Economics Test 1&2 Study guide
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Capital
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| The resources used to make all goods and services are the? | show 🗑
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| show | Oil change
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| show | The most desirable alternative given up for the decision.
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| show | Physical Capital
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| Which of the following makes someone an entrepreneur? | show 🗑
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| You bought 2 new CD's with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CD's? | show 🗑
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| Which individual is known as the father of communism? | show 🗑
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| show | Saws and drills
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| Human capital includes? | show 🗑
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| show | Each collective or factory sets its own goals.
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| show | Competition
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| Why does even a free market economy need some government intervention? | show 🗑
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| show | How should it be ensured that goods and services are paid for?
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| show | Mixed, but on the side of centrally planned.
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| show | Adam Smith
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| show | Children tend to have the same jobs as their parents did.
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| What incentive do manufacturers have to sell their products? | show 🗑
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| What kind of economy does the government make all the decisions? | show 🗑
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| What is the purpose of competition? | show 🗑
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| What is the function of an economic system? | show 🗑
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| show | It offers a wide variety of goods and services.
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| Who was the leader that introduced communism and central planning to the former Soviet Union? | show 🗑
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| What is the motivating force behind the free market? | show 🗑
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| A person who believed in the doctrine of laissez faire would disapprove of? | show 🗑
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| show | Traditional economy
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| Why do markets exist? | show 🗑
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| A government prints and distributes posters to inspire workers to increase their productivity. In which kind of economy does this most likely take place? | show 🗑
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| A person believes that real equality can only exist when political equality is coupled with economic equality. This person believes that democratic means should be used to distribute wealth evenly throughout society. This person is a? | show 🗑
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| show | United States, United Kingdom, Singapore, and Hong Kong.
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| Most desirable alternative given up when people choose one course of action over another? | show 🗑
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| Limited quantities of resources to meet unlimited needs or desires? | show 🗑
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| Actions or activities that one person performs for another? | show 🗑
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| show | Goods
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| Paid effort that people devote to a task? | show 🗑
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| An economic system that permits the conduct of business with minimal government intervention? | show 🗑
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| show | Traditional economy
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| show | Socialism
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| An economic system requiring strict obedience to someone such as a dictator? | show 🗑
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| This helps regulate a mixed economy? | show 🗑
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