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Fundamental of Economics Flashcards | StudBud
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Fundamental of Economics
Fundamental of Economics
30 terms
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fundamental concepts of basic high school economics
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What choices do consumers have in a market economy?
a large amount of rationed goods.
a large selection of imported goods
a wide variety of choices
a limited variety of choices
2
What is the opportunity cost of changing production from point D to point C?
5 Boats
5 Trucks
None
3 Boats
3
What does Allocate mean?
to send to the market
to take
to locate something
to distribute
4
These are put in place to protect competition and to keep consumers and products safe
government regulation
government deregulation
allocation policies
taxes
5
What is the opportunity cost of moving production from point B to point C?
3 Boats
2 Boats
2 Trucks
3 Trucks
6
Workers attaching cameras to cell phones is an example of what?
government regulations
alternatives
resource allocation
specialization
7
What economic system values the risks of an entrepreneur?
Market
Traditional
Mixed
Command
8
Which of the following items is NOT considered land?
Dams
Water
Rocks
Iron Ore
9
A visual representation of opportunity cost is what?
Production Possibilities curve
Production charts
Supply curve
Rational Decision Making matrix
10
The problem of unlimited wants and limited resources.
consumption
entrepreneurship
productivity
scarcity
11
If this economy produced more boats, what would it have to give up?
Airplanes
Butter
Guns
Trucks
12
If you make an A, you will get a star with your name on it. The star is a(n)
punishment
incentive
public service
property right
13
Which type of economic system is NOT concerned with private property rights?
Command
Traditional
Mixed
Market
14
The social goal of equity is associated most with which type of economic system?
Mixed
Command
Market
Traditional
15
Which of the following is not a role of the government in a mixed market economy?
guarantee jobs
providing public goods and services
redistribute income
protecting private property rights
16
Human capital, or labor, includes the following
the x-ray machine used to detect a broken bone
the salary paid to a teacher
the machinery used to make a car
a football players knowledge of the plays.
17
What is the incentive for entrepreneurs to make and sell their product?
fame from making the greatest product ever.
causing another company to go out of business
engaging in voluntary exchanges
making profits
18
More education can lead to
government deregulation
higher sales taxes
a higher standard of living
affirmative action
19
At which points is the economy producing at maximum efficiency?
B, D
E, A
C, B
D, E
20
What would need to happen to reach production at point E?
Get rid of waste
Nothing, there is not enough consumers to produce at E
Invest in additional resources
Invest in additional technology
21
Rivalry for customers is called
Incentive
Productivity
Sovereignty
Competition
22
Academy Sports hires additional people in November, which factor of production is increasing?
labor
entrepreneurship
land
capital
23
the following are goals of a market economy
efficiency, growth, freedom
equity, stability. security
efficiency, stability, equity
freedom, security, growth
24
What is an opportunity cost?
the rational choice
the highest ranking tradeoff
the dollar value of choosing something
The choice you made
25
Opportunity cost is the result of
scarcity
Economics
Surplus
utility
26
Which of the following is NOT a market system we learned about?
Command
Mixed Market
Traditional
Market
27
At which point is the company running with inefficient production?
C
B
D
E
28
The relationship between inputs and outputs is
Demand
Supply
Utility
Productivity
29
Consumer sovereignty is a characteristic of what type of economy?
Traditional
Command
Market
Mixed
30
What are the three economic questions that every economy must answer?
When to Produce it?
Who to Produce it for?
What To Produce?
How To Produce it?
