Economics Final 5th Period
Flashcard
•
Social Studies
•
12th Grade
•
Hard
+3
Standards-aligned
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39 questions
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1.
FLASHCARD QUESTION
Front
The Norwegian government chose to spend the profits from oil on stocks, bonds, and property instead of improving domestic infrastructure. Which economic concept does this illustrate?
Back
opportunity cost
2.
FLASHCARD QUESTION
Front
In a hypothetical country called Libertaria, the government does not interfere in economic activities at all. What type of economy does Libertaria have?
Back
Market
3.
FLASHCARD QUESTION
Front
In this country, the government decides the goods' production, quantity, and pricing.
Back
Command
4.
FLASHCARD QUESTION
Front
In a country where both the government and companies operate, what type of economy is it?
Back
Mixed
5.
FLASHCARD QUESTION
Front
If a country's production point lies inside the production possibility frontier, what does that indicate?
Back
They are being inefficient
6.
FLASHCARD QUESTION
Front
How might investing heavily in education, technology, and infrastructure affect a country's productive capacity on the PPC?
Back
Increasing the availability of skilled labor, advanced technology, and improved infrastructure
7.
FLASHCARD QUESTION
Front
What factor of production does using water in a garden's irrigation system exemplify?
Back
land
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