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unit 1 economics review for exam 10 points for best answer?

1. What is the opportunity cost of a decision? (1 point) the series of alternative decisions that could have been made the best possible way the question could have been decided the different ways that a different person might have made the decision the most desirable alternative given up for the decision 2. What is the purpose of competition? (1 point) to act as a regulating force in the marketplace to cause producers to attempt to put each other out of business to cause buyers to have to be careful about spending their money to act as a motivating force behind the free market 3. What incentive motivates a manufacturer to sell a product? (1 point) making profits on sales putting others out of business pleasing the consumer popularity of the product 4. All of the following are types of decisions that can be made at the margin EXCEPT (1 point) whether to grow beans or corn on a large farm. whether or not to hire 100 new workers. whether to leave early in the morning or late in the day for a trip. whether or not to go on a vacation. 5. Which of the following is a critical rule for determining whether something is a public good? (1 point) The benefit to each individual who uses the facility is greater than the cost. The benefits of the facility are greater for the society than for the individuals using it. The total benefits to society are greater than the total cost. The total cost is small for each individual taxpayer. 6. What best describes the role of government in a free enterprise system? (1 point) Control business activities. Decide what companies will be formed and then allow the managers to run them. Allow individuals to operate their businesses in ways they think will maximize their profits. Require companies to disclose information to consumers. 7. The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a (1 point) guns or butter issue. decision at the margin. global trade-off. basic economic decision. 8. What is one benefit provided by Social Security? (1 point) medical care for the indigent cash transfers to workers injured on the job compensation for all who lose jobs retirement income for the elderly 9. The resources used to make all goods and services are the (1 point) production possibilities. factors of production. production trade-offs. opportunity costs. 10. What is positive externality? (1 point) a way to generate trade that will benefit people who are from other countries an economic side effect that generates unexpected benefits a cash flow that will benefit both the government and the businesses who interact with it an extra payment to welfare recipients 11. What is a factory building an example of? (1 point) human capital physical capital an economic trade-off technology 12. Which of the following is NOT a key economic question? (1 point) What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? How should it be ensured that goods and services are paid for? 13. Production possibilities frontiers curve when they are charted on a graph because they show (1 point) the underutilization of resources. the maximum output of goods and services. the increasing costs resulting in increasingly less output. the technological level of the economy's productivity. 14. Which of the following is NOT characteristic of a centrally planned economy? (1 point) The central government owns all land and capital. The central government makes all economic decisions. Each collective or factory sets its own goals. Each person is assigned a job. 15. Which of the following is NOT an example of a public good? (1 point) shopping malls national parks highways municipal libraries 16. What does the process of specialization do for an economy? (1 point) It makes it more efficient. It eliminates unemployment. It fosters competition. It makes it easier to control. 17. What is the function of an economic system? (1 point) to make sure all people have equal access to goods to produce and distribute goods and services to give all producers the same access to consumers to make sure people are paid for their labor 18. What is the struggle among various producers for the consumer's business called? (1 point) socialism competition incentive self-regulation 19. Why does even a free market economy need some government intervention? (1 point) to provide for things that the marketplace does not address to ensure that the government has the freedom to tax as necessary to make sure that the government can fulfill its needs for military personnel so that the government has some control over factory resources 20. Who decided what the farmers would produce on Soviet collectives? (1 point) the farmers the military the governmen

Public Comments

1. do your own work buddy!
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