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41 Matching questions
1.
The concept that people may decide
a
what and when they want to buy and sell
Should government provide safety regulations at any cost
2.
A period of macroeconomic expansion
b
Guns or butter?
c
Heavy Industry
d
Profit Motive
e
Production Possibilities Frontier
f
Transition Economy
g
Free rider
h
Labor
i
Economic Freedom
j
Marginal thinking
k
Economic Security
l
Efficiency
followed by a period of contraction
3.
Population must grow for country to
improve its standard living
4.
Industry that requires a large capital
investment and that produces items used in
other industries
5.
Using resources in such a way as to
maximize the production or output of goods
and services
6.
the struggle among producers for the
dollars of consumers
7.
Human-made resource that is used to
produce other goods and services
8.
9.
one owns personal gain
Period of change in which an economy
moves away from a centrally planned economy
toward a market-based system
12.
n
Microeconomics
o
Interest Groups
p
Voluntary Exchange
q
Traditional Economies
r
Capital
s
Marginal Benefit
t
Economic Growth and Innovation
Line we can draw that shows
combinations of the production
11.
Production Possibilities Curve
The effort that a person devotes to a
task for which that a person is paid
10.
m
The concept that people have the right
and privilege to control their possessions as
u
Self-Interest
v
Free enterprise
w
Factor Market
x
Cash Transfers programs
y
Free contract
z
Underutilization
they wish
13.
The doctrine that states that
government generally should not intervene in
the marketplace
14.
A private organization that tries to
persuade public officials to act or vote according
to group members' interests
15.
A commitment to the value of work
aa
Welfare
ab
Physical vs. human capital
ac
Work Ethic
ad
Economic Predictability
ae
Technology
af
Advantages of a free market
ag
Business cycle
ah
Laissez Faire
ai
Private Property rights
aj
Competition
ak
Command Economies
al
Public disclosure laws
and purposeful activity
16.
Government aid to the poor
17.
The concept that people may decide
what agreements they want to enter into
18.
when a central authority is in
command of the economy
19.
Laws requiring companies to provide
full information about their products
20.
A simplify explanation of the tradeoffs countries face
21.
is the maximum amount they are
willing to pay to consume that additional unit of
a good or service.
22.
knowing that help is always available
for us
23.
When you decide how much power or
less to do when making a decision
24.
The force that encourages people and
organizations to improve their material wellbeing
am
Markets
an
Collectives
ao
Public good
25.
A shared good or service for which it
would be inefficient or impractical to make
consumers pay individually and to exclude nonpayers
26.
and arrangement that allows buyers
and sellers to exchange things
27.
relies on habit, customs, or ritual to
decide what to produce
28.
The study of the economic behavior
and decision making of small units, such as
individuals, families, and businesses
29.
Yes, because everyone should feel safe
wherever they are. Everyone needs to feel safe to
be secuire
30.
The love we have for out country
31.
Social Security, Unemployment,
Workers' Compensation, and Temporary
Assistance for Needy Families
32.
market it which firms purchase the
factors of the production from households
33.
Physical: are homemade objects sed to
create other goods and services.
Human: is the knowledge and skills a worker
gains through education and experience
34.
Large farm leased from the state to
groups of peasant farmers
35.
The process used to produce a good or
service
36.
knowing that we can always get our
household items at our favorite store
37.
Prices are based on what target
population can afford. Freedom to buy or reject
products. Demand for a product creates more
jobs
38.
Someone who would not choose to pay
for a certain good or sevice, but who would get
the benefits of it anyway if it were provided as a
public good
39.
A graph, that shows alternative ways to
use an economy's productive resources
40.
Using fewer resources than the
economy is capable of using
41.
an economic system in which private
business operates in competition and largely
free of state control.
