practice set intro to econ
the production possibility curves can be drawn for
-individuals -business -governments
which of the following statements describes an economically free society
-individuals are free to work earn and invest as they wish -individuals are free to produce and consume as they wish -governments allow labor capital and goods to move freely society
in the circular flow diagram which of the following are exchanged in the resource market
-labor -wages -land
which of the following characteristics are most closely associated with a traditional economic system
-land or substance based -strong social ties -slow to embrace technology -stable and predictable
in the circular flow diagram which of the following are exchanged in the product makret
-payments -goods -services
which of the following countries experiences the greatest degree of the economic freedom
Hong Kong
which of the following principles of american free enterprise refers to the struggle among sellers to attract customers
competition
which of the following are examples of wants
concert tickets, expensive jewelry, netflix, designer purse
which of the following are examples of resources that fall under the land category
cotton, timber, farmland,
which of the following are examples of services
counseling, spotify, legal advice, massage
what skills are necessary for someone to be a successful entrepreneur
creative, a visionary, a problem solver, effective communicator
in which of the following economic systems do individuals and government own the resources
mixed
which of the following countries experiences the smallest degree of economic freedom
north korea
which of the following principles of american free enterprise refers to the ability of anyone to compete in the marketplace
open opportunity
the movement from one point on the production possibilties frontier to another point on the frontier explains which economic concept
opportunity cost
What is the big economic problem
people have unlimited needs and wants and the resources available to satisfy those needs and wants are scarce
the curved shape of the production possibilities frontier explains which economic concept
law of increasing costs
which of the following principles of american free enterprise refers to force that encourages individuals to make decisons that will improve their own material well-being
profit motive
which of the following characteristics are most closely associated with a mixed economic system
public goods market failures safety nets bureaucracies
A point inside the production possibilities frontier explains which economic concept
underutilization
which of the following principles of american free enterprise refers to the ability of buyers and sellers to freely and willingly make market transactions
voluntary exchange
economic freedom tends to produce which of the following positive societal results
-cleaner environments -greatest wealth per person -greater access to education -democratic political systems -less poverty -longer life expectancies
which of the following are roles of the consumer in a free enterprise system
-communicate that prodcuts are desirable or undesirable -form interest groups to advocate for consumer saftey -communicate that prices are fair or unfair -write authentic reviews/feedback of goods and services
which of the following characteristics are most closely associated with a free economic system
-competition regulates -private property -consumers get high pritority -invisible hand
which of the following are roles of the government in a free enterprise system
-provide public goods -address market failures -provide safetly nets -implement policy that encourages economic growth -regulate business
The production possibilities curve is a model that
-shows the alternative ways an economy can use its scarce resources -shows the max output that is possible in an economy -shows the cost vs benefits of making a decision related to output
economists use graphs and models to
-simplify an aspect of the economy -take something big and make it smaller -provide a visual
which of the following are assumptions of the production possibilities curve
-the economy is using its resources as best as it can -the quantity of the resources are fixed -the state of technology is fixed -the quality of the resources are fixed -the economy is only producing two goods
which of the following characterisitics are most closely associated with a centrally planned economic system
-wasted resources -no incetives -focused of the well being of all -no competition
three economic questions all societies must answer
-what goods and services should be produced -how should goods and services be prpduced -who gets to consume the goods and services
which of the following are examples of resources that fall under the human capital category
a degree or certification, experience
which of the following are examples of resources that fall under the labor category
assembling, transporting, solving
which of the following are examples of needs
baby formula, gasoline, winter coat
which of the following are examples of goods
backpack, couch, drill, apples
in which of the following economic systems are exchanges coordinated by the gov.
centrally planned
in which of the following economic systems does the government answer the three economic questions
centrally planned
which of following economic systems would be considered least economically free
centrally planned
which of the following economic systems is based on the ideas of john m. keynes
centrally planned
which of the following economic systems is based on the ideas of karl marx
centrally planned
which of the following would be an example of the thinking at the margin
deciding how much practice time is needed after school to have an impact in the game
which economic goal refers to the assurance that goods and services will be available when the people need them
economic security
which economic goal refers to the fair distribution of resources and wealth throughout society
economic equity
the whole production possibilities frontier moving outward or inwards explains which economic concept
economic growth/decline
which economic goal refers to the desire to keep prices stable and free from inflation
economic stability
which economic goal refers to the ability to repeat and maintain economic growth over time
economic sustainability
the production possibilities frontier explains which economic concept
efficiency
which of the following are examples of resources that fall under the physical capital category
forklift, wrench, stethoscope, computer
in which of the following economic systems are exchanges between producers and consumer coordinated through volunatry exchange
free market
in which of the following economic systems do the individuals own the resources
free market
which economic goal refers to the desire to use resources to their greatest capabilities
full employment of resources
economic is considered a social science because it is the study of
how people behave given financial conditions
According to economists, what drives decision making
rational self interest
a point outside the prodcution possibilites frontier explains which economic concept
scarcity
what is the differences between scarcity and shortage
scarcity always exists, shortage is temporary
you're doing some fall shopping and find a sweatshirt, jacket, pair of jeans, pair of shoes, and long sleeve t-shirt that you like. You planned to only buy one item. you really like the sweatshirt, but end up deciding to buy the jacket. Which item is the opportunity cost?
sweatshirt
you're doing some fall shopping and find a sweatshirt, jacket, pair of jeans, pair of shoes, and long sleeve t-shirt that you like. You planned to only buy one item. You really like the sweatshirt, but end up deciding to buy the jacket. What are the trade-offs in this decision?
sweatshirt, jacket, pair of jeans, pair shoes, long sleeve t-shirt
how does a society determine which economic system to use
the economic system is determined based on how the society answers the three economic questions
what do societies answer the three econ questions based on
their own economic goals
in which of the following economic systems does custom and history answer the three economic questions
traditional
which of following economic systems would be considered most economically free
traditional
A decision making grid would be appropriate to use for which of the following decisions?
which jobs to accept between three offers, which used car to buy between two options
