econ review #2

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in the circular flow diagram which of the following are exchanged in the product market

- payments - goods - services

which of the following roles of the government in a free enterprise system?

- provide public goods - address market failures - provide safety net - implement policy that encourages economic growth - regulate business

which of the following principles of american enterprise refers to the struggle among sellers to attract customs?

competition

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 possibilities frontier to another point on the frontier explains which economic concept

opportunity cost

what is the big economic problem?

people have unlimited wants and needs and the resources available to satisfy those needs and wants are scarce

which of the following principles of american free enterprise refers to force that encourages individuals to make decisions that will improve their own material well- being

profit motive

the curved shape of the production possibilities frontier explains which economic concept

law of increasing costs

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 to buyers and sellers to freely and willingly make market transactions?

voluntary exchange

what are the three economic questions?

- What goods and services should be produced? - How should goods and services be produced? - Who gets to consumes the goods and services?

which of the following are examples of needs?

- baby formula - gas - winter coat

which of the following are examples of goods?

- backpack - couch - drill - apples

which of the following economic systems is based on the ideas of john m keynes

- centrally planned

which of the following roles of the consumer in a free enterprise system?

- communicate that are desirable or undesirable - form interest groups to advocate for consumer safety - communicate that prices are fair or unfair - write authentic reviews/ feedback of goods and services

which of the following are examples of wants?

- concert ticket - expensive jewelry - netflix - designer purse

which of the following are examples of services?

- counseling - spotify - legal advice - message

what skills are necessary for someone to be a successful entrepreneur?

- creative - a visionary - a problem solver - effective communicator

the production possibility frontier explains which economic concept

- efficiency

productions possibilities curves can be drawn for

- individuals - businesses - governments

in the circular flow diagram which of the following are exchanged in the resources market

- labor - land - wages

the production possibilities curve is a model that

- shows the alternative ways an economy can use its scarce resources - shows the maximum output that's possible in an economy - shows the costs vs benefits of making a decision related outputs

economist use graphs and models to

- simplify an aspect of the economy - take something big and make it smaller - provide a visual

you are doing some fall shopping and find a sweatshirt, jacket, pair of jeans, pair of shoes, and a 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 are doing some fall shopping and find a sweatshirt, jacket, pair of jeans, pair of shoes, and a 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 pf shoes - long sleeve t-shirt

a decison making grid would be appropriate to use for which of the following decisions?

- which job to accept between three offers - which used car to buy between two options

which economic system would be considered the least economically free?

centrally planned

which of the following would be an example of thinking at the margin?

deciding how much practice time is needed after school to have an impact in the games.

which of the following economic goals refers to the fair distribution of resources and wealth throughout society?

economic equity

the whole production possibilities frontier moving outward or inward, explains which economic concept

economic growth/decline

which of the following economic goals refers to the assurance that goods and services will be available when the people need them?

economic security

which of the following economic goals refers to the desire to keep prices stable and free from inflation?

economic stability

which of the following economic goals refers to the ability to repeat and maintain economic growth over time?

economic sustainability

which of the following economic goals refers to the desire to use resources to their greatest capacities?

full employment of resources

which of the following countries experiences the greatest degree of economic freedom?

hong kong

economics is considered a social science because it is the study of

how people behave given financial conditions

according to economist, what drives decision making?

rational self interest

A point outside the production possibilities frontier explains which economic concept

scarcity

what is the difference between scarcity and shortage?

scarcity: always exists shortage: temporary

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

Societies answer the three economic questions based on?

their economic goals

which economic system would be considered the most economically free?

traditional


संबंधित स्टडी सेट्स

Chem quiz 3, Chem exam 2, Chem exam #4 (chapters 7 & 8), Exam 3 Study Guide, Chem test 3, chem ch 7, CHEM chapter 7, Chemistry 1601 final set, Chem chapter 7, 8, INTRO TO CHEM FINAL STUDY GUIDE

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