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Duplicate of Intro to Economics Flashcards | StudBud
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Duplicate of Intro to Economics
Duplicate of Intro to Economics
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Economics Introduction #economics
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
Who wrote
The Wealth of Nations
?
Alexander Hamilton
Karl Marx
Thomas Malthus
Adam Smith
2
Which of the best is an example of a capital good
toothpaste used daily by indivduals
a hamburger
a copy machine in an office
a computer at a home
3
Which of the following best describes wants?
limited and ever changing
limited and never changes
unlimited and never changes
unlimited and ever changing
4
In the US businesses are owned by people, this describes what system
communism
capitalism
socialsim
5
In Cuba the govt owns all the business, this describes what economic system?
Communism
Socialism
Capitalism
6
A consequence of the condition of scarcity is
There is never enough of anything
Production has to be planned by the government
Things which are plentiful are expensive
Individuals have to make choices from alternatives
7
Which is not considered a need?
Food
Clothing
Shelter
Television
8
What does a point inside the curve of a PPC indicate?
all resources are fully employed
more resources are required
all resources are NOT fully employed
less resources are required
9
The basic economic concept that economists study is
inflation
laissez faire
unemployment
Scarcity
10
What does the saying “There is no such thing as a free lunch” mean?
most things cost something
everything costs something
some things costnothing
most things cost nothing
11
Which of the following represents production that is impossible to attain?
point 6
point 4
point 2
point 7
12
Into what four categories do economist divide factors of production?
resources,labor, capital, and entrepreneurship
resources,labor,money, and entrepreneurship
land,labor, capital, and entrepreneurship
land, labor,money, and entrepreneurship
13
Point B represents a combo of food and clothes that
can be produced without using all of the country's resources
can be produced only if a technology advance occurs
is impossible for this country to produce
can be produced only if all resources are used fully
14
Which of the following buys goods for personal use?
Consumer
Client
Producer
Advocate
15
What is the difference between a capital good and a consumer good?
the making of capital goods is not subject to increasin cost
capital satisfy wants indirect consumer satisfy wants direct
consumer goods made by businesses, capital goods made by gov
if you make capital goods, you grow slower
16
The PPC will be a straight line if which of the following is true?
Vital resources for the good produced are limited
the economy is operating at a point below its PPC
Marginal benefit is less than marginal cost
The opportunity cost is constant
17
Any point along the PPC, such as B or C, is
attainable and efficient
attainable yet inefficient
showing resources are not being used to their full potential
unattainable and inefficient
18
Which of the following involves using resources to make the max amount of goods and services?
efficiency
underutilization
overefficiency
utilization
19
When the problem of unemployment is fixed in the economy, what will happen to the PPC?
a point moves from under the curve towards the line
the PPC shifts right
the PPC shifts left
income will be redistributed from the rich to the poor
20
Which of following shows underutilization/unemployment?
point 1
point 4
point 6
point 7
21
How many TVs are being produced at point 2?
9,000
3,000
7,000
5,000
22
How many trucks are being produced at point 3?
2,000
1,000
4,000
3,000
23
Which two points would represent economic growth?
From A to D
From E to C
From D to C
From E to B
24
What would cause the PPC to shift to the right?
a technological development
shifting resources from one product to another
a sudden and substantial expansion in consumer wants
a decline in the size of the population and labor force
25
What is good called that last more than 3 years when used regularly?
Durable goods
consumer goods
scarce goods
non-durable goods
26
Which of the following shows the production of 4,000 TVs and 3,000 trucks?
point 2
point 4
point 6
point 3
27
The study of economics involves the fundamental problem of
determining opportunity cost
analyzing political decisions of the President
The division of scarce resources to different uses
creating PPCs from data
28
Which of the following would macroeconomics study?
a general rise in inflation
the work habits of students
the success rate of sandwich shops
a decline in coffee process
