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EOC Review of Economic Fundamentals (Unit 1) Flashcards | StudBud
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EOC Review of Economic Fundamentals (Unit 1)
EOC Review of Economic Fundamentals (Unit 1)
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Fundamentals
Flashcards
33 cards
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Questions
33
Answers
1
Which of the following could cause a country to move from point D to point A?
using new technology
NOT allowing workers to specialize
using their existing resources wisely
having more workers
2
What is the basic problem of economics?
scarcity
people acting in their own self-interest
supply & demand
too much production
3
What is the opportunity cost of moving from point B to point A?
400 books
100 books
100 books and 200 loaves of bread
200 loaves of bread
4
Bill wants to buy a shirt and a hat. If he only buys the shirt, his opportunity cost will be:
the enjoyment he would've gotten from the hat
the cost of the hat
how comfortable he will feel in the shirt
the cost of the shirt
5
Which of these happens in the resource market?
Businesses sell the factors of production
Businesses sell goods
Households buy resources
Households sell resources
6
Public ownership means
members of the community can purchase the resource
the resource is owned by the government
the resource is owned by the people
the resource is owned by businesses
7
Which of the following could cause a shift from point A to Point C?
Investing less money in training workshops
Not allowing workers to specialize
Using new technology
eliminating workers
8
People can produce what they want, but the gov't. does regulate some aspects. This economy is:
a traditional economy
a mixed economy
a market economy
a command economy
9
The act of giving up one thing of value to gain another thing of value is called a(n):
marginal cost
profit
entrepreneurship
tradeoff
10
What does a point like C represent?
underproduction
an impossible level of production
overproduction
one of the many possible combinations of production
11
Which of the following goals deals with increasing production of goods and services?
economic stability
economic security
economic efficiency
economic growth
12
Why can the "resource market" also be called the "factor market"?
because resources are also known as factors of production
many factors affect the success of the resource market
because businesses are also known as "factories"
because factories are used to produce resources
13
Productivity will decrease if which of the following occurs:
skilled workers are hired
less investment in human capital
new technologies are utilized
more natural resources are available
14
An economic system based on customs, practices, and religious beliefs is called
a traditional economy
a market economy
a command economy
a controlled economy
15
Which of the following economic systems is BEST at providing incentives to produce?
mercantilist
command
traditional
market
16
What does a point like D represent?
an impossible level of production
not using resources wisely
an ideal level of production
overproduction
17
If a company is productive, then its ratio of outputs to inputs will be:
more inputs, more output
less inputs, more output
less inputs, less output
more inputs, less output
18
Brian wants to get a promotion at work. He should:
pay more subsidies
better assess his opportunity costs
invest in additional training
increase his capital investments
19
Which of the following is an example of investing in human capital?
An employee asking for a raise
Buying a new company truck
Paying for an employee's health insurance
Requiring employees to document what they do at work
20
An economic system in which all property is publically owned is a
traditional economy
command economy
market economy
capitalist economy
21
Which of the following is NOT an element of the U.S. free enterprise system?
motivation to make profits
full employment
freedom
voluntary exchange
22
DHSland decides to produce cheese. Which of the 3 basic questions is answered in this scenario?
How will it be produced?
What should be produced?
Why should it be produced?
Who should receive it?
23
The study of how individuals, businesses, & nations can best allocate scarce resources is:
command economy
government regulation
economics
entrepreneurship
24
The value of the BEST alternative that is given up when one makes an economic decision is
tradeoff
opportunity cost
minimal outcome
marginal benefit
25
Which of the following tends to make economies more efficient?
regulations aimed at economic equity
public ownership of property
income redistribution
specialization
26
Which of these happens in the product market?
Household sell resources
Businesses sell products
Households sell products
Households pay income
27
If a factory owner uses some of her profits to purchase new machinery, she is investing in
the producer price index
capital goods
stocks and bonds
human capital
28
The economic system that best at achieving economic equity is the
pure command economy
pure market economy
free enterprise system
traditional economy
29
When wants exceed resources, it is known as
economics
scarcity
productive resources
entrepreneurship
30
What is the opportunity cost of moving from point A to point B?
200 loaves of bread
100 books
100 books and 200 loaves of bread
400 books
31
A rational decision occurs when
There are no marginal benefits.
The marginal benefits exceed the marginal costs
The marginal benefits are equal to the marginal costs.
The marginal benefits are less than the marginal costs.
32
The term defined as "the ratio of outputs to inputs" is
marginal cost
cost-benefit analysis
productivity
PPC
33
The gains we experience from having an additional unit of a product are known as:
cost-benefit analysis
production possibilities
marginal benefit
marginal cost
