Unit 1 Quizes – Flashcards
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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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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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listening to music
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Which is not considered a game?
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A player's role is his or her _ in the game. JOB
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Which word best completes the following sentence?
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rules
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Which is a feature of all games?
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services
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In the game of economics, which word is used to describe actions that other people value?
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Human effort and ideas drive production
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Which best describes what labor directly contributes to production?
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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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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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reduction of waste
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Which is not necessary to the game of economics?
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command
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Which kind of economic system does a socialist 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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The government makes and enforces whatever laws are needed to guarantee free choice
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Which best explains how free choice is protected 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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Individuals need to own resources in order to make free choices
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Why are rules protecting private property some of the most important rules in a free-market system?
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the government
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In a command economy, who makes production decisions?
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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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Free choices made by consumers and producers influence each other
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Which best explains why the free-market system follows a circular-flow model?
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based on decisions by producers and consumers
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Which describes the system in a free-market economy?
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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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GDP over time
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Which economic indicator measures economic growth?
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Calculations of cost and benefit are based on personal preferences
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Which statement accurately describes how costs and benefits are calculated?
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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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more exports
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Which would increase GDP?
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gross domestic product
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Which economic indicator measures the overall value of goods and services?
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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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make decisions that maximize benefits
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Which best describes the purpose of using cost-benefit analysis?
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time and effort
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Which lists some of the nonmonetary factors that are taken into account when doing cost-benefit analysis?
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increase in the average level of prices
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Which describes the inflation rate?
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The GDP is neither growing nor shrinking
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Which shows that an economy is stagnating?
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Better communication makes it easier to get the information needed to come to a well-informed decision
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Which best explains why improvements in communication technology allow people to make better economic decisions?
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easier communication
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Which is a benefit brought by the Internet?
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labor unions
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Which is not a major form of technological advancement?
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The shipping of goods speeds up
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Technology has which effect on distribution?
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increased speed of shipping
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Which improvement did the shipping container bring?
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Machines replace workers, reducing production costs
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Which is one way that technology can improve productivity?
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more security
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Which was not a result of use of the assembly line?
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online shopping is convenient
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Which is a benefit brought to consumers by online sales?
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improves results
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Which best describes what technology does?
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factories
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Which cannot be replaced through e-commerce and the Internet?
