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Duplicate of Econ Fundamental Concepts Test Review Flashcards | StudBud
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Duplicate of Econ Fundamental Concepts Test Review
Duplicate of Econ Fundamental Concepts Test Review
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Econ Unit 1 review
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which of the following would
NOT
cause the production possibilities curve to shift outward?
Increase in Quantity of a production resource
Increase in quality of a production resource
Increase in price of a production resource
Breakthrough in production technology
2
The cost of producing 1 more of a product or service.
About a hundred dollars
marginal benefit
marginal cost
net benefit
3
Which is an example of a service?
fidget spinner
Coca Cola soft drink
Netflix subscription
Hershey's candy bar
4
Not a primary motivation for most Entrepreneurs
world domination
improving society
innovation
profit
5
Which of the following is a labor resource?
The founder of Starbucks
Starbucks espresso machine
Water used to make Starbucks coffee
Starbucks Barista
6
Modern day U.S. Economy
Market Economy
Mixed Economy
Traditional Economy
Command Economy
7
Reward or punishment to motivate someone to make a choice they wouldn't have made otherwise.
incentive
trade-off
an offer you can't refuse
opportunity cost
8
Which of the following is a PRIVATE good or service?
Starbucks Coffee
Jordan High School
Florida Turnpike
Stone Mountain Park
9
The US economic system can best be described as
Command System
Traditional System
Market System
Mixed System
10
How are economic questions answered in a command economy
By consumers
By Government planners
By producers
By Supply & Demand
11
Consumers & private businesses, not the government, make majority of the economic decisions
Trumpanomics
Command Economy
Traditional Economy
Market Economy
12
Which of the following is NOT a basic economics question?
What to produce?
Where to get fresh produce?
How to produce?
For whom to produce?
13
When you make a choice to do more of something, you also have to do less of something else.
Trade-Off
Maximum outcome
Substitutes
Minimum outcome
14
Which of the following is a capital resource?
Water used to make Starbucks coffee
The founder of Starbucks
Starbucks Barista
Starbucks espresso machine
15
Adam Smith is to Capitalism as Karl Marx is to...
Traditionalism
Socialism
Communnism
Capitalism
16
Who believed that choices people make to help themselves also helps the overall economy?
Karl Marx
Groucho Marx
Will Smith
Adam Smith
17
When total benefits outweigh total costs of a choice
invisible hand
marginal cost
rational decision
marginal benefit
18
Decisions in a free-market economy are primarily made by
consumers
illuminate
government
producers
19
What are the four Factors of Production?
land, labour, public goods, government regulation
land, labor, capital, entrepreneurship
workers, management, directors, shareholders
water, steel, oil, electricity
20
Which of the following may cause a production possibilities curve to shift inward?
increase in the price of gasoline
new tax incentives
decrease in the price of gasoline
more educated workers
21
Which of the following is NOT a public good or public service?
Interstate 75
Newtown Park
Six Flags over Georgia
Johns Creek Police Department
22
Cost of next best alternative use of money/time/resources when one choice is made over another
labor cost
capital cost
cost benefit analysis
opportunity cost
23
A factory building is considered an example of which
factor of production
?
Land
Labor
Capital
Entrepreneurship
24
Federal government process of developing a balanced budget illustrates which economic concept?
Laizzes-Faire
Factors of Production
Entrepreneurship
Opportunity Cost
25
Which of the following is a land resource?
Starbucks Barista
Water used to make Starbucks coffee
Starbucks espresso machine
The founder of Starbucks
26
What is the basic problem facing all societies?
social justice warriors
millennials
Scarcity
The President
27
The benefits gained by producing 1 more of a product or service.
marginal benefit
marginal cost
net benefit
not as much as you could get in the good old days
28
What does laissez-faire mean?
French for "Lazy but Fair"
Choices based on Self interests are also Good for Society
Government is best suited to cure the ills of society
Hands off - No Government Intervention
29
Which of the following is an Entrepreneurship resource?
Starbucks Barista
The founder of Starbucks
Starbucks espresso machine
Water used to make Starbucks coffee
30
Which of the following is an example of Adam Smith's, "Invisible Hand"?
Fulton County raises taxes to build a bridge
Johns Creek consolidates 2 fire stations into 1 station
Success of Yeti coolers = cheaper coolers from competitors
The Federal Government balances the budget
