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Economics - Unit 1 - Economics Basics Flashcards | StudBud
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Economics - Unit 1 - Economics Basics
Economics - Unit 1 - Economics Basics
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1
What is the invisible hand in capitalism?
An economic theory
A labor union
A market force
A puppet show
2
What does a point inside the PPC mean?
Inefficient
Economic growth
Unachievable
Efficient
3
manufactured goods used to make other goods
consumer goods
labor
capital goods
natural resources
4
Person who organizes, manages, and assumes the risk of a business in order to gain a profit
Entrepreneur
Employee
Government Official
Economic Thinker
5
Division of labor is when people perform different jobs to achieve greater efficiency
False
True
6
What is the role of government in capitalism?
Provide support to the poor
Oversee and control all businesses
Maintain competition and prevent monopolies
Only provide for national defense
7
Which of the following would LEAST likely be condisdered a NEED?
Air Jordans
Food
Water
House
8
'Keynesianism' advocates government...
privatization
deregulation
socialization
intervention
9
Which of the following is not one of the basic economic questions?
For whom should it be produced?
What should be produced?
How much money does everyone get?
How should it be produced?
10
Which of the following is NOT a factor of production?
Government
Capital
Labor
Land
11
Consumption is how much is produced
False
True
12
Is the government or the market in control of resources in a command economy?
Government
Market
Both
None
13
What is the main goal of capitalism?
Profit maximization
Corporate greed
Environmental protection
Social welfare
14
decisions involve picking one thing over
all the other possibilities
benefits
incentives
production possibilities
trade-offs
15
Which of the following would NOT be a contributing factor in an outward shift in the PPC curve?
investing in better technology
population decrease due to pandemic
hiring more employees
opening a new factory
16
An opportunity cost for staying up late to study for a test is a good night sleep.
True
False
17
when you choose to do ONE thing,
its value (how much it is worth) is measured by the value of the NEXT BEST CHOICE
True
False
18
scarcity is the unlimited wants and needs but limited resources
False
True
19
If the producer made 8 cars and grew 45 stalks of corn, we would describe that as...
scarcity
inefficient
efficient
unattainable
20
branch of economic theory dealing with the economy as a whole and decision making by large units such as governments
Zoolinomics
Macroeconomics
personal finance
Microeconomics
21
branch of economic theory that deals with behavior and decision making by small units
Microeconomics
Zoolinomics
personal finance
Macroeconomics
22
Opportunity cost increases when?
The production possibilities correspond
Demand increases
Supply decreases
More goods are produced
23
What's the ultimate goal of socialism?
Profit
Control
Power
Equality
24
What does the socialist system reject?
Private property
Free market
Worker ownership
Public ownership
25
What does point C represent on the PPC graph?
efficiency
Inefficiency
impossibility
None of the these
