GPS Unit 1 Review (Into to Economics)

Question 1

Wage is to labor as Interest is to

Accepted Answer

Capital

Question 2

Which of the following is an example of a want?

Accepted Answer

vidoe game

Question 3

What does laissez-faire mean?

Accepted Answer

little government intervention

Question 4

Which of the following would NOTcause a productionpossibilities curve to shift outward?

Accepted Answer

Increase in energy prices

Question 5

Which of the following is a PRIVATE good?

Accepted Answer

movies

Question 6

Value of next best alternative= given up

Accepted Answer

Trade off

Question 7

Which of the following is NOT a basic economics question?

Accepted Answer

When to produce?

Question 8

What do points A & B have in common?

Accepted Answer

They both represent productive effeicient points

Question 9

Which of the following are command economic systems?

Accepted Answer

Cuba & N. Korea

Question 10

Which point represents an unobtainable point for this economy with current resources?

Accepted Answer

Point D

Question 11

A factory building is considered an example of which factor of production?

Accepted Answer

Capital

Question 12

In the circular flow diagram indiviiduals recieve wages in what market?

Accepted Answer

resource market

Question 13

What is the basic problem facing all societies?

Accepted Answer

Scarcity

Question 14

Which is an example of a service?

Accepted Answer

Netflix

Question 15

Which point represents an economy underutilizing its resources?

Accepted Answer

Point C

Question 16

How are economic questions answered in acommand economy

Accepted Answer

By Government

Question 17

Adam Smith is to Capitalism as Karl Marx is to

Accepted Answer

Communnism

Question 18

The US economic system can best be described as

Accepted Answer

Mixed Econ system

Questions 18