practice set intro to econ

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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


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