Economics Study Set

Front

Which describes scarcity?

Back

Unlimited wants exceeding limited resources

Front

In the production of chocolate chip cookies, which represents the factor of capital? Options: the dough used to bake the cookies, the oven used to bake the cookies, the worker who decorates the cookies, the retailer who sells the cookies

Back

the oven used to bake the cookies

Front

Opportunity cost is best described as the

Back

value of the best alternative forgone when a choice is made

Front

On the graph above, shifting production from 10 lbs of cheese to 20 lbs of cheese means an opportunity cost of

Back

1 gallon of milk

Front

Alex and Dylan both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes a long time. They would MOST LIKELY improve their efficiency if

Back

Alex washes cars while Dylan changes oil.

Front

Which of the following is NOT one of the three basic economic questions that must be answered in an economy?
What to produce,
How to produce,
For Whom to produce

Back

When to produce

Front

Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership?

Back

command

Front

What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?

Back

redistribute income

Front

The SOLID arrows on this circular flow diagram represent the flow of

Back

goods and services.

Front

The DASHED arrows on this circular flow diagram represent the flow of

Back

money