Unit 1 Review

Question 1

Which of the following is NOT a disadvantage of a command economic system?

Accepted Answer

Little gov't intervention

Question 2

Which of the following is human capital?

Accepted Answer

knowledge

Question 3

There are two types of capital.

Accepted Answer

True

Question 4

What kind of economy has the government in control?

Accepted Answer

Command

Question 5

Limited resources to satisfy unlimited economic wants?

Accepted Answer

Scarcity

Question 6

When a company splits up the production process.

Accepted Answer

Division of Labor

Question 7

Which of the following is NOT a factor of production?

Accepted Answer

Money

Question 8

Which of the following is an example of land?

Accepted Answer

Water

Question 9

Which of the following is physical capital?

Accepted Answer

Factory

Question 10

What problem do ALL nations have in common?

Accepted Answer

Scarcity

Question 11

Economic growth on a PPC can be shown by....

Accepted Answer

Shift to Right

Question 12

The next best option you gave up to get something.

Accepted Answer

Opportunity Cost

Question 13

A graph that shows how many items can be produced at a time.

Accepted Answer

Production Possibilities Curve

Question 14

When a company focuses on selling only one type of item or items.

Accepted Answer

Specialization

Question 15

A point OUTSIDE of the PPC is...

Accepted Answer

Unattainable

Question 16

What is a rational decision?

Accepted Answer

MB > MC

Question 17

What kind of economy is ran by individuals?

Accepted Answer

Market

Question 18

What is productivity?

Accepted Answer

Inputs to Outputs

Question 19

What has a limited scope in a market economy?

Accepted Answer

Government

Question 20

What kind of economy is ran by both individuals and governments?

Accepted Answer

Mixed

Questions 20