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ECON CH 1 & 2 Flashcards | StudBud
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ECON CH 1 & 2
ECON CH 1 & 2
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StudBud Administration
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Intro to ECONOMICS
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
The rule of law protects personal property from both other private citizens and the government.
FALSE
TRUE
2
Managing unlimited wants with limited resources.
Natural resources
Scarcity
Land
Labor
3
Today, all modern economies are free markets.
TRUE
FALSE
4
Branch of economics that studies decision making by individuals, families, and business.
Microeconomics
Macroeconomics
5
Which question below is one of the basic questions all economies must answer?
Who will produce?
All of these are correct
What will be produced?
Who will consume?
6
Trade you five chickens for one goat.
Command economy
Traditional economy
Mixed economy
Market economy
7
What best describes "the invisible hand"?
Self interest breeds efficiency
None of these definitions work
Government must intervene and regulate markets heavily
Scarcity is forever
8
The more of one thing an economy products, the less of another they can produce. This is what?
Scarcity
Production Possibilities Curve
Law of Demand
Law of Supply
9
Which definition works best for "consumer sovereignty"?
Never pay full price
The customer is always right
Consumers vote with their wallets
Buyer beware
10
"Equity" means what in terms of the government's role in the economy?
Standard of living
Low unemployment and low inflation
All of these
Fairness
