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.

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right or outward

question

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

answer

D

question

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

answer

Utility

question

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

answer

produtivity

question

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)

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

In the Circular Flow example, some Households have Labor (and possibly other) resources which are ______________ and, therefore, they receive fewer Goods and Services in a Market based economy.

answer

both b. and c

question

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

answer

120

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

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

answer

c. or d. below

question

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

answer

$5000

question

What is the benefit of moving from B to C ?

answer

3 units of clothing

question

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

answer

4 units of clothing

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

Thomas Malthus' theory did not take into account the role of _______________ .

answer

technology and systems changes

question

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

answer

produce

question

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

answer

utility

question

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

answer

3 computers

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

both a. and b.

question

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

answer

Visualization

question

_____________ predicted that economic activity would evolve in cycles of misery and catastrophe.

answer

Thomas Malthus

question

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

answer

collective bargaining

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

Laissez Faire

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

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

answer

4 computers

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

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

answer

3 computers

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, the amount of Spending that is flowing out of the Household sector is ___________

answer

$5000

question

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

answer

cost

question

_________ production involves the human resource called Labor.

answer

All

question

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

answer

Factors and production

question

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

answer

Economics

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

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

answer

capitalism

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

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