question

In the Circular Flow example ... if all of the units produced are "fast food cheeseburgers", then the cheeseburger itself ___________

answer

is a "good" (as opposed to the "service" being "fast" ... or not)

question

Workers formed unions and eventually these were recognized as a legal entity having the right of _________________ .

answer

collective bargaining

question

A shift in a PPC/PPF to the______________ illustrates Growth which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time.

answer

right( or outward)

question

In the Circular Flow example, the amount of Income that is flowing into the Household sector is ___________ .

answer

$5000

question

____________ argued that capitalism would lead to socialism and then to communism as armies of unemployed workers would force economic change.

answer

Karl Marx

question

What is the opportunity cost of moving from A to B?

answer

3 computers

question

What is the opportunity cost of moving from B to C?

answer

4 computers

question

In the Circular Flow example, the Consumption Goods will be divided up among the Households according to their income in a __________ based economy.

answer

Market

question

The ability of people to conceive an idea (innovate), bring together resources, and take the risk when starting a business are all part of ________________ .

answer

Entrepreneurship

question

In America during the early 1900's Labor Unoins became an economic force as the role of workers became fundamental for economic ___________.

answer

growth

question

_________ production involves the human resource called Labor.

answer

all

question

What is the benefit of moving from B back to A?

answer

3 computers

question

The transition away from Traditional and Autocratic systems began as the manor life yielded to the city life in the 17th and 18th centuries in ____________ .

answer

Europe

question

__________________ theory did not take into account the advancement of technology and systems changes.

answer

Thomas Malthus'

question

The Standard of Living of a nation is determined by the __________ available and how they are used.

answer

resources or factors

question

_____________ of concepts is one important means of understanding Economics.

answer

Visualization

question

Any point __________the frontier (curve) describes an economy with Unemployment or Under-employment of one or more of the four basic resources.

answer

inside

question

Adam Smith explained that the purpose of Government was to facilitate the market and, therefore, it should have a very ________ role in an efficient market system.

answer

limited

question

In the graph above, the point D represents values resulting in ____________.

answer

unemployment

question

A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing existing resources) or by acquiring more resources over time.

answer

improved Technology

question

In the Circular Flow example, Business are choosing to employ __________ people from the Factor Market.

answer

120

question

Economic efficiency is gaining the most output to maximize consumer ______ with a given amount of input.

answer

utility

question

In the Circular Flow example, the amount of Spending that is flowing out of the Household sector is ___________

answer

$5000

question

In the graph above, the point _______ represents values resulting in unemployment.

answer

D

question

The transition away from ___________________ systems began as the manor life yielded to the city life in the 17th and 18th centuries in Europe.

answer

Traditional and Autocratic

question

In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.

answer

productivity

question

In the Circular Flow example, _____________ units of Services and Goods are being produced by the Business sector.

answer

2500

question

In the Circular Flow example, the Consumption Goods will be divided up among the Households _______________ in a Market based economy.

answer

according to their income

question

Productive efficiency is gaining the most _________ with a given amount of input, but not relating output to consumer utility.

answer

output

question

_____________ of economic activity has been evolving since the birth of economics in 1776.

answer

Visualization

question

In the Circular Flow example, ________ individuals from the Households are choosing to try to sell their time and talent in the Factor Market.

answer

125

question

Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .

answer

misery and catastrophe

question

The ability of people to conceive an idea (innovate), bring together resources, and take _________ when starting a business are all part of Entrepreneurship.

answer

the risk

question

The _____________ of a nation is determined by the resources available and how they are used.

answer

Standard of Living

question

What is the benefit of moving from B to C ?

answer

3 units of clothing

question

A decrease in a PPC/PPF, or the shift ____________, illustrates a decline in the potential amount of output for a society. This can occur as a result of devastation in a war, a natural disaster, or even when the price of a basic resource (such as oil) increases substantially.

answer

inward (to the left)

question

Workers formed ___________ and eventually these were recognized as a legal entity having the right of collective bargaining

answer

unions

question

Under-employment is when a resource is not fully utilized, such as when _____________________________________________.

answer

an office building stands 80% empty or a computer network runs at only 50% of capacity

question

Karl Marx argued that ___________ would lead to socialism and then to communism as armies of unemployed workers would force economic change.

answer

capitalism

question

What is the benefit of moving from A to B ?

answer

4 units of clothing

question

In the Circular Flow example ... if all of the units produced are "fast food cheeseburgers", the "utility" in any one particular cheeseburger might be considered ___________ according to our course THEME about "choices"

answer

A risk and an uncertainty

question

Entrepreneurs are well compensated in a market economy if they provide high utility to consumers at a relatively low ___________ .

answer

cost

question

The process of production is determined by the ____________ which are the economic resources used for creating output.

answer

factors of production

question

The evolution toward the Market system occurred in a gradual process as societies adapted to new __________ and the need for skilled labor.

answer

technologies

question

In America during the early 1900's ________________ became an economic force as the role of workers became fundamental for economic growth.

answer

Labor Unions

question

Adam Smith explained that the purpose of Government was to facilitate the market and, therefore, it should have a very ________ role in an efficient market system

answer

Laissez Faire

question

In the Circular Flow example, the amount of Revenue that is flowing into the Business sector is __________ .

answer

$5000

question

__________ efficiency is gaining the most output to maximize consumer utility with a given amount of input.

answer

Economic

question

______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job.

answer

Under-employment

question

The ability of people to ____________ is determined by their skill, knowledge, and training.

answer

produce

question

A shift in a PPC/PPF to the right (or outward) illustrates ________ which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time.

answer

Growth

question

Any point inside the frontier (curve) describes an economy with___________ of one or more of the four basic resources.

answer

Unemployment or underemployment

question

_________ efficiency is gaining the most output with a given amount of input, but not relating output to consumer utility

answer

Productive

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