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Eco Final
| Question | Answer |
|---|---|
| Any resources that are made by humans and used to create other goods and services are called | capital |
| An example of a shortage is limited amounts of | food available because the trucks carrying it are on strike |
| The resources used to make all goods and services are the | factors of production |
| All of the following are types of decisions that can be made at the margin EXCEPT | whether or not to go on a vacation |
| The purpose of a production possibilities graph is to | show alternative ways to use an economy's resources |
| An efficient economy is one that | uses its resources to make the most goods and services |
| The law of increasing costs means that when an economy increases the production of one item | the opportunity cost goes up |
| The government of a country must make a decision between increasing military spending and subsidizing wheat farms. This kind of decision is a | guns or butter issue |
| The opportunity cost of a decision can be examined by using a | production possibilities graph |
| Production possibilities frontiers curve when they are charted on a graph because they show | the increasing costs resulting in increasingly less output |
| Why are all goods and services scarce | all resources are scarce |
| What is the opportunity cost of a decision | the most desirable alternative given up for the decision |
| Which of the following is the kind of decision that can be made at the margin | whether or not to hire new workers |
| What is the factory building an example of | physical capital |
| The government of a country must make a decision between spending money on a hospital or spending the same amount of border security. What kind of decision is this> | guns or butter |
| How would you describe an economy that uses its resources to make the greatest possible number of goods and services | efficient |
| What does a production possibilities frontier show | the maximum amount that an economy can produce |
| The lack of which of the following represents a scarcity? | enough workers to finish two jobs because there's limited supply of workers |
| Which of the following makes someone an entrepreneur | running a service that hires people to install sprinkler systems in lawns |
| A country's production possibilities increase because the available workers become more skilled at using a computer. This is an example of growth caused by | Technology |
| Which of the following is NOT characteristic of a centrally planned economy | each collective or factory sets its own goals |
| What is the struggle among various producers for the consumer's business called | competition |
| Why does even a free market economy need some government intervention | to provide for things that the marketplace does not adress |
| Which of the following is NOT a key economic question | How should it be ensured that goods and services are paid for |
| What does the process of specialization do for an economy | It makes it more efficient |
| How could the Chinese economy be characterized | mixed, but on the side of centrally planned |
| What is one of the most important advantages of a free market | it encourages growth |
| What incentive motivates a manufacturer to sell a product | making profits on sales |
| Which of the following was a free market philosopher | Adam Smith |
| Which of the following is characteristic of a traditional economy | Children tend to have the same jobs as their parents did |
| What is the product market1/ | the market in which households purchase the goods and services that firms produce |
| What incentive do manufacturers have to sell their product | making profits on sales |
| In what kind of an economy does the government make all the decisions | centrally planned |
| What is the purpose of competition | to act as a regulating force in the marketplace |
| What is the function of economic system | to produce and distribute goods and services |
| Which of the following is a condition that most people would NOT expect the safety net of the government to provide for? | low income |
| What dies the process of specialization do for an economy | It makes it more efficient |
| How would the economy of Canada be likely to be characterized | mixed, but on the side of free market |
| What is an important advantage of a free market | It offers a wide variety of goods and services |
| Who was the leader that introduced communism and central planning to the former Soviet Union | Vladimir Lenin |
| Which of the following is s a private organization that attempts to influence public officials to act or vote in ways that will benefit the group's members? | interest group |
| What is the most effective way for consumers to make their desires known to businesses | by the purchases they make |
| Why does the government use its powers to make sure that businesses disclose so much information to the public | to make buyers more knowledgeable and safer |
| What does the Temporary Assistance for Needy Families program provide? | cash tot he states to help run their welfare programs |
| What is the difference between a business cycle and the day-to-day ups and downs of the market |
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