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Economics Std Chapter 2 Flashcards | StudBud
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Economics Std Chapter 2
Economics Std Chapter 2
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1
What is the most important factor of production?
capital
interest
entrepreneurship
profit
2
What is the chief advantage of the line graph over the schedule?
It is less conplicated.
It is more scientific.
It contains more data.
It better illustrates results.
3
Which of the following does NOT qualify as a possible factor cost?
sales taxes
medical benefits
author royalties
interest payments
4
The public sector refers to which part of the circular flow model?
government
households
banks
businesses
5
In the circular flow model, government refers primarily to which level of government?
federal
local
state
all of these
6
What circulates money as the "heart" of the economy?
the financial market
businesses
the government
the public sector
7
Which of the following is a transfer payment?
income tax withholdings
the wages of postal workers
Department of Defense purchase
governmental unemployment payments
8
From whom do businesses ultimately receive the factors of production?
households
the government
banks
stockholders
9
What is an example of dissaving?
opening a checking account
taking out a mortgage
making a payment on a loan
making a deposit in a savings account
10
On a PPC graph, any point on the graphed line represents
production variables.
production efficiency.
wasted resources.
minimum costs.
11
Which of the following is NOT an example of capital?
a tractor
business loan
house
a hammer
12
What are the two basic elements of the circular flow model?
banks and households
stock markets and banks
business firms and stock markets
households and business firms
13
Ludwig von Mises is well-known for exploring the economic practice of
governmental intervention.
entrepreneurship.
financial markets.
free markets.
14
Which of the following would an economics NOT consider an example of land?
petroleum
sheep
wheat
machinery
