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Thinking like an economist
Thinking like an economist
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StudBud Administration
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577 plays
To introduce the basics of Economics
Flashcards
14 cards
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Practice quiz
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Host live
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Questions
14
Answers
1
Scarcity limits an economy to points on or below its PPF
False
True
2
What, where, how, where and for whom are important in business but not in economics
True
False
3
Making trade-offs at the margin is known as
fundamental economic analysis
marginal analysis
hazardous economics
demand and supply analysis
4
Using PPF, unemployment is represented by a point located
outside
at the top of the frontier
inside the frontier
near the middle of the frontier
5
The factors of production are land, labour, capital and enterprise
False
True
6
Technological advancement will shift the PPF inwards and lead to economic growth
False
True
7
A point outside the PPF shows
a point where resources are not available to the economy
all answers are correct
not attainable by the economy
an unattainable point
8
Scarcity & choice are represented in a simple model known as
Phillips curve
Production Possibility frontier
Factors of production
Demand and supply
9
Along the PPF, an increase in the production of one good can be accompanied by
holding constant the production of another good
decreasing the production of another good
a larger decrease in production of the other good
increasing the production of another good
10
Scarcity forces us to make choices, and every choice imposes costs known as
accounting costs
direct costs
indirect costs
opportunity costs
11
Opportunity cost can be defined as
the $ direct and indirect costs of a decision
the benefits you could have received by taking one action
overhead costs
the accounting costs when one decision is made over another
12
Shifting the PPF outwards will lead to economic growth
True
False
13
Economics is the study of
people making choices because of the problem of scarcity
how to make money
how to operate a business
the government decision-making process
14
Opportunity cost
is the
cost
of an alternative that is forgone to pursue one act over another
False
True
