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					Misc    Market   Command   Resources   Vocab
       Economy   Economy
100     100        100       100       100

200     200        200       200       200

300     300        300       300       300

400     400        400       400       400

500     500        500       500       500
                      Misc
                      100
    Which of the following is not a pillar of free
                      enterprise?
A. Entrepreneurship
B. Competition
C. Scarcity
D. Private Property

                                          C. Scarcity
                              Misc
                              200
       Profit is one of the main incentives for nearly all
A. Charities
B. Businesses
C. Educational institutions
D. Religious organizations


                                             B. Businesses
                       Misc
                       300
               • The Wealth of Nations
                  • Invisible hand
                    • Self interest
Which of these people is most often associated with
            the ideas and phrases above?
A. Adam Smith
B. John Maynard Keynes
C. Karl Marx
D. Fredrick Hayek                A. Adam Smith
                    Misc
                    400

 Which of the following is a CAPITAL GOOD used
          in the production of baseball hats?
A. Seamstress
B. Thread
C. Sewing Machine
D. Salesman
                           C. Sewing Machine
                      Misc
                      500
An economist would probably agree that the central
             problem in economics is
A. Choose between goods and services
B. Distinguishing between wants and needs
C. Meeting people’s wants & need w/scarce resource
D. Defining goods and services

                                                C.
            Market Economy
                 100
   To an economist, producers and consumers in a
            market economy are considered
A. Factors of production
B. Natural competitors
C. Key elements of opportunity costs
D. Parties in a voluntary exchange
                                     D. Parties……..
            Market Economy
                 200
In a market economy, goods are most often produced
                    as a result of


A. Decisions made by a central authority
B. Interaction between buyers and sellers
C. Laws adopted by a majority rule of citizens
D. Equal sharing based on individual needs
                                       B. Interaction….
              Market Economy
                   300
 An economist would most likely argue that incentives
A. Are unable to affect either product supply or
   consumer demand
B. Rarely influence the behavior of individual
   consumers or businesses
C. Are capable of creating predictable reactions from
   consumers
D. Create situations that usually make consumers
   worse off than before
                                                        C
              Market Economy
                   400
  Which statement explains why market economies are
                          used?
A. They allow individual producers and consumers to
   make decisions about how to allocate scarce resources
B. They encourage competition between buyers and
   sellers, which tends to produce higher quality goods
   at lower prices
C. They tend to place more economic power in the hands
   of citizens rather than under government control
D. All of the above
                                                          D.
             Market Economy
                  500
  Which events MOST LIKELY occur in a Market
                   Economy?
A. Consumers buy computers and software at prices
   set by the government.
B. Bicycle store choose which products & services to
   offer.
C. Farmers are required to produce certain crops
   yearly
D. The number of new cars produces is set by Govt.

                                       B. Bicycle
           Command Economy
                100

   In a command economy, ___________ makes
      production decisions and owns all of the land
A. Both private citizens and the government
B. Private citizens
C. The Government


                                C. Govt’
          Command Economy
               200
   Which events are MOST LIKELY to occur in a
                 command economy
A. Govt. sets prices for agricultural goods sold
B. Car manufacturers compete for customers by
   making them better.
C. Lumber prices rise as a result of increased demand
D. Manufacturers reduce prices on farming
   equipment to attract new business.

                                      A. Set prices
           Command Economy
                300
        Command economies usually result in
A. More competition among producers
B. More choices available to consumers
C. Fewer entrepreneurial opportunities
D. Less government regulation of business



                                     C. Fewer eship opp.
          Command Economy
               400
     One benefit of a command economy is that
A. Producers lack the incentives to improve
   production methods
B. Consumers usually have more products and
   services to choose from
C. People have more job security and are provided
   with more public services
D. Government officials often produce goods more
   efficiently than private companies
                                                    C
           Command Economy
                500
  In a command economy, decisions about what to
                produce are made by
A. Entrepreneurs and business investors
B. National political leaders and government officials
C. Freely elected community leaders of each city and
   town
D. Buyers and sellers who interact in a process of
   voluntary exchange

                                                 B.
                 Resources
                   100

Trees, crude oil, and water are considered what type
                      of resource?
A. Common
B. Human
C. Capital
D. Natural
                                     D. Natural
                  Resources
                    200
  Managers, technical trainers, and accountants are
             examples of a company’s….
A. Capital Resource
B. Natural Resource
C. Human Resource
D. All of the above


                           C. Human Resource
                  Resources
                    300
              • Factory buildings
            • Assembly line equipment
             • Telephone equipment

          All of the above are examples of
A. Capital resources
B. Natural resources
C. Common resources
D. Human resources
                                             A. Capital
                    Resources
                      400
 The economic term scarcity is most often used to refer
                           to?


A. The unlimited number of jobs available to workers
B. The need for consumers to find unlimited resources
C. The condition of limited resources and unlimited
   wants
D. The unlimited supply of resources available to
   corporations
                                     D. Scarce
                 Resources
                   500

A business decides to increase production of cars by
    buying new robots for the assembly line. This
        would be considered an investment in
A. Capital Resources
B. Natural Resources
C. Human Resources
D. None of the above
                   Vocabulary
                      100
 The imagination, innovative thinking, risk taking, and
   management skill used in starting a new business is
                       known as
A. Scarcity
B. Goods
C. Entrepreneurship
D. Mixed Economy
                                 C. Entrepreneurship
                 Vocabulary
                    200
 The process of trading that occurs in markets when
    both sellers and buyers benefit as a result of the
                          trade
A. Voluntary exchange
B. Market
C. Trade-offs
D. Profit
                                                   A
                Vocabulary
                   300

 Giving up some of one thing to have more of some
                        other.
A. Scarcity
B. Trade-Off
C. Profit
D. Opportunity Costs
                                 B. Trade-Off
                Vocabulary
                   400
    Occurs whenever and wherever people make
               voluntary exchanges.
A. Market
B. Goods
C. Opportunity Costs
D. Economy
                               A. Market
                   Vocabulary
                      500
 This is the best alternative given up when making a
                          choice?
A. Voluntary exchange
B. Opportunity cost
C. Profit
D. Self interest

                                                   B
              Final Jeopardy
Which of these is NOT one of three basic concepts
all economic systems must address?

A. Which goods and services will be produced
B. Who the consumers of goods and services will be
C. What prices governments will charge for goods
   and services
D. What resources will be used to produce goods
   and services