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Economics 18&19 Test

QuestionAnswer
Which economic system would rely on past customs and would use bartering system? Traditional
Under which economic system would the factors of production most likely be owned by the government? Command
Which economic system would describe the United States? Mixed
A mixed economy combines what two types of economic systems? Market & Command
Who wrote The Wealth of Nations in 1776, explaining the foundations of capitalism? Adam Smith
Who wrote the Communist Manifesto, advocating a revolution in which the workers would overthrow the owners? Karl Marx
What French term would support the concept of the "invisible hand"? That individuals left on their own will used resources efficently to seek a profit? Laissez-faire Economics
What economic model best represents the factor and product markets? circular flow
The abbreviation GDP stands for… Gross Domestic Product
What is the correct equation for calculating GDP? GDP=Consumption+Investment+Government Expenditures +Exports-Imports (GDP=C+I+G+X-M)
When real GDP is calculated the output of different years is priced at ______________ levels. This is used as a point of reference for comparison. base year
Which sector of the economy buys the greatest percentage of final goods as measured by the Gross Domestic Product? consumer
What is caused by unlimited wants and limited resources? Scarcity
Computers, trucks, hammers, and other man-made materials would be with factor of production? Capital
An assembly line worker in a plant is an example of which factor of production? Labor
Hourly wages that change each week would be an example of a _______________ cost. variable
Mortgage payments that stay the same each month would be an example of a ____________ cost. fixed
The government sector of the U.S. receives most of its revenues from taxes
List humans basic needs. food/water, clothing and shelter
What is the study of how people make decisions with limited resources? Economics
The extra revenue that results from selling one more unit of the output is the marginal revenue
The cost of producing one additional unit of output. marginal cost
___________________ helps improve productivity because it allows businesses to focus on what they do best. Specialization
What business strategy is demonstrated when the factory supervisor breaks a large job into small, separate tasks? Division of Labor
According to rational economic decision making, we should accept an option when the benefits outweigh the _____________. costs
Increasing productivity through training or education for workers is an example of investing in human _______________. capital
What happens when the same amount of input, used in the same amount of time, produces a greater amount of output? Productivity goes up
Consumer ______________ means that we determine what products will be produced. Consumer Soverignty
The resources needed to produce goods and services are called factors of production
Whihc branch of economics would study an individual? microeconomics
What term BEST describes an individual who starts a new business or introduces a new product? Entrepreneur
The US relying on other countries for many of the goods and services we consume illustrates economic ___________________. Economic Interdependence
What essential questions must all societies answer? What, How, and For Whom to Produce
Who invented the assembly line and the Model T? Henry Ford
Choosing to buy one item rather than another is an example of a Trade-off
Whatever is given up during the trade-off, when you choose to do one thing rather than another, is the _______________ cost. opportunity cost
What term do we use to describe items that are necessary for our survivial? needs
Why would economists only count finsl goods and services when caluculating GDP? prevent double counting
Created by: tsparks
 

 



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