Econ Unit 1

Front

You bought two CDs with your last $30. What is the opportunity cost?

Back

the movie with your friends that you now cannot afford

Front

To improve its standard of living, a nation’s economy must

Back

grow through innovation.

Front

Why does the government protect inventors and authors by offering them patents and copyrights? Options: to encourage free trade, to promote innovation, to regulate the business cycle, to strengthen American culture

Back

to promote innovation

Front

Which of the following is physical capital? a college degree, a factory building, learning to sew, playing the violin

Back

a factory building

Front

Which group lists the key principles of the free enterprise system?

Back

profit motive, legal equality, private property, voluntary exchange

Front

A free market system has fewer _____ than a mixed economy does.

Back

business regulations

Front

Which would a company do to increase its human capital? Options: build a company cafeteria, hire more part-time workers, pay for employees’ education, lease cars for employees

Back

pay for employees’ education

Front

If you choose between two summer jobs, what is the one you do not choose called?

Back

opportunity cost

Front

If a student volunteers at a nursing home after school, which of the following might be a negative externality? A student might volunteer to spend more time with the residents. A student might learn a new skill. A student might be unable to work at her part-time job on that afternoon.

Back

A student might be unable to work at her part-time job on that afternoon.

Front

What did communist revolutions lead to in the Soviet Union and in China?

Back

central planning