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Flashcards in Chapter 25 Deck (79)
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True or false? Economics is the study of the production, distraction and consumption of goods and services

True

1

True of false? Normative economics concerns it'll with supplying the needs of people while protecting he environment.

False

2

True or false? Two types of economic systems exist : command and market economics.

True

3

True or false? Governments dictate production and distribution goals in command economies.

True

4

True or false? The principle they most things that people want are limited is the law of scarcity.

True

5

True or false? The predictable interplay of price, supply and demand constitutes the law of supply and demand?

True

6

True or false? Supply refers to the amount of goods people want.

False

7

True or false? An economy where supply and demand is totally controlled by market forces is a free market system

True

8

True or false? The gross national product is the market value of the nations output.

True

9

True or false? A cost to society and the environment not paid directly are called direct costs.

False

10

True or false? Repercussion costs are incurred by the industry due the the image problems arising from an oil spill or other environmental damage.

True

11

True or false? The measure of one's willingness to postpone some current income for greater returns in the future is called opportunity cost.

False

12

True or false? Opportunity cost is the cost of lost opportunities

True

13

True or false? Levies on environmentally undesirable products or activities are called green taxes.

True

14

True or false? An economic system that seeks only to meet human needs and ignores environmental concerns is called a sustainable economy.

False

15

True or false? Appropriate technologies are inefficient, rely on foreign resources and produce considerable amounts of pollution

Fals

16

True or false? The gas-guzzler tax is a tax on cars that get poor gas mileage.

True

17

True or false? Grants and tax incentives can be used by governments to encourage sustainable business practices and products.

True

18

True or false? Marketable permits for emissions provide an economic incentive for companies to reduce pollution.

True

19

True or false? Great local. And regional self-reliance may be essential to achieving a sustainable future

True

20

Economic systems tend to (?) people and the environment

Exploit

21

One characteristic of a sustainable economy is that it uses all (?) efficiently

Resources

22

Sustainable economies promote (?) self-reliance

Regional

23

(?) technologies rely on local resources, are efficient and produce little if any pollution.

Appropriate

24

(?) products are environmentally friendly goods and services

Green

25

(?) is the dollar value of goods per hour of paid employment

Productivity

26

A problem with the GNP is that if fails to account for the destruction of (?) assets

Natural

27

Economic growth is fueled by (?) growth and ever increasing per capita consumption.

Population

28

Soil, the (?) layer, and current climate are vital to earth assets.

Ozone

29

Economic systems often fail to take into account long-term supplies, a trend that results in an (?) of many natural resources

Underpricing