stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Duplicate of Economics- Unit 1 Review Flashcards | StudBud
Explore
/
Duplicate of Duplicate of Economics- Unit 1 Review
Duplicate of Duplicate of Economics- Unit 1 Review
35 terms
·
StudBud Administration
·
368 plays
#Review game #Unit 1- Fundamental Economic Concepts Test
Flashcards
35 cards
F
Practice quiz
P
Host live
L
Questions
35
Answers
1
What is the unit of study in microeconomics?
individuals, businesses, and households
international trade such as imports and exports
national consumption and expenditures
inflation and recession
2
Which of the following is NOT a basic economic question?
How to produce?
What to produce?
For whom to produce for?
When to produce?
3
Broad Social Goal- fairness, illegal to discriminate based on age, race, sex, or disability
Economic freedom
Economic efficiency
Economic equity
Economic security
4
A good or services capacity to provide satisfaction or usefulness is known as
wealth
marginal cost
utility
marginal benefit
5
The desires and needs of the consumer determines what producers make is known as:
Profit incentive
consumer sovereignty
productivity
voluntary exchange
6
Movement along the production possibilities frontier illustrates which economic concept?
scarcity
human capital
opportunity cost
the four factors of production
7
The act of buyers and sellers freely and willingly engaging in market transactions:
involuntary exchange
standard of living
Economics
voluntary exchange
8
Assignment of tasks so that each worker performs fewer functions more frequently
specialization
service
productivity
labor
9
A productive resource not created by human effort (natural resources)
entrepreneurship
labor
land
capital
10
Employment in service occupations refers to:
the manufacture of durable goods
private ownership of the factors of production
people who perform work for other people
workers on the assembly line
11
Market where productive resources are bought and sold
Labor Market
Product Market
Housing Market
Factor (Resource) Market
12
Economic System- profit incentive, lots of choices in goods and services, private property
Mixed
Command
Market
Traditional
13
Free market system where the government has some involvement in the economy
Market
Mixed
Traditional
Command
14
In what market are the The factors of production exchanged for the factor payments?
Labor Market
Housing Market
Factor (Resource) Market
Product Market
15
Tools, equipment, and factories used in the production of goods and services
Durable goods
Consumer goods
Capital or physical capital
entrepreneur
16
Any combination/point below the production possibilities frontier illustrates
full/maximum production
underproduction
unachievable production
17
Increasing the production of goods and services
price stability
economic equity
economic freedom
economic growth
18
Which of the following economic system has private property?
Command
Traditional
Market
19
Which of the following is an investment in human capital?
a machine builds more chainsaws
A country builds new schools
A state puts in a new highway
A company builds a new factory
20
What do economic systems do?
Allocate resources
All the above
Organize production
Answer the three basic economic questions
21
Specialization is a good idea because it increases efficiency and thus brings down cost.
False
True
22
Sum of people's skills, abilities, health, and motivation.
human capital
wealth
value
financial capital
23
The situation of limited resources and unlimited needs and wants creates
Marginal Benefit
choices
utility
scarcity
24
Product intended for final use by consumers rather than businesses
consumer good
capital good
human capital
financial capital
25
In what market are goods and services purchased by consumers
Product Market
Labor Market
Factor (Resource) Market
Housing Market
26
Which of the following examples would shift the PPF upwards- (illustrating economic growth)
Increase in Labor
Increase in Land
Increase in Capital
All the above would shift the PPF upwards
27
Economic System- no private property, government answers the three basic economic questions
Mixed
Command
Traditional
Market
28
The basic problem in Economics and why people study it is due to
marginal utility
entrepreneurship
scarcity
utility
29
Capitalism is most closely associated with what economic system?
Socialism
Command
Market
Traditional
30
Economic System- no role confusion, basic needs are met, predictable, low standard of living
command
mixed
traditional
market
31
A market economy has an advantage over a traditional economy in that a market economy
adjusts to consumer demands over time
limits the profit of large corporations
controls prices and wages
fixes incomes on consumers
32
Risk taking individuals in search of profits
Capital
Land
Labor
Entrepreneurship
33
A combination of goods and services outside/ (above) the PPF illustrates:
not possible OR unachievable production
full production
maximum production
underproduction
34
Any point/combination on the production possibilities frontier illustrates
under production
full/maximum production
unachievable production
35
Broad social goal of U.S. economy- right to choose your own occupation and use of your money
Economic Efficiency
Economic Freedom
Economic Security
Economic equity
