U.S. and Global Economics: Unit 1 – Flashcards
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photography
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Which generally does not have the features of a game?
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job
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Which word best completes the following sentence? A player's role is his or her ______ in the game.
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rules
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Which is a feature of all games?
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goods
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Which are objects that fulfill the needs and wants of consumers?
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evaluation
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Which does not take place in the game of economics?
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a player who cheats at cards is eliminated from the game
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Which describes an action that serves the goal of equity?
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Some goals are incompatible with each other.
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Which best explains why not all goals in economics can be met?
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No matter how much is produced, people will always want more.
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Which explains why scarcity cannot be eliminated?
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How is production to be organized?
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Which is a question that must be answered before production can take place?
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resources created by humans to aid production
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Which best describes what capital contributes to production?
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free-market
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Which kind of economic system does a capitalist country have?
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consumers and producers
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Which group of players make all of the economic decisions in a free-market system?
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wages
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According to the circular-flow model, which is most directly provided by producers?
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Consumer decisions affect producers, and producer decisions affect consumers.
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Which best explains how a free-market system has a circular flow of influences?
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Without competition, people wouldn't have a lot of choices.
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Which best explains why competition is an important part of a free-market system?
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Property rights allow consumers and producers to make free choices.
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Which best explains why property rights are necessary in a free-market system?
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The competition to make profit drives producers to eliminate waste.
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Which best explains why the profit motive often leads to efficiency and innovation?
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run by the government
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Which describes a command economy?
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the government
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In a command economy, who makes production decisions?
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providing producers with choices
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Which is not the job of the government in a completely socialist system?
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making a decision by listing pros and cons
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Which is a simple way of describing cost-benefit analysis?
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Calculations of cost and benefit are subjective.
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Which best explains why any determination of cost must go beyond counting the money involved?
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Costs are often bad things that people don't want to accept.
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What is one reason that people want to minimize costs?
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They help people determine how healthy a country's economy is.
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Which best describes why economic indicators are useful?
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increase in the average level of prices
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Which describes the inflation rate?
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stagnation
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Which of the following is happening when the GDP is neither rising nor falling?
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more exports
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Which would increase GDP?
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inflation
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Which explains the increase in the price of an item from $10 in 1980 to over $25 today?
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GDP over time
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Which economic indicator measures economic growth?
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Consumer Price Index
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Which economic indicator would be most useful for figuring out how much something you bought today cost 10 years ago?
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improves results
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Which best describes what technology does?
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greater productivity
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Which technological improvement did the assembly line bring?
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inflation rate
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Which is not a factor that leads to technological advancement?
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Machines replace workers, reducing production cost.
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Which is one way that technology can improve productivity?
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Wasted motion is eliminated
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Which is a direct benefit of the use of assembly lines in production?
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The shipping of goods speeds up.
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Technology has which effect on distribution?
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factories
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Which cannot be replaced through e-commerce and the Internet?
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the development of e-commerce
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Which is the most direct effect that the Internet has had on retail sales?
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It is easier to compare prices
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Which is the most direct benefit to consumers from the Internet?
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The availability of information allows people to consider more options.
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Which best shows how the Internet affects the economic decisions people make?
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teams
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Which is not a feature common to all games?
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goods and services
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Economics is about allocating resources to produce and distribute which of the following?
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An assembly line is used to build cars.
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Which is an example of a production decision?
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The government establishes a retirement program for its citizens.
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Which describes a situation where the goal of security is being pursued?
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stagnation
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Which is not a goal pursued in the game of economics?
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Some economic goals are incompatible with each other.
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Which best explains why players in the game of economics are often in conflict with each other?
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How should production be organized?
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Which question must be answered in order to turn resources into products?
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No matter how much supply is produced, people's demands will always increase to exceed supply.
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Which best explains why the game of economics cannot eliminate scarcity?
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socialist system
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Which is another term for a planned economy?
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Consumers and producers influence each other in a circular fashion.
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Which best explains why the circular-flow model characterizes the free-market system?
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laws against theft, fraud, and coercion
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Which government action is necessary to guarantee the conditions required for a free-market system?
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a planned economy
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Which is an economic system run by the government?
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equity
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Which goal does the government pursue in a socialist economic system?
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maximizing benefits and minimizing costs
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Cost-benefit analysis is a process that involves which of the following?
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Both monetary and nonmonetary factors are taken into account.
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Which results from the fact that costs and benefits are based on personal preferences?
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rational and subjective
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Which pair of words best describes using cost-benefit analysis?
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stagnating
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When the gross domestic product is neither growing nor shrinking, a country's economy is doing which of the following?
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the percentage rise in price levels
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Which is measured by the inflation rate?
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Imports increase faster than exports.
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The gross domestic product goes down when which occurs?
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reduction of human workload
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Which technological improvement did the industrial robot bring?
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from telephone to telegraph to cell phone
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Which does not demonstrate the progression of important human technology?
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productivity
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Technological improvements lead to an increase in which of the following?
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e-commence
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The practice of buying and selling goods and services over the Internet is known as which of the following?
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The Internet makes it easy to compare prices.
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Which is one of the advantages consumers enjoy because of e-commerce?
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get the information that is necessary for making good choices
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Which can people do through the Internet to make better economic decisions?
