WorksheetsGuinn Unit 1 Econ Review RV
Total questions: 24
Worksheet time: 12mins
Economics is the study of how people
acquire new skills
use resources efficiently
satisfy wants and needs
benefit from government programs
The resources necessary to make goods and services
fixed costs
opportunity costs
production schedule
factors of production
An example of labor is
jewelry store owner
machine lathe
janitor
office building
Who believed the government should NOT get involved in the "free market"
Jethro Tull
Karl Marx
Milorad Sucur
Adam Smith
A Production Possibilities Graph shows
the cost of producing goods
the market share by company of a product
alternative ways to use resources
how production standards are being met
A centrally planned economy is characterized by all of the following except
every worker is assigned a job
the government makes ALL economic decisions
the government owns all land and capital
extensive varieties of products and services
An economy that uses ALL of its factors of production (resources) to create the most goods and services is considered
efficient
standard
on track to exceed quota
globally interconnected
A Public Good is
utilized by people in an urban setting
used by and benefits everyone
funded by individual donations
cheaper than a Private Good.
What is the primary directive of the government agency - OSHA?
consumer protection
set standards in jet engine manufacturing
environmental protection
workplace safety
The best alternative given up for a decision
chaos theory
opportunity cost
production possibilities curve
conemaugh matrix
Specialization makes an economy
have a lower unemployment rate
more efficient
curbs inflation
less efficient
The primary goal of an economic system is to
produce and distribute goods and services
keep prices low
match jobs to skills
keep exchange rate positive
A business cycle is characterized by
short-term fluctuation of the exchange rate
more restrictive in socialist countries
profit of blue chip stocks
periods of economic expansion followed by contraction
Which of the following is NOT one of the (3) basic questions of any economy?
Who consumes the goods and services?
Where goods and services should be produced?
What should be produced?
How should the goods and services be produced?
Gross Domestic Product (GDP) is
Manufactured goods produced in a country
Net profits of all goods and services sold within a country
Total value of all goods and services produced within a country
Manufacturing costs of all goods produced within a country
Private property is
land owned by taxpayers
state owned property
exempt from property taxes
Owned by individuals and businesses
Man-made tools, equipment and factories are
consumer goods
capital goods
public goods
government goods
Any point above the curve on the Production Possibilities Frontier model represents
using all resources efficiently
an impossibility today under current conditions
underutilization of resources
management's current decisions
Any point on the curve on the Production Possibilities Frontier model represents
using all resources efficiently
an impossibility today under current conditions
underutilization of resources
management's current decisions
Technology advances should shift the Production Possibilities Frontier
outward
to the right
inward
to the left
Laissez-faire (government should NOT be involved) is a term associated with whom?
Dr. Robin Boyd
Leonid Brezhnev
Lyle Forrest Martin
Adam Smith
In a free market, consumers "cast their dollar votes", which means
communicating their intentions to firms with their purchases
paying sales tax with purchases made
buying goods and services on sale
not buying luxury items on election day
An example of a scarcity is
sufficient number of waiters due to a limited supply of them
Sufficient number of counter staff at McDonalds's because of low pay
milk because the dairy farmers are on strike
prunes because most people don't like them
Why should a government get involved in an economy?
To make their citizens happy
to increase tax revenue
to provide things that the economy does not
to keep growing the bureaucracy
