Economics Test #1 (Review)

A production possibilities curve represents some combinations of goods an economy can produce.

Which of these is NOT true about an economic model?

True or False? Fixed income is income that increases over time.

Five-year-plans were used by whom to coordinate the development of agriculture and industry?

What is "value"?

There is little or no governmental control in a _________ economy.

Inflation is the rise in the general level of _____?

What needs to be included in a personal budget?

Role of consumer as ruler of the market in determining the types of goods and services produced

Which of the following is true about collectivization?

A duck was given $9, a spider $36, & a bee $27. How much money would be given to a cat?

earnings - expenses = ________.

In a modified free enterprise economy, people are subject to which of the following?

Shift of an economy, or part of an economy, from private ownership to government ownership.

What is an example of a non-durable good?

Which of the following is NOT associated with human capital?

Which of the following is NOT classified as a need (basic requirement for survival)?

True or False? The central planning authority in the former Soviet Union was known as Gosplan.

Service is work or labor performed for whom?

True or False? The Great Recession occurred between 2004 and 2006.

What are "factor markets"?

Scarcity is an economic problem based on unlimited needs and limited wants.

True or False? Keiretsu is a business model characterized by isolated economic decisions.

The type of economy that a country has is determined by the amount of ____________.

In his seminal book, what is Jeffery Sachs' major or overarching goal?

"Standard of living" is quality of life based on what?

Contradiction between the high value of a non-essential item and low value of an essential item

True or False? The European Union is the successor to the European Steal and Coal Community.

Increase in a nation's total output of goods and services over time.

Economic system in which economic activity is the result of ritual, habitat, or custom.

What is the name of Mr. Blevins' dog?

Which type of economy does the United States have?

"Perestroika" was a restructuring of which economy?

Which of the following is NOT an economic system?

Which of the answer chocies is not a characteristic of a market economy?

Which of the following is NOT an example of capital?

"Capital-Intensive" specifically refers to capital in relation to _____.

True or False? Free enterprise is associated with privately owned business.

Certificates that could be used to purchase government-owned property during privatization.

Measure of amt. of output produced in a specific time period with a given amt. of resources.

What is ambush marketing?

True or False? A market economy is an example of a "mixed economy."

Which of the following is true about a consumer good?

When did the Great Depression occur?

What do economic systems provide for?

Which of the following is true about "profit motive"?

True or False? Medicare is income dependent.