stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CP ECON Unit I Test 2019 Flashcards | StudBud
Explore
/
CP ECON Unit I Test 2019
CP ECON Unit I Test 2019
20 terms
·
StudBud Administration
·
112 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Which of these is a key economic question faced by countries?
How much money should be raised in taxes?
How big should the army be?
What goods and services should be produced?
How many schools should be built?
2
Which point on the PPC graph is equivalent to an economic depression ?
G
A
F
C
3
Competition and self interest are two important forces in
centrally planned economies.
traditional economies.
communist economies.
free market economies.
4
At what points on this PPC graph are all resources being used efficiently?
F only
G only
C only
A, B , C, D, & E
5
In a traditional economy, economic decisions are based largely on
technology.
science.
custom.
socialism.
6
Which point on this PPC graph is beyond current resources?
C
G
F
E
7
What type of economic system is more likely to produce these types of products?
Command
Mixed
Traditional
Market
8
Markets allow us to
get the highest prices for what we sell.
exchange the things we have for the things we need.
get the lowest prices for what we buy.
sell the most goods we possibly can.
9
Which economic goals are best promoted by the free market?
efficiency and freedom
innovation and security
efficiency and equity
Freedom and security
10
The resources used to make goods and services are called
gross national product.
opportunity cost.
factors of production.
production possibilities frontier.
11
The purpose of a production possibilities graph is to
give engineers a new way of deciding how to build manufacturing plants.
show how a factory can use its workers in different ways.
tell farmers how many watermelons to plant.
show alternative ways to use an economy’s resources.
12
Entrepreneurs are people who
work on the floor of the stock exchange.
help settle labor disputes.
produce all of a country’s guns and butter.
put together land, labor, and capital to create new businesses.
13
In a Pizza Hut, an example of physical capital would be the
cheese
oven
owner
workers
14
What kind of economy is this?
mixed
market
command
traditional
15
Giving up one alternative for another is called
human capital.
a trade-off.
underutilization.
efficiency.
16
Economics is the study of how people
gain knowledge and skills from study and experience.
choose from limited resources to meet their needs.
respond to war and drought.
calculate their income tax.
17
Countries often have to choose between producing military or consumer goods, a trade-off economists call
guns or butter.
farm goods or factory goods.
export or import.
a free market economy.
18
Which of the following countries has the most extreme example of a centrally planned economy?
China
North Korea
Hong Kong
Great Britain
19
A country’s production possibilities will grow if it
increases its resources.
produces more guns than butter.
lowers its opportunity costs.
makes more trade-offs.
20
Which is true of the government in a centrally planned economy?
It makes all important economic decisions.
It builds every house in every village.
It places much emphasis on the production of consumer goods.
It encourages workers to innovate.
