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Big Ideas Review Flashcards | StudBud

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Big Ideas Review

10 terms·StudBud Administration·1,847 plays

An economics quiz used for the purposes of test review.

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Questions 10

Answers

1
Economics is the study of
Money
Choice in relation to scarcity
Supply and Demand
Business
2
A scarce good is
A good in which less is preferred to more
A good which is abundant
A good which requires no sacrifice in order to obtain
A good which requires sacrifice in order to obtain
3
Class is over and your instructor is holding an optional exam review. You should
Never stay. There are always better things to do.
Always stay. You can never have too much economics
Stay only if the Marginal Benefit exceeds the Marginal Cost.
Stay only if the Marginal Cost > Marginal Benefit
4
Marginal benefit is expressed as
ΔMB/ΔQ
ΔTB/ΔTC
ΔTC/ΔQ
ΔTB/ΔQ
5
You have received a free ticket for a Lady Gaga concert. What is the cost of going?
Nothing. Nothing is cheaper than free
At least the resale price of the ticket plus expenses
The wholesale price of the ticket
The food that you will have to eat while at the concert
6
The economic reality of scarcity refers to man's
Unlimited wants and unlimited resources
Unlimited wants and limited resources
Limited wants and limited resources
Limited wants and unlimited resources
7
Name that flag:
Cedarlandia
Macroeconomia
Kenya?
Lebanon
8
The invisible hand refers to
the idea that all actions require sacrifice
Self-interest sometimes leading to social interest
a hand that we cannot see guiding our behavior
Market failures such as monopolies & externalities
9
Name that economist:
Friedrich Hayek
Milton Friedman
John Maynard Keynes
Adam Smith
10
Which of the following goods would be the most scarce?
Large demand and large supply
Small demand and small supply
Large demand and small supply
Small demand an large supply