Economics Unit 1B Test Review

Which economic system has as an opportunity cost growth and freedom?

What is efficiency?

Government and central planners decide how to answer the 3 basic questions.

Which system has an opportunity cost of efficiency and economic justice?

What happens when people overuse or don't maintain a public good?

In the prisoner's dilemma, once somebody confesses, what's the problem?

What is economic growth?

What line from the Lorax is a great summary for the Tragedy of the Commons?

People will do what is best for the common good b/c they believe it's also their own benefit.

Which of these is a Socioeconomic Goal?

What kinds of goods feel free but aren't?

Which economic system prioritizes doing things the way we've always done it?

Which goods create a situation known as the tragedy of the commons?

Which goods create externalities?

Why would privatizing public goods not always be a good idea?

The Prisoner's dilemma is a great illustration for:

Which economic system prioritizes efficiency and growth?

Which economic system prioritizes Financial Security and Price Stability?

Which of these is an Economic Goal?

When private property creates costs or benefits onto a third party, we call that:

Which economic system prioritizes economic freedom and economic justice.

Which kind of economic system does every country in the world have?

Buyers and Sellers in the Market decide how to answer the 3 basic questions.

Why would privatizing a public good solve the tragedy of the commons?

True or False: It is possible for a society to accomplish all of the goals at once.

Financial Security is about . . .

How can efficiency manifest itself?

Internalizing the externality means:

If there is a market failure, typically government intervention is required.

Which of the following is NOT one of the 3 basic economic questions?