40 Multiple choice questions
1. Cash transfers
a. Government aid to the poor
b. The process used to produce a good or service
c. Direct payments of money to eligible poor people
d. knowing that help is always available for us
2. Private Property
a. Line we can draw that shows combinations of the production
b. market-based-ecomomic systems in which government plays a limited role
c. when a central authority is in command of the economy
d. property owned by individuals or companies not by the government or the people as a whole
3. GDP (Gross Domestic Product)
a. The study of the behavior and decision making of the entire economies
b. when a central authority is in command of the economy
c. The total value of all final goods and seven produced in a particular economy
d. The players of the free market economy
4. Economic System
a. All natural resources used to produce goods and services
b. Using resources in such a way as to maximize the production or output of goods and services
c. Population must grow for country to improve its standard living
d. Method used by a society to produce and distribute goods and services
5. Privatization
a. The process used to produce a good or service
b. The concerns of the public as a whole
c. to sell state-run firms to individuals
d. Government aid to the poor
6. Open Opportunity
a. The concerns of the public as a whole
b. The concept that everyone can compete in the marketplace
c. when a central authority is in command of the economy
d. The love we have for out country
7. Entrepreneurship
a. States that as production switches from one item to another, more and more resources are necessary to
increase production
b. Method used by a society to produce and distribute goods and services
c. the struggle among producers for the dollars of consumers
d. Are ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and
services
8. Invisible hand
a. term economists use to describe the self-regulating nature of the market place
b. The income people receive for supplying factors of production
c. The concept that everyone can compete in the marketplace
d. The doctrine that states that government generally should not intervene in the marketplace
9. Specialization
a. The concentration of the productive efforts of individuals and firms on a limited number of activities
b. The study of the behavior and decision making of the entire economies
c. The concerns of the public as a whole
d. Economic decisions are made by individuals and are based on exchange or trade
10. Poverty
a. The income people receive for supplying factors of production
b. An income level below that which is needed to support families or households
c. Line we can draw that shows combinations of the production
d. Human-made resource that is used to produce other goods and services
11. Three key economic question
a. What goods and services should be produced?
How should these goods and services be produced?
Who consumes these goods and services?
b. All natural resources used to produce goods and services
c. The process used to produce a good or service
d. the struggle among producers for the dollars of consumers
12. Land
a. The concerns of the public as a whole
b. All natural resources used to produce goods and services
c. Using fewer resources than the economy is capable of using
d. The process used to produce a good or service
13. Opportunity Cost
a. the struggle among producers for the dollars of consumers
b. When you decide how much power or less to do when making a decision
c. The income people receive for supplying factors of production
d. The most desirable alternative given up as the result of a decision
14. Economic goals
a. to sell state-run firms to individuals
b. Environmental protection, full employment, universal medical care
c. requiring strict obedience to an authority, such as a dictator
d. Direct payments of money to eligible poor people
15. Role of households and firms
a. The love we have for out country
b. The players of the free market economy
c. range with no clear divisions
d. Government aid to the poor
16. Public Sector
a. The part of the economy that involves the transactions of the government
b. when a central authority is in command of the economy
c. The study of the behavior and decision making of the entire economies
d. The part of the economy that involves the transactions of individuals and businesses
17. Market Economies
a. relies on habit, customs, or ritual to decide what to produce
b. When you decide how much power or less to do when making a decision
c. The concept that everyone can compete in the marketplace
d. Economic decisions are made by individuals and are based on exchange or trade
18. Socialism
a. The concept that people may decide what agreements they want to enter into
b. The concept that people may decide what and when they want to buy and sell
c. and arrangement that allows buyers and sellers to exchange things
d. a social and political philosophy based on the belief that democratic means should be used to distribute
wealth evenly throughout a society
19. Externality
a. An economic side effect of a good service that generates benefits or costs to someone other than the person
deciding how much to produce or consume
b. term economists use to describe the self-regulating nature of the market place
c. The concept that people may decide what agreements they want to enter into
d. The concept that people may decide what and when they want to buy and sell
20. Mixed Economics continuum
a. range with no clear divisions
b. to sell state-run firms to individuals
c. one owns personal gain
d. The love we have for out country
21. Macroeconomics
a. The study of the behavior and decision making of the entire economies
b. Line we can draw that shows combinations of the production
c. The concept that everyone can compete in the marketplace
d. The players of the free market economy
22. Law of diminishing marginal returns
a. requiring strict obedience to an authority, such as a dictator
b. Trying to maximize what they can get for the resources they have to work with
c. Stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a
point will eventually be reached at which additions of the input yield
d. States that as production switches from one item to another, more and more resources are necessary to
increase production
23. Trade-offs
a. The most desirable alternative given up as the result of a decision
b. Are all the alternatives that we give up whenever we choose one course of action over another
c. the struggle among producers for the dollars of consumers
d. The part of the economy that involves the transactions of the government
24. Communism
a. Using fewer resources than the economy is capable of using
b. political system characterized by a centrally planned economy with all economic and political power resting in
the hands of a central government
c. Population must grow for country to improve its standard living
d. Period of change in which an economy moves away from a centrally planned economy toward a market-based
system
25. Economic Equity
a. The concerns of the public as a whole
b. The best way to divide economy's money
c. The love we have for out country
d. The players of the free market economy
26. Public interest
a. one owns personal gain
b. Government aid to the poor
c. The concerns of the public as a whole
d. The process used to produce a good or service
27. Need vs. Want
a. A need is something like air, food, or shelter that is necessary for survival. A want is a item we desire.
