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Economics EOC Review. Review. Unit 1 Review Questions. Question 1. What are the three key economic questions?. Question 1. What are the three key economic questions? What should be produced? For whom should we produce it ? How should we produce it?. Question 2.

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  1. Economics EOC Review Review

  2. Unit 1 Review Questions

  3. Question 1 • What are the three key economic questions?

  4. Question 1 • What are the three key economic questions? • What should be produced? • For whom should we produce it ? • How should we produce it?

  5. Question 2 • What are the factors of production?

  6. Question 2 • What are the factors of production? • Land • Labor • Capital

  7. Question 3 • Any product that is man-made and is used to make other goods/services is considered _____ when discussing the factors of production

  8. Question 3 • Any product that is man-made is considered _capital_ when discussing the factors of production

  9. Question 4 • Economics is the study of ____

  10. Question 4 • Economics is the study of ____ • How a society uses its resources to satisfy its wants and needs

  11. Question 5 • All resources are ___

  12. Question 5 • All resources are ___ • Scarce

  13. Question 6 • What is the function of an economic system? • A. to make sure all people have equal access to goods • B. to produce and distribute goods and services • C. to give all producers the same access to consumers • D. to make sure people are paid for their labor

  14. Question 6 • What is the function of an economic system? • A. to make sure all people have equal access to goods • B. to produce and distribute goods and services • C. to give all producers the same access to consumers • D. to make sure people are paid for their labor

  15. Question 7 • What is the struggle among various producers for the consumer’s business called? • A. socialism • B. incentive • C. competition • D. self-regulation

  16. Question 7 • What is the struggle among various producers for the consumer’s business called? • A. socialism • B. incentive • C. competition • D. self-regulation

  17. Question 8 • Which of the following is NOT characteristic of a centrally planned economy? • A. The central government owns all land and capital. • B. The central government makes all economic decisions. • C. Each collective or factory sets its own goals. • D. Each person is assigned a job.

  18. Question 8 • Which of the following is NOT characteristic of a centrally planned economy? • A. The central government owns all land and capital. • B. The central government makes all economic decisions. • C. Each collective or factory sets its own goals. • D. Each person is assigned a job.

  19. Question 9 • Which of the following was a free market philosopher? • A. Karl Marx • B. Vladimir Lenin • C. Adam Smith • D. Friedrich Engels

  20. Question 9 • Which of the following was a free market philosopher? • A. Karl Marx • B. Vladimir Lenin • C. Adam Smith • D. Friedrich Engels

  21. Question 10 • What is the motivating force behind the free market? • A. competition • B. self-interest • C. the invisible hand • D. specialization

  22. Question 10 • What is the motivating force behind the free market? • A. competition • B. self-interest • C. the invisible hand • D. specialization

  23. Question 11 • A person who believed in the doctrine of laissez faire would disapprove of • A. the invisible hand of the marketplace. • B. consumer sovereignty. • C. self-interest as the motivating force in the free market. • D. government funding of education.

  24. Question 11 • A person who believed in the doctrine of laissez faire would disapprove of • A. the invisible hand of the marketplace. • B. consumer sovereignty. • C. self-interest as the motivating force in the free market. • D. government funding of education.

  25. Question 12 • Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate? • A. false economy • B. traditional economy • C. command economy • D. centrally planned economy

  26. Question 12 • Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate? • A. false economy • B. traditional economy • C. command economy • D. centrally planned economy

  27. Question 13 • Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the • A. product market. • B. after market. • C. factor market. • D. traditional market.

  28. Question 13 • Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the • A. product market. • B. after market. • C. factor market. • D. traditional market.

  29. Question 14 • A person believes that real equality can only exist when political equality is coupled with economic equality. This person believes that democratic means should be used to distribute wealth evenly throughout society. This person is a • A. socialist. • B. capitalist. • C. communist. • D. authoritarian.

  30. Question 14 • A person believes that real equality can only exist when political equality is coupled with economic equality. This person believes that democratic means should be used to distribute wealth evenly throughout society. This person is a • A. socialist. • B. capitalist. • C. communist. • D. authoritarian.

  31. Question 15 • What does the process of specialization do for an economy? • A. It eliminates unemployment. • B. It fosters competition. • C. It makes it more efficient. • D. It makes it easier to control.

