ECON 2302 QUIZ 2 – Flashcards
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_________ production involves the human resource called Labor.
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All
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Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .
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misery and catastrophe (correct)
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The evolution toward the ________________ system occurred in a gradual process as societies adapted to new technologies and the need for skilled labor.
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Market
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What is the opportunity cost of moving from B to C ?
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4 computers
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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.
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Growth
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The process of production is determined by the ____________ which are the economic resources used for creating output.
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factors of production
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Economic efficiency is gaining the most output to maximize consumer ______ with a given amount of input.
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utility
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In America during the early 1900's Labor Unions became an economic force as the role of workers became fundamental for economic ___________.
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growth
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Karl Marx argued that ___________ would lead to socialism and then to communism as armies of unemployed workers would force economic change.
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capitalism
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Entrepreneurs are well compensated in a market economy if they provide high utility to consumers at a relatively low ___________ .
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cost
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In the graph above, the point _______ represents values resulting in unemployment.
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D
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What is the benefit of moving from B back to A ?
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3 computers
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Any point __________the frontier (curve) describes an economy with Unemployment or Under-employment of one or more of the four basic resources.
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inside
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One of the current widely used models for visualizing economic allocation is the __________________________ .
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Production Possibilities Curve (also know as the PPF)
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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
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Laissez Faire
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__________ efficiency is gaining the most output to maximize consumer utility with a given amount of input.
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Economic
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Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .
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misery and catastrophe
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The ability of people to produce is determined by their ____________________ .
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Skill, Knowledge and Training.
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The process of production is determined by the ____________ which are the economic resources used for creating output.
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factors of production
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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
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Laissez Faire
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Marxist economics led to the creation of a communist state in ____________ .
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Russia
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What is the benefit of moving from B back to A ?
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3 computers
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The _____________________ assumes that a nation has only two goods and they are graphed with varying combinations along the X and Y axis.
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Production Possibilities Curve (also know as the PPF)
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What is the benefit of moving from B to C ?
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3 units of clothing
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The transition away from ___________________ systems began as the manor life yielded to the city life in the 17th and 18th centuries in Europe.
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Traditional and Autocratic
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The ability of people to conceive an idea (innovate), bring together resources, and take _________ when starting a business are all part of Entrepreneurship.
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the risk
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In America during the early 1900's ________________ became an economic force as the role of workers became fundamental for economic growth.
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Labor Unions
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______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job.
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Under-employment
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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.
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improved Technology
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In the graph above, the point _______ represents values resulting in unemployment.
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D
