What type of economic system does the United states have?

Mixed (market with command) economy

Mixed (command with market) economy

Primary indicator of higher income is

Education (college education or training)

If a company stops producing product X and begins producing product Y, what is the opportunity cost?

Profits that would of been earned from product X

Freddie wants to start a lawncare business and make extra money after school and on the weekends. What productive resources will he need to start his business?

lawnmower, weed eater, gasoline

Money to buy his neccessary materials

The study of economics is primarily concerned with:

choices which are made in seeking to use scarce resources efficiently.

demonstrating that capitalistic economies are superior to socialistic economies.

keeping private businesses from losing money.

determining the most equitable distribution of society's output.

Country Y has food that through new technology that they can produce a seed that will yield more products that their nation specialize in. How will this affect their PPC?

Their curve will become a straight line

If you pay $5,000 a year in tuition and give up $20,000 a year of income to attend college, then the yearly opportunity cost of college is:

at least $25,000 of tuition and foregone income.

only $20,000 of foregone income.

less than $20,000 and more than $5,000.

Which of the following factors influence productivity. economic growth, and the future standard of living for a nation?

Health, education and training of people

What factors must an individual consider when making a rational decision?

Marginal benefits and marginal costs

Trade offs and opportunity costs

Voluntary and fraudulent exchanges

Which of the following would consumers MOST OFTEN need to consider when trying to make a rational economic decision?

The impact of government subsidies

What can cause a production possibilities curve to move to the right?

a new invention lowers the cost of production

thousands of people move out of the country

an epidemic kills thousands of young men and women

the population is growing increasingly old

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

the opportunity one has to give up in order to gain something else

land, labor, capital, entrepreneurs

Tradeoffs, opportunity costs, marginal costs, and marginal benefits are all important to consider when

making a rational economic choice

David decides to start his own business. He opens a shop that manufactures sports equipment. He pays Frank an hourly wage to make baseball bats, and Gene a salary to manage his finances. Three days after his grand opening, he is ecstatic because Mike, who runs the town's parks and recreation department, calls him and orders equipment for six Little League baseball teams. Which of the following statements is TRUE?

David is a the entrepreneur, Frank and Gene are both labor, and Mike is a consumer.

Davis is a producer, Frank is labor, Gene is the entrepreneur of the business, and Mike has just ordered capital goods.

David is producer, Frank and Gene are consumers, and Mike has just made an investment.

Frank and Gene are both entrepreneurs, David is the owner, and Mike has just made a capital investment

A point inside the PPC indicates

inefficient utilization of resources

full and efficient utilization of resources

inability to produce due to lack of resources

What influences productivity, economic growth, and future standards of living?

Factories, machinery, technology, and education

Income, full employment, and market failures

If Mr. Dawson is given a pay raise, what would be the most likely effect?

an increase in his standard of living

a decrease in the cost of his labor

a decrease in the opportunity cost of quitting his job

an increase in his human capital

The opportunity cost of building a new high school is:

Other goods and services, which must now be sacrificed to build the new high school.

the expense of hiring more teachers for the new high school.

the expense of new desks, chalkboards and books for the new high school.

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

Market exchanges answer all three of the big economic questions

Family customs and traditions determine what and how to produce a good

Government answers all three of the economic questions

The three fundamental economic questions:

what to produce, how to produce, for whom to produce

what to produce, how to produce, where to produce

where to produce, how to produce, for whom to produce

what to produce, how to produce, when to produce

Economics basic concepts

Authored by Michael Dawson

Social Studies

12th Grade

Used 125+ times

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53 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental concept of economics?

scarcity

opportunity cost

TINSTAAFL

Money

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, Labor, Capital and Entrepreneurs

Factors of choices

Factors of Production

Production choices

Supply and demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Man made goods used to produce other goods

capital

land

labor

entrepreneurs

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of the next best alternative

opportunity cost

tradeoff

resources

capital

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would not cause a right shift (Economic Growth) of the PPC?

New resources

New or better capital

increased demand

better education

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A point beyond the Production Possibilities Curve (PPC) is ___, a point below the PPC is

Fully employed, inefficient

inefficient, unattainable

unattainable, inefficient

unattainable, Fully employed

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Any point along the Production Possibilities Frontier is considered

unattainable

unavailable resources

maximum efficient use of resources

inefficient

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Economics basic concepts

What is the fundamental concept of economics?

Land, Labor, Capital and Entrepreneurs

Man made goods used to produce other goods

Cost of the next best alternative

Which of the following would not cause a right shift (Economic Growth) of the PPC?

A point beyond the Production Possibilities Curve (PPC) is ___, a point below the PPC is

Any point along the Production Possibilities Frontier is considered

Which of the following is not an example of capital?

Unlimited wants with limited resources

Continued or additional cost of doing something again

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Social Studies

Economics basic concepts

What is the fundamental concept of economics?

Land, Labor, Capital and Entrepreneurs

Man made goods used to produce other goods

Cost of the next best alternative

Which of the following would not cause a right shift (Economic Growth) of the PPC?

A point beyond the Production Possibilities Curve (PPC) is ___________________, a point below the PPC is ________________

Any point along the Production Possibilities Frontier is considered

Which of the following is not an example of capital?

Unlimited wants with limited resources

Continued or additional cost of doing something again

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Social Studies

A point beyond the Production Possibilities Curve (PPC) is ___, a point below the PPC is