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GSE Economics: The Fundamentals Flashcards | StudBud
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GSE Economics: The Fundamentals
GSE Economics: The Fundamentals
15 terms
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StudBud Administration
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106 plays
Interactive diagnostic for introductory economic concepts.
Flashcards
15 cards
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Practice quiz
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Host live
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Questions
15
Answers
1
Which of the following characteristics is NOT a feature of the free enterprise system?
Profit motive
No competition
Voluntary exchange
Private property rights
2
The cost of adding or producing one more unit of a good or service is called?
Redistribution
Marginal cost
Marginal benefit
Scarcity
3
What type of capital involves skills and education?
Financial capital
Human capital
Social capital
Physical capital
4
Which of the following resources is not a factor of production?
Profit
Labor
Land
Capital
5
The government is the primary decision maker in this type of economic system:
Market
Traditional
Mixed
Command
6
Scarcity exists when
Consumer wants exceed the resources available.
There are more resources than consumer demand.
The amount of competitors in an industry increases.
Marginal benefits equal marginal costs.
7
Which result is NOT a benefit of a business specializing in a particular service or service.
Lower productivity
Higher quality
Faster production
Lower price
8
The next best alternative that is given up when individuals or a business makes a decision
opportunity cost
value
scarcity
marginal benefit
9
The type of economy where economic decisions are based on supply and demand is called
Command
Market
Mixed
Traditional
10
Which factor of economic decision-making is displayed in a production possibilities curve?
Opportunity costs
Surplus
Liability
Division of labor
11
The three economic questions that a business must answer include all of the following, EXCEPT:
What good or service to produce?
When to produce a good or service?
For whom to produce a good or service?
How to produce a good or service?
12
A major government regulation of the automobile industry is the requirement of:
Rear-view camera
Airbags
Tinted windows
Bluetooth audio
13
The United States government inspects the quality of food via the following regulatory agency?
CIA
FDA
FBI
OSHA
14
Which of the following outcomes is an example of a negative incentive?
certificate of completion
a bonus check for $2,000
store discount card
speeding ticket
15
In most economic systems, productivity is often determined by the amount of:
Cost
Need
Output
Risk
