In economics the opportunity cost of something is

what you give up to get the item

Adam Smith a proponent of free markets believed people should pursue:

their own self interest and that will benefit society

The frontier on a PPF graph can be pushed out through

technological advances in a country

The four economic systems are

Traditional, Free Market, Mixed, and Command

Any point under a PPF graph is a point of

inefficiency or underutilization

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Basics of Economics

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#scarcity#factors of production#PPF#economic systems#externalities

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Questions 15

Answers

1
When buying stock you should buy what you know, diversify and
buy high sell low
buy low sell high
buy high sell high
buy low sell low
2
Rationing exists because of
incentives
scarcity
price
a surplus of products
3
If your parents offer you cash for every A on your report card, that is an example of
a trade-off
marginal cost
a bribe
an incentive
4
How a society answers the three economic questions defines
its income distribution
its place int he global economy
its economic system
whether it is a pure or mixed economy
5
Animals are classified as which of the following factors of production
entrepreneurship
land
labor
capital
6
Which of the following is a renewable resource
natural gas
oil
coal
timber
7
In economics the opportunity cost of something is
what you give up to get the item
a bargain if it is on sale
part of your budget
how much it adds up in dollars and cents
8
Both Macro and Micro economics studies behaviors and choices but Macroeconomics relates to the
part of the economy
business economy
entire economy
personal economy
9
If your country is underproducing, inefficient, or underutilizing resources it would be a point
on the PPF curve
under the PPF Curve
above the PPF Curve
to the right of the PPF curve
10
Adam Smith a proponent of free markets believed people should pursue:
their own self interest and that will benefit society
their own friendships to benefit society
making as much money as possible to benefit society
their own education to benefit society
11
The frontier on a PPF graph can be pushed out through
loss of resources in country
a better tax system
good weather pattern
technological advances in a country
12
The country with the highest economic freedom score
United States
Afghanistan
Sweden
Singapore
13
The four economic systems are
Traditional, Free Market, Communism and Socialism
Traditional, Free Market, Mixed, and Command
Traditional, Free Market, Monarchy and Command
Capitalism, Socialism, Democracy, Dictatorship
14
Any point under a PPF graph is a point of
efficiency or utilization
maximizing resources
minimizing resoures
inefficiency or underutilization
15
To an economist, capital refers to
new business opportunities
money
resources found in nature
machinery and tools

Basics of Economics Flashcards | StudBud