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Economics Flashcards | StudBud

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Economics

10 terms·StudBud Administration·79 plays

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Questions 10

Answers

1
What is Laissez Faire?
The government will be included in the market place.
All people should work hard so efficiency is maximum
The government should not interfere with the marketplace.
Work shall be given to any who want it maximizing efficiency
2
What is the slope of a Demand curve?
Negative
Positive
3
What does the Law of Demand say?
When P decreases Q decreases
When P increases Q decreases
When P increases Q increases
When P decreases Q increases
4
What economist studies free-markets?
Thomas Malthus
Auguste Gusteau
Adam Smith
Vilfredo Pareto
5
When calculating elasticity, if p<1, then the product is
Elastic
Scarce
Inelastic
Unitary
6
Who coined the term invisible hand?
Auguste Gusteau
Vilfredo Pareto
Thomas Malthus
Adam Smith
7
Which is NOT a factor of production?
Land
Scarcity
Labor
Entrepreneurship
8
When calculating elasticity, if p>1, then the product is
Inelastic
Unitary
Elastic
Scarce
9
What does the Law of Supply say?
When P decreases Q decreases
When P increases Q increases
When P increases Q decreases
When P decreases Q increases
10
When calculating elasticity, if p=1, then the product is
Inelastic
Scarce
Unitary
Elastic