b. When you decide how much power or less to do when making a decision
c. Using fewer resources than the economy is capable of using
d. Large farm leased from the state to groups of peasant farmers
28. Private Sector
a. The part of the economy that involves the transactions of the government
b. The study of the behavior and decision making of the entire economies
c. The part of the economy that involves the transactions of individuals and businesses
d. Large farm leased from the state to groups of peasant farmers
29. Marginal Cost
a. The concept that people may decide what and when they want to buy and sell
b. the change in the total cost that arises when the quantity produced has an increment by unit.
c. The part of the economy that involves the transactions of the government
d. Human-made resource that is used to produce other goods and services
30. Authoritarian
a. The income people receive for supplying factors of production
b. Using fewer resources than the economy is capable of using
c. knowing that help is always available for us
d. requiring strict obedience to an authority, such as a dictator
31. Goods & Services
a. Line we can draw that shows combinations of the production
b. market it which firms purchase the factors of the production from households
c. and arrangement that allows buyers and sellers to exchange things
d. Goods are physical objects such as shoes and shirts. Services are actions or activities that one person
performs for another
32. Law of increasing costs
a. States that as production switches from one item to another, more and more resources are necessary to
increase production
b. A situation in which the market does not distribute resources efficiently
c. The effort that a person devotes to a task for which that a person is paid
d. Stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a
point will eventually be reached at which additions of the input yield
33. Factors of Production
a. requiring strict obedience to an authority, such as a dictator
b. A commitment to the value of work and purposeful activity
c. Resources that are used to make all good and services (land, labor, capital)
d. knowing that we can always get our household items at our favorite store
34. Product Market
a. Human-made resource that is used to produce other goods and services
b. market in which households purchase and goods and services that firms produce
c. market it which firms purchase the factors of the production from households
d. Resources that are used to make all good and services (land, labor, capital)
35. Factor payments
a. Line we can draw that shows combinations of the production
b. the struggle among producers for the dollars of consumers
c. The income people receive for supplying factors of production
d. The players of the free market economy
36. Economic Efficiency
a. Trying to maximize what they can get for the resources they have to work with
b. The concept that people may decide what and when they want to buy and sell
c. knowing that we can always get our household items at our favorite store
d. The concept that people may decide what agreements they want to enter into
37. Market failure
a. A situation in which the market does not distribute resources efficiently
b. Direct payments of money to eligible poor people
c. requiring strict obedience to an authority, such as a dictator
d. A commitment to the value of work and purposeful activity
38. In-kind benefits examples
a. to sell state-run firms to individuals
b. when a central authority is in command of the economy
c. Food giveaways, food stamps, subsidized housing, and legal aid
d. The process used to produce a good or service
39. Mixed Economies
a. market-based-ecomomic systems in which government plays a limited role
b. Direct payments of money to eligible poor people
c. to sell state-run firms to individuals
d. The concerns of the public as a whole
40. Role of Government in the circular flow model
a. Direct payments of money to eligible poor people
b. The love we have for out country
c. to illustrate the structure of most modern economies accurately
d. All natural resources used to produce goods and services