U.S. and Global Economics: Unit 1 – Flashcards

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