  32. Question 15 • What does the process of specialization do for an economy? • A. It eliminates unemployment. • B. It fosters competition. • C. It makes it more efficient. • D. It makes it easier to control.

  33. Question 16 • What is an important advantage of a free market? • A. It does not change unless the government directs it. • B. It offers a wide variety of goods and services. • C. It is easy to regulate. • D. It protects the less fortunate.

  34. Question 16 • What is an important advantage of a free market? • A. It does not change unless the government directs it. • B. It offers a wide variety of goods and services. • C. It is easy to regulate. • D. It protects the less fortunate.

  35. Question 17 • Government intervention in a modern economy is useful because • A. the needs and wants of modern society are always met by the marketplace. B. the marketplace has many incentives to create public goods such as parks and libraries. C. governments are able to provide some goods and services that the marketplace has no incentive to produce. D. the marketplace provides all of its own laws.

  36. Question 17 • Government intervention in a modern economy is useful because • A. the needs and wants of modern society are always met by the marketplace. B. the marketplace has many incentives to create public goods such as parks and libraries. C. governments are able to provide some goods and services that the marketplace has no incentive to produce. D. the marketplace provides all of its own laws.

  37. Question 18 • Why do markets exist? • A. Markets ensure that government does not intervene in the production of goods and services. • B. Markets provide self-sufficient people with public places for the exchange of ideas. • C. Markets ensure economic equity for all people. • D. Markets allow people to buy what they need to consume and sell the specialized goods and services they produce.

  38. Question 18 • Why do markets exist? • A. Markets ensure that government does not intervene in the production of goods and services. • B. Markets provide self-sufficient people with public places for the exchange of ideas. • C. Markets ensure economic equity for all people. • D. Markets allow people to buy what they need to consume and sell the specialized goods and services they produce.

  39. Question 19 • Who was the writer that introduced communism and central planning to the former Soviet Union? • A. Karl Marx • B. Vladimir Lenin • C. Joseph Stalin • D. Friedrich Engels

  40. Question 19 • Who was the writer that introduced communism and central planning to the former Soviet Union? • A. Karl Marx • B. Vladimir Lenin • C. Joseph Stalin • D. Friedrich Engels

  41. Question 20 • What factors create the phenomenon of the “invisible hand”? A. incentives and efficiency. B. specialization and efficiency. C. competition between firms. D. competition and self interest.

  42. Question 20 • What factors create the phenomenon of the “invisible hand”? A. incentives and efficiency. B. specialization and efficiency. C. competition between firms. D. competition and self interest.

  43. What does the upper half of Figure 2.1, marked “1,” represent? According to Figure 2.1, what does the lower line of monetary flow, marked “2,” show?

  44. Question 23 • The purpose of a production possibilities graph is to • A. enable a country to mobilize to win a war. • B. keep an economy from having nonproductive workers. • C. show alternative ways to use an economy’s resources. • D. make it possible to increase an economy’s output.

  45. Question 23 • The purpose of a production possibilities graph is to • A. enable a country to mobilize to win a war. • B. keep an economy from having nonproductive workers. • C. show alternative ways to use an economy’s resources. • D. make it possible to increase an economy’s output.

  46. Question 24 • Production possibilities frontiers curve when they are charted on a graph because they show • A. the underutilization of resources. • B. the maximum output of goods and services. • C. the increasing costs resulting in increasingly less output. • D. the technological level of the economy’s productivity.

  47. Question 24 • Production possibilities frontiers curve when they are charted on a graph because they show • A. the underutilization of resources. • B. the maximum output of goods and services. • C. the increasing costs resulting in increasingly less output. • D. the technological level of the economy’s productivity.

  48. Question 25 • What is the opportunity cost of a decision? • A. the series of alternative decisions that could have been made • B. the best possible way the question could have been decided • C. the different ways that a different person might have made the decision • D. the most desirable alternative given up for the decision

  49. Question 25 • What is the opportunity cost of a decision? • A. the series of alternative decisions that could have been made • B. the best possible way the question could have been decided • C. the different ways that a different person might have made the decision • D. the most desirable alternative given up for the decision

  50. Question 26 • Which of the following lists would an economist consider to be land? • A. factories, office buildings, assembly lines, workers • B. farm fields, tractors, pesticides, fertilizers • C. dams, bridges, rock quarries, oil wells • D. iron ore, natural gas, fertile soil, water

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