NAME: ________________________

Question Types


Start With


Question Limit

of 27 available terms

Advertisement Upgrade to remove ads

5 Written Questions

5 Matching Questions

  1. labour
  2. positive economics
  3. transition economy
  4. scarcity
  5. economic growth
  1. a an economy in the process of moving from a centrally planned economic system towards a more market-oriented economic system.
  2. b matters if economics that can be proven to be right or wrong by looking at the facts.
  3. c the growth of real output in an economy over time. usually measured as growth in real GDP.
  4. d the human factor of production. it is the physical and mental contribution of the existing work force to production.
  5. e the limited availability of economic resources relative to society's unlimited demand for goods and services.

5 Multiple Choice Questions

  1. the value of the workforce
  2. all other things being held equal.
  3. the possible production that would be possible in an economy if all available factors were being employed.
  4. an economy where the means of production are collectively owned. the state determines how much to produce, how/how many to produce, and for whom to produce.
  5. the study of aggregate economic activity. It investigates how the economy as a whole works.

5 True/False Questions

  1. capitalthe factor of production that comes from investment in physical capital and human capital.

          

  2. utilitythe limited availability of economic resources relative to society's unlimited demand for goods and services.

          

  3. economic gooda good or services which is relatively scarce and so has a price. an opportunity cost is involved if it is consumed.

          

  4. entrepreneurshipgoods or services which are unlimited in supply and have no opportunity cost are free goods. a free food has an unlimited supply ad market price zero.

          

  5. landthe physical factor of production. it consists of natural resources, some of which are renewable and some of which are non-renewable.

          

Create Set