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Economics Unit 1 Flashcards | StudBud
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Economics Unit 1
Economics Unit 1
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Flashcards
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Questions
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Answers
1
An economist would say point Y, outside the curve, is
Attainable but inefficient
Out in left field
Efficient
Unattainable with current resources
2
Opportunity cost is
the value of all your options when you make a choice
the value of your third best option when you make a choice
the actual dollar cost of what you buy
the value of your second best option when you make a choice
3
A machine, tool, or man-made creation that helps a business function.
human resource
land
capital resource
labor
4
This term describes something that is rare AND desirable.
Lebron James seasons where he didn't make the finals
scarce
shortage
surplus
5
What is the marginal benefit and opportunity cost of moving from point X to point C?
50 refrigerators/0 cars
50 refrigerators/50 cars
0 cars/50 refrigerators
50 cars/0 refrigerators
6
How would you describe points inside the PPC like point X?
Attainable but inefficient
Unattainable with current resources
Efficient
A real bargain
7
What role of government involves using taxes to provide public goods and services?
Protecting private property
Regulations
Addressing externalities
Redistributing income
8
The United States has this type of economy.
command
mixed
market
traditional
9
What is the marginal benefit of moving from T to R?
10 units of food
3 computers
6 computers
2 units of food
10
What method of allocation allows for consideration of who needs the resource the most?
Random selection
First-come, first-served
Contests
Personal characteristics
11
Coca-Cola sues someone for violating their trademark. This is an example of what government role?
Redistributing income
Providing public goods and services
Protecting private property
12
What is a disadvantage of allocating scare resources by random selection?
People might discriminate
The person who needs it most might not get it
It is hard to administer
It gives everyone an equal chance
13
What is an example of a public service provided by the national/federal government?
U.S. military's national security protection
City of Decatur fire department
Lyft or Uber
Dekalb County police
14
Of the following, what is the best way for a high school senior to invest in their human capital?
Invest in nice clothes
Do well in school
Stop drinking caffeine
Watch more t.v.
15
Which two economic systems likely value stability and equity the most?
Command
Mixed
Market
Traditional
16
What is the opportunity cost of moving from A to B?
30 cars
20 refrigerators
80 cars
80 refrigerators
17
This economy has competition and choice, but still has to follow some government rules.
mixed
Traditional
command
market
18
Material items produced and consumed in an economy are called
services
goods
19
Natural resources fit into this category of the factors of production.
labor
entrepreneurship
capital
land
20
An economy that is controlled by the government or a central authority is a __________ economy.
traditional
command
mixed
market
21
Of the following, which is the least likely to result in economic growth and moving the PPC outward?
Investment in more stocks and bonds
Investment in human capital
Investment in physical capital
Investment in technology
22
This image shows
the demand of apples compared to the demand for potatoes
the benefits of eating apples over eating potatoes
combinations of apples and potatoes that can be produced
the cost of apples compared to the cost of potatoes
23
Which of the following is not a question that societies must answer because of scarcity?
When to produce?
For whom to produce?
What to produce?
How to produce?
24
The problem that all societies must deal with . . .
Justin Bieber
surplus
shortage
scarcity
25
Why was there no opportunity cost to move from point X to point C?
Because point X is unattainable
Because Matt Ryan lost his mojo
Because no one wanted more refrigerators
Because there were unused resources available at point X
26
Characteristics of a market economy include
rainbows and unicorns
control and regulations
competition and choice
primitive bargaining and survival
27
Which economic system values private-property ownership the LEAST?
Command
Market
Mixed
28
Which of the following is an example of division of labor?
One worker takes photos while another designs a logo.
One employee designs, builds, tests and installs fire alarms
One employee makes the dough, sauce and toppings for pizza.
29
To make a rational economic decision, what should you look for?
Marginal costs > marginal benefits
Marginal benefits > marginal costs
Zero opportunity cost
Zero trade offs
30
All of these are labor resources except . . .
a bulldozer
someone assembling cars
someone shoveling
someone typing
31
Both parties to a trade gain when when the trade is
non-fraudulent and volatile
voluntary and profitable
voluntary and non-fraudulent
sugar-free and caffeine-free
32
What strategy is used most frequently to allocate goods and services in our economy?
Competition
Personal characteristic
Random selection
Supply and demand (price)
33
The physical and mental work that is done by humans is called . . .
land
capital
labor
entrepreneurship
