-off
compromise
utility
34
when creating a PPC, economists assume that
production possibilities curve
production possibilities chart
preliminary production curve
resources are not fixed
35
Profit is determined by subtracting the cost of
Selling a product from the revenue gained by producing it
Marketing a product from the revenue gained by selling it
Resources, taxes, costs
Producing a product from the revenue gained by selling it
36
A modified free enterprise economy is a type of
centrally-planned economy
pure market economy
mixed economy
traditional economy
37
numerical data or information
macroeconomics
pie graph
statistics
chart
38
circular flow model of a modified free enterprise system, the government is typically placed
in the center
at the top
on the right side
on the left side
39
the value of what you give up by choosing one alternative over another is called
opportunity cost
opportunity benefit
marginal benefit
marginal cost
40
study of the behavior of the economy as a whole
mercantilism
microeconomics
statistics
macroeconomics
41
economic system challenged by Adam Smith
statistics
mercantilism
macroeconomics
microeconomics
42
Benefits offered to encourage people to act in certain ways are
utilities
motives
incentives
wants
43
circular flow model of a modified free enterprise system, the government is typically placed
at the top
on the left side
in the center
on the right side
44
a need is fulfilled by
food
video games
movie tickets
jewelry
45
Free to chose was written by?
Stephen King
Mildew Fryman
Milton Friedman
Adam Smith
46
A free enterprise system is also as a
Capitalist system
Traditionalist system
Free contract
Communist system
