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Unit 1 Review
Unit 1 Review
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StudBud Administration
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Foundations #economics #highschool #testreview
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
The merger of two corporations that bothprovide telephone services is best described as a
Conglomerate
Multinational
Horizontal
Vertical
2
Which is an important incentive in a market or mixed economy?
government power
private property
government regulations
goats
3
If you write an essay in Engish, your teacher will give you extra credit. This is a(n)
bribe
incentive
punishment
torture
4
There are limited resources to meet unlimited wants. This is the definition for which term?
Scarcity
Factors of Production
Opportunity Cost
Public Goods
5
Which factor of production does the tractor in the picture below represent?
Physical Capital
Land
Human Capital
Labor
6
Entrepreneurs do all of the following EXCEPT
bear risk from business decisions
organize labor, land, and capital.
own all the other resources.
come up with new ideas and new ways of doing things
7
What does the saying “There is no such thing as a free lunch” mean?
verything costs something
most things cost something
most things cost nothing
some things cost nothing
8
Why is voluntary exchange important to a market economy?
It allows government regulation.
It controls the economy.
It allows products to be made.
It encourages competition.
9
This economic system relies upon ritual and custom in order to answer the 3 Key Questions.
Traditional
Market
Mixed
Command
10
Which U.S. economic and social goal is missing fromthe diagram?
Economic interdependence
Economic growth
Competition
Minimum wage
11
The most common type of business organization in the United States is the
sole proprietorship
general partnership
franchise
corporation
12
The struggle among sellers for the dollars of consumers is......
private property
competition
specialization
efficiency
13
Which point, along the PPC, demonstrates inefficiency?
Point on the curve (a)
None of the above
Point beneath the curve (x)
Point above the curve (y)
14
Societies are forced to make choices due to this economic condition?
Efficiency
Scarcity
Fluctuations
Productivity
15
Which point demonstrates an impossible combination due to available technology & resources?
Point on the curve (a)
Point beneath the curve (x)
None of the above
Point above the curve (y)
16
Human capital is
capital owned by individuals, but not corporations or gov't
machinery that meets or exceeds federal standards for use.
capital owned by individuals or corporation, but not gov't.
the skill and knowledge of workers.
17
What is shown in the picture below?
circular flow model
production possibilities graph
supply and demand graph
incentives model
18
According to Adam Smith, the "Invisible Hand" regulates a market economy through what?
Competition and Self-Interest
Selfish Desire
Intimidation
Government control
19
The minimum wage is an example of a federal law that supports
economic growth
economic efficiency
economic equity
full employment
20
The value of the next best "thing" given up is called:
Choice
Opportunity Cost
Sacrifice
A sunk cost
21
The PPC represents the possible combination of goods and services that an economy:
Cannot produce
Should produce
Can produce
Will produce
22
A merger of a mining corporation and a companythat manufactures mining equipment is called a
Horizontal
Conglomerate
Multinational
Vertical
23
The key difference between a market economy and a command economy is what?
Capital
Money
Government Intervention
Prices
24
The study of how people satisfy their wants and needs through choices is called....
Astrophysics
Sociology
Psychology
Economics
25
Unemployment compensation for people who have lost their jobs promotes the economic goal of
economic equity
economic efficiency
economic security
economic growth
26
The next best alternative that we miss out on when we make a choice is called the...
Trade-Off
Opportunity Cost
Scarcity
27
What is the economic term given to the graph below, which helps us visualize opportunity cost?
Production Possibilities Curve
Scarcity
Economic System
Math
28
Why do entrepreneurs supply goods and services?
They do not supply goods and services.
They see it as a service to humanity.
They want to be good people.
They want to make a profit.
29
The government owns some, but not all, factors of production in what system?
Pure Market
Command
Traditional
Socialist
30
Which of the following is NOT a factor of production?
Land
Capital
Food
Labor
31
Which of the questions below is NOT one of the 3 Key Economic Questions?
Who consumes these goods and services?
What goods and services should be produced?
Where should the goods and services be produced?
How should goods and services be produced?
32
Which is an example of land?
plumbing
trees
Bill Gates
computer
33
In economics, capital refers to:
Money
Man-made goods
Loans
Finance
34
Which is an example of economic security?
government regulations
Social Security
private property
competition
35
Socialism and communism are examples of which economic system?
Traditional
Mixed
Market
Command
