DANIEL R- Economics Unit 1 (NEW)

Front

A person is considered an entrepreneur because she

Back

combined resources to create new products.

Front

Which of the following conclusions is compatible with this graph? The United States has an oversupply of petroleum. The United States has a scarcity of petroleum. The United States exports more oil today than it did in the past. The United States imports more oil today than it did in the past.

Back

The United States has a scarcity of petroleum.

Front

Identify the physical capital in this photo: the house, the crop, the farmer, the tractor.

Back

the tractor

Front

Which of the following is an example of a land resource that a person who owns a restaurant would need?
Options:
the servers who wait on customers,
the farmer who grows the vegetables served at the restaurant,
the water used to for drinking and cleaning,
the building where the restaurant is located

Back

the water used to for drinking and cleaning

Front

Which of the following is an example of scarcity rather than shortage? Extremely hot temperatures lead to increased air-conditioner use and power outages., There aren’t enough software engineers to fill all the job openings in Silicon Valley., Newly discovered Van Gogh paintings are put up for auction and sell for millions., During the holiday season, an outfitter runs out of skis.

Back

Newly discovered Van Gogh paintings are put up for auction and sell for millions.

Front

In a cost/benefit analysis, what would be the benefit of taking the Dallas North Tollway instead of Routes 75 and 380?

Back

That route would require less travel time.

Front

Which of the following BEST answers that question? Options: consumers and producers, people living in poverty, wealthy entrepreneurs, the federal government

Back

consumers and producers

Front

Which basic economic question deals with the issue of where a person can afford to live?

Back

Who consumes the goods and services that are produced?

Front

Which of the following is a function of firms in the market economy?
Options:
They ensure that the monetary flow is greater than the physical flow.
They supply households with land, labor, and capital.
They convert land, labor, and capital into goods and services.
They consume the goods and services that households produce.

Back

They convert land, labor, and capital into goods and services.

Front

Based on this Venn diagram, which economic goal do communist and socialist systems both try to achieve?

Back

economic equity