Econ Semester Review Day 1

Multiple Choice

Efficiency on a PPC is shown by

• a point inside the curve

• a point on the curve

• a point outside the curve

• a point on the y axis

Multiple Choice

The next best alternative is known as

• scarcity

• marginal benefit

• utility

• opportunity cost

Multiple Choice

Which of the following is NOT a factor of production

• Land

• Workers

• Capital

• Entrepreneurship

Multiple Choice

Economics as is should be

• positive

• micro

• macro

• normative

Multiple Choice

viewing the economy as a whole

• positive

• normative

• macro

• micro

Multiple Choice

What is the most commonly used graph?

• line

• pie

• bar

• demand curve

Multiple Choice

Which of the following written by Adam Smith?

• Das Kapital

• The Wealth of Nations

• Communist Manifesto

• Imperfect Competition

Multiple Choice

Which Economic System is based off of the family

• Command

• Traditional

• Market

• Mixed

Multiple Choice

Which economic system involves government control?

• command

• market

• traditional

• mixed

Multiple Choice

Which economic system only relies on the government to protect property rights?

• command

• market

• traditional

• mixed