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Unit 1 Review
Unit 1 Review
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Questions
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Answers
1
each worker learns one task very well
Opportunity Cost
Scarcity
Utility
Specialization
2
System in which economic activity is driven by supply, demand, and the price system
command economy
traditional economy
mixed economy
market economy
3
The United States is a mixed Economy that leans more toward a __________ based approach
command
Communist
Market
Traditional
4
Which of the following is a disadvantage of a market economy?
It does not allocate resources efficiently as other types of economies.
It discourages creativity and new ideas for doing things.
It restricts personal freedom.
Some people, like old people, get left out
5
Who can invest in Human Capital in a modern economy?
Businesses
All of the Above
Government
Individuals
6
System that has some combination of traditional, command, and market economies
market economy
mixed economy
command economy
traditional economy
7
Evaluating the costs and benefits of each choice to decide which meets your criteria. These are called?
Trade-offs
opportunities
priorities
resource frontiers
8
What kind of economy offers uniformity in wages regardless of occupation or individual productivity?
traditional economies
market and free-enterprise economies
all economies
command and socialist economies
9
Economic action done or brought about by free choice
Perverse Incentives
profit motive
Voluntary exchange
competition
10
Fundamental economic problem that forces consumers and producers to use resources wisely
Opportunity Cost
Utility
Specialization
Scarcity
11
accumulation of all tangible and transferable resources
Value
Price
Cost
Wealth
12
Which of the following descriptions best explains the meaning of opportunity costs?
the cost of business failure
the risk associated with producing a new item
the cost of choosing one alternative over another
the initial cost of starting a new buisness
13
A nations wealth is determined by its
accumulation of all tangible and intangible resources
accumulation of all tangible resources
natural resources
product possibilities frontier
14
The total satisfaction received from consuming a good or service
Scarcity
Opportunity Cost
Utility
Specialization
15
Which of these countries has an economy most similar to that of the former Soviet Union?
Sweden
North Korea
Norway
South Korea
16
Which of the following states an advantage of a traditional economy?
Everyone knows exactly what their function is.
Property rights are based on tradition.
Creativity and original thoughts are rewarded.
There's no bureaucracy to interfere with organizing the economy
17
the cost incurred by not enjoying the benefit associated with the best alternative choice.
Specialization
Opportunity Cost
Utility
Scarcity
18
Someone who organizes and manages land, capital, and labor to make a profit
entrepreneur
Dictator
Human Capital
Scarcity
19
The four factors of production are land, labor, capital, and ___________.
franchises
the government
entrepreneurs
inflation
20
Driving force that encourages people to improve their material well-being
profit motive
Perverse Incentives
Voluntary exchange
competition
21
Which of these is an accurate statement about mixed economies today?
Most nations that had a mixed economy have evolved into command economies
Very few economies today can be accurately described as "mixed".
Mixed economies exist mostly in nations with communist governments.
There are more mixed economies in the world than any other kind.
22
System in which factors of production are owned and directed by the state
command economy
mixed economy
traditional economy
market economy
23
Which Statement describes a disadvantage of a command economy?
The government can produce things that people don't need or want
It does not help the less fortunate obtain the goods and services they need
It cannot "change direction" easily if the need arises to do so.
Items tend to be produced solely for the sake of profit.
24
One of the characteristics of a capitalist free enterprise economy is __________.
consumerism
the minimum wage
voluntary exchange
incentives
25
Which of these statements is descriptive of a market economy?
Major economic decisions are made for individuals, not by them.
Major economic decisions are made by individuals, not for them.
The Government determines what is produced and by whom.
Most media is state-owned and operated.
26
Which of the factors of production involves taking risks and combining resources to produce a new good or service?
Entrepreneurs
Land
Labor
Capital
27
Which of the following helps determine somethings value
scarcity
beauty
utility
Both Utility and Scarcity
28
A __________ is NOT a basic requirement for Survival
Need
Value
Utility
Want
29
Consumers are powerful because
they help decide a business's opportunity costs
their interests force producers to behave ethically
they have more rights than corporations
they drive decisions about what to produce
30
Which of these economic systems have the LEAST in common?
command economy and capitalism
market economy and capitalism
command economy and socialism
free-enterprise economy and market economy
31
The study of economics involves
explaining how people deal with scarcity
explains how incomes are earned and how jobs are created
all of the above
studying how things are made, bought, sold, and used
32
The skills, knowledge, and experience possessed by an individual or population.
Dictator
entrepreneur
Human Capital
Scarcity
33
Paradox of Value refers to the
high value of an essential item and the low value of a nonessential item
contradiction of what consumers want and what they need
high value of a nonessential item and the low value of an essential item
contradiction between gross domestic product and market value
34
System in which economic activity is the result of ritual, habit, or custom
command economy
market economy
mixed economy
traditional economy
35
Consumers in the free enterprise economy ultimately determine ____________ to produce
how
when
where
what
36
Societies are faced with which three basic question about production of goods
When, where, and for whom
What, how, and for whom
What, Where, and When
What, How, and Why
37
Struggle among sellers to attract consumers leading to innovation and lower prices
profit motive
competition
Perverse Incentives
Voluntary exchange
38
has an unintended and undesirable result that is contrary to the intentions of its designers
competition
profit motive
Perverse Incentives
Voluntary exchange
