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Econ Test 1
Econ Test 1
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Answers
1
are the traditional out of pocket costs associated with making a decision=Implicit costs
True
False
2
Study of the large economy as a whole or economic aggregates=
MICROeconomics
False
True
3
define: sole proprietorship
Unlimited wants and limited resources
a portion of ownership in a corporation also recognized as a Share.
Study of the large economy as a whole or economic aggregates
a business owned by one person
4
Which is NOT an example of an Advantage in a Command economy
Prioritizes economic growth/ or change
basic needs of most are met
Less income inequality
high unemployment rates
5
Is security an economic goal?
False
True
6
Which is NOT an example of a command economy?
China
Venezuela
Japan
North Korea
7
Which is NOT an example of a market economy
Japan
USA
Cuba
England
8
define: economic growth
products used by buisnesses to produce other goods: tools, factories
Inuit (Alaskan Tribe)
an increase in the production of goods and services in an economy.
USA
9
is communism practed by market economies?
False
True
10
The 'invisible hand' theory goes along with command economies
True
False
11
Which is an example of an Disadvantage in a Command economy
Incentives
Prioritized economic growth/ change
Corruption
Lots of compettion
12
define: corporation
the value of most desirable alternative given up when you make a choice.
Study of the large economy as a whole or economic aggregates
form of business that is its own legal entity
an increase in the production of goods and services in an economy.
13
What is not apart of the three basic economic questions?
For whom to produce for?
When to produce?
How to produce?
What to produce?
14
Study of small economic units such as individuals, firms, and markets=
MACROeconomics?
True
False
15
the opportunity costs of making a decision=
Explicit costs
True
False
16
Is freedom an economic goal?
False
True
17
Why would economics sonsidered a social sciene?
Economics is the study of choices
its a study of growth
Econmics is the science of scarcity
Because it deals with money
18
Which is NOT an example of an Advantage in a Market economy
Wide variety of goods and services
More 'democratic'
More Income/ Wealth Inequality
More individual freedom
19
Which is NOT an example of an Advantage in a traditional economy
There is little uncertantity
Discourages creativity
Lower standard of living
Encourages innovation
20
What is the role of the entreprenueur in a capitalist economy?
To engage in the economy
Cause growth
To make money
to combine the factors of production for goods and services
21
define: durable good
Where individuals earn money. Productive resources are bought and sold
products used by buisnesses to produce other goods: tools, factories
Unlimited wants and limited resources
capital goods & comsumer goods:any item that lasts two years or more: car
22
define: stockholders (shareholders)
a portion of ownership in a corporation also recognized as a Share.
those elected to a board of directorswho hire & supervise their corporation
Change in Technology
the opportunity costs of making a decision
23
What is Profit Motive?
Buyers and sellers freely exchange goods and services
Peoples ability to choose their ocupation, employer, location, etc
the desire for financial gain as an incentive in economic activity.
24
Which is not a part of the 4 factors of production?
Labor
Land
Money
Capital
25
define: stock
an increase in the production of goods and services in an economy.
a portion of ownership in a corporation also recognized as a Share.
what a stockholder may recieve aka: money
Change in Technology
26
is socialism
a moderate amount of government involvement, but not total control?
True
False
27
Does Competition allow for higher quality and lower prices?
False
True
28
Is price stability an economic goal?
False
True
29
define: factor market
products used by buisnesses to produce other goods: tools, factories
capital goods & comsumer goods:any item that lasts two years or more: car
process of bringing a product to market, seeing its overall success
Where individuals earn money. Productive resources are bought and sold
30
define: utility
form of business that is its own legal entity
a term to describe worth/value. not measurable.
Where individuals earn money. Productive resources are bought and sold
an increase in the production of goods and services in an economy.
31
is an Economic system the method used by a society to produce and distribute goods and services using scarce resources?
True
False
32
define: trade off
trading pokemon cards
the value of most desirable alternative given up when you make a choice.
all the alternatives that one gives up when making a choice
Any skills or knowledge gained by working, education, or expierence.
33
define: human capital
Any skills or knowledge gained by working, education, or expierence.
when two or more people own a business
Lower standard of living
those elected to a board of directorswho hire & supervise their corporation
34
Which is an example of an Disadvantage in a traditional economy
Lower standard of living
Lots of progress
Little uncertanty
Innovative and creative
35
define: product market
Success of company
a business owned by one person
a person who links buyers and sellers of stocks.
process of bringing a product to market, seeing its overall success
36
define: capital good
high unemployment rates
all the alternatives that one gives up when making a choice
a measure of productiion. Between resources and goods.
products used by buisnesses to produce other goods: tools, factories
37
define: market
process of bringing a product to market, seeing its overall success
where producers may sell their goods to consumers.
goods purchased by people for consumption
38
Any human-made resource that is used to create other goods and services= physical capital
False
True
39
which country is NOT ranked top 10 among the “most capitalist” countries in the world
Australia
USA
Hong Kong
Switzerland
40
define: dividend
economic goal
process of bringing a product to market, seeing its overall success
what a stockholder may recieve aka: money
the opportunity costs of making a decision
41
define: productivity
a measure of productiion. Between resources and goods.
when two or more people own a business
Study of the large economy as a whole or economic aggregates
Any human-made resource that is used to create other goods and services
42
What is economic freedom?
the desire for financial gain as an incentive in economic activity.
Buyers and sellers freely exchange goods and services
Peoples ability to choose their ocupation, employer, location, etc
43
Is efficency an economic goal?
True
False
44
define: opportunity cost
Unlimited wants and limited resources
the value of most desirable alternative given up when you make a choice.
where producers may sell their goods to consumers.
the value of most desirable alternative given up when you make a choice.
45
define: partnership
Study of the large economy as a whole or economic aggregates
what a stockholder may recieve aka: money
when two or more people own a business
a portion of ownership in a corporation also recognized as a Share.
46
What are Private Property Rights?
Peoples ability to choose their ocupation, employer, location, etc
People and firms own and control their tangible and intangible possesions
the desire for financial gain as an incentive in economic activity.
the desire for financial gain as an incentive in economic activity.
47
Has any country ever been actually communist?
False
True
48
define: scarcity
Unlimited wants and limited resources
Unlimited resources and limited wants
goods purchased by people for consumption
none of the above
49
Which is NOT a PPC shifter?
Change in Trade
Change in Technology
Change in resource quantity or quality
Change in Goverment
50
Is equity an economic goal?
False
True
51
Which is an example of a traditional economy?
Venezuela
USA
Japan
Inuit (Alaskan Tribe)
52
Which is NOT an example of an Disadvantage in a market economy
Higher degree of economic uncertainty
Market Failures: monopolies
old, sick, disabled people's basic needs are not provided for
More individual freedom
53
What is the role of the goverment in a capitalist economy?
provide the legal and social framework within which the economy operates
do nothing
54
define: consumer good
Any skills or knowledge gained by working, education, or expierence.
a measure of productiion. Between resources and goods.
all the alternatives that one gives up when making a choice
goods purchased by people for consumption
55
Is full employment an economic goal?
False
True
56
What is Voluntary exchange?
People and firms own and control their tangible and intangible possesions
Buyers and sellers freely exchange goods and services
the desire for financial gain as an incentive in economic activity.
57
is Communism a political and economic theory developed by Karl Marx that calls for a common ownership of resources
True
False
58
What is the role of the consumer in a capitalist economy?
Create desire and consume
All natural resources that are used to produce goods and services.
