FREE HISTORY AND STUDY GAMES ABOUT ECON CH.

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FREE HISTORY AND STUDY GAMES ABOUT ECON CH. 1/2

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -56 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: as production switches from one item to another , more and more resources are necessary to increase production of the second item

Answer:

law of increasing costs

Question 2: one's own personal gain

Answer:

self-interest Question 3: a country that decides to produce more military goods has fewer resources to devote to consumer goods

Answer:

guns and butter Question 4: term economists use to describe the self regulating nature of the market place

Answer:

invisible hand

Question 5: industry that requires large capital investments and that produces items used in other industries

Answer:

heavy industry Question 6: marked-based economic systems in which government plays a limited role

Answer:

mixed economy

Question 7: alternative way we give up when we choose one option over another

Answer:

cost Question 8: something like air, food, shelter, that is a necessary for survival.

Answer:

need

Question 9: requiring strict obedience to an authority, such as a dictator

Answer:

authoritarian

Question 10: are the income people receive for supplying factors of production

Answer:

factor payments

Question 11: a person or group of people living in the same residence

Answer:

house hold

Question 12: financial gain made in transaction

Answer:

profit

Question 13: an item that we desire but that is not essential to survival.

Answer:

want Question 14: a method used by society to produce and distribute goods and services

Answer:

economic system

Question 15: using fewer resources that the economy is capable of using

Answer:

under-utilization

Question 16: an arena of exchange

Answer:

factor market Question 17: a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

Answer:

communism Question 18: property owned by individuals or companies, not by the government or people as a whole

Answer:

private property Question 19: habit, custom, ritual to decide what to produce and how to produce it

Answer:

traditional economy Question 20: ambitious leaders who decide how to combine land. labor, and capital resources to create new goods and services

Answer:

entrepreneurs

Question 21: economic decisions are made by individuals and are based on exchange or trade

Answer:

market economy Question 22: knowledge and skills a worker gains through education and experience

Answer:

human capital Question 23: sometimes known as centrally planned economies, because the central authority in is command of the economy

Answer:

command economies Question 24: the study of how people seek satisfaction of their needs and wants by making choices.

Answer:

economics Question 25: a line drawn that shows combinations of the production of both objects

Answer:

production possibilities frontier Question 26: set of government programs that protect people experiencing unfavorable economic conditions

Answer:

safety net Question 27: is the love of one's country-the passion that inspires a person to serve his or her country

Answer:

patriotism

Question 28: when you decide how much more or less to do

Answer:

thinking at the margin