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Economics Study guid
Economics Test 1&2 Study guide
| Question | Answer |
|---|---|
| Any resources that are made by humans and used to create other goods and services are called? | Capital |
| The resources used to make all goods and services are the? | Factors of production |
| Which of the following is an example of a service? | Oil change |
| What is the opportunity cost of a decision? | The most desirable alternative given up for the decision. |
| What is a factor building an example of? | Physical Capital |
| Which of the following makes someone an entrepreneur? | Running a service that hires people to install sprinkler systems in lawns. |
| You bought 2 new CD's with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CD's? | Dinner and a movie with your friends this Saturday night. |
| Which individual is known as the father of communism? | Karl Marx |
| The physical capitals used by a woodworker to make furniture would include? | Saws and drills |
| Human capital includes? | A taxi driver's knowledge of the city. |
| 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 address. |
| Which of the following is NOT a key economic question? | How should it be ensured that goods and services are paid for? |
| How could the Chinese economy be characterized? | Mixed, but on the side of centrally planned. |
| Which of the following was a free market philosopher? | Adam Smith |
| Which of the following is a characteristic of a traditional economy? | Children tend to have the same jobs as their parents did. |
| What incentive do manufacturers have to sell their products? | Making profits on sales. |
| What kind of 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 an economic system? | To produce and distribute goods and services. |
| 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 |
| What is the motivating force behind the free market? | Self-interest |
| A person who believed in the doctrine of laissez faire would disapprove of? | Government funding of education. |
| Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which of economy do they participate? | Traditional economy |
| Why do markets exist? | Markets allow people to buy what they need to consume and sell the specialized goods and services they produce. |
| A government prints and distributes posters to inspire workers to increase their productivity. In which kind of economy does this most likely take place? | Centrally planned economy |
| A person believes that real equality can only exist when political equality is coupled with economic equality. This person believes that democratic means should be used to distribute wealth evenly throughout society. This person is a? | Socialist |
| In which of the following lists of mixed economies does the market system dominate? | United States, United Kingdom, Singapore, and Hong Kong. |
| Most desirable alternative given up when people choose one course of action over another? | Opportunity cost |
| Limited quantities of resources to meet unlimited needs or desires? | Scarcity |
| Actions or activities that one person performs for another? | Services |
| Physical objects that can be exchanged? | Goods |
| Paid effort that people devote to a task? | Labor |
| An economic system that permits the conduct of business with minimal government intervention? | Free enterprise |
| An economic system that relies on habit, custom, or ritual to decide questions of consumption and production of goods and services? | Traditional economy |
| A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society? | Socialism |
| An economic system requiring strict obedience to someone such as a dictator? | Communism |
| This helps regulate a mixed economy? | Competition |
Created by:
Katwill678
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