ACP Review-5th,7th
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
What is opportunity cost?
Back
The value of the next best alternative when a decision is made
2.
FLASHCARD QUESTION
Front
The metaphor of Invisible hand used by classical economist Adam Smith suggests that: self-interest of economic players acts as an unseen force which help decide the demand and supply of goods and services and satisfying everyone.
Back
self-interest of economic players acts as an unseen force which help decide the demand and supply of goods and services and satisfying everyone.
3.
FLASHCARD QUESTION
Front
Keynesian economics named after famous economist John Maynard Keynes says that during recession, government should increase spending on unemployment benefits, education and infrastructure projects to increase demand jump start the economy.
Back
during recession, government should increase spending on unemployment benefits, education and infrastructure projects to increase demand jump start the economy.
4.
FLASHCARD QUESTION
Front
What does point Y represent on the given Production Possibilities Curve (PPC)?
Back
Unattainable (Impossible) given current resources
5.
FLASHCARD QUESTION
Front
In this Production Possibilities Curve/Frontier points A, B, C represent?
Back
Productive efficiency (Full employment of resources)
6.
FLASHCARD QUESTION
Front
In the given PPC, which point(s) represent(s) "resources are not being used efficiently, or underutilization or underproduction"? Options: Point A, Point Y, Point X, All of the above
Back
Point X
7.
FLASHCARD QUESTION
Front
The 4 Factors of Production (FOP) are
Back
Land, Labor, Capital, Entrepreneurship
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