Summer CP Econ Unit 1 Review

Which of the following best describes the "Invisible Hand"?

In a pure market economy, individuals

Who owns the factors of production in a market economy?

A nation that is NOT using its resources fully and efficiently would be where?

In a mixed economic system, what entity is added to the circular flow model

Which economic system would you likely find in underdeveloped parts of the world?

Which of the following would cause a countries PPC to move to the right?

You have $40 to buy either jeans or music. You buy the jeans. What is the opportunity cost?

A cook at Burger King is an example of which factor of production

Your own microwave in your own home is an example of...

Which of these is not one of the three economic questions decided in a society?

Money is a factor of production

In a circular flow model, factors of production are purchased by

The US economy could best be described as

Which type of economic system favors individual decisions the most?

The question of "How to Produce?" is best illustrated by which of the following examples?

A major disadvantage of a pure market economy is

All of the following are disadvantages of a command system EXCEPT

When an economy shrinks, its PPC will...

Which economic system is the most efficient?

Which of the following is not illustrated by a PPC?

In a command economic system, the coordination of economic activity is accomplished through

In a simple circular flow diagram,

What is this graph called?

Which of these is not one of the factors of production?