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Basic Economics Flashcards | StudBud
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Basic Economics
Basic Economics
20 terms
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Basic questions about economics and a few random trivia questions. #economics #trivia
Flashcards
20 cards
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Questions
20
Answers
1
The maximum combinations of goods and services that can be produced with limited resources.
Production possibilities curve
Supply possibilities curve
Supply and demand curve
Possibilities flow model
2
Which system is centered around doing things the way they have always been done?
Market
Mixed
Command
Traditional
3
Which of the following is NOT a need?
Cell phone
Pizza
H2O
Tent
4
Which of the following is NOT a want?
A house
Gibson Les Paul guitar
iPhone 6+
2015 Toyota 4Runner
5
Laissez-faire means __________.
Less fair
Lassie and Free Willy
Let people do as they choose.
Lazy and free
6
The value of the next best alternative given up for what was chosen is the _________.
Opportunity cost
Choice
Trade-off
Cost of production
7
Which system is focused on the freedom of choice?
Supermarket
Market
Command
Traditional
8
Which of the following is not a characteristic of the American economy?
Freedom of enterprise
Government control of resources
Profit incentive
Competition
9
_____ is the branch of economics that deals with the economy as a whole.
Economics
Macroeconomics
Microeconomics
Big business
10
Someone who suffers from oneirophobia is scared of what?
Being alone
Dreams
The number '1'
Cyclops
11
What film is "Hello, my name is Inigo Montoya. You killed my father. Prepare to die." from?
The Sword in the Stone
Harry Potter
The Princess Bride
Pirates of the Caribbean
12
Which is NOT one of the three basic questions of economic systems?
Why should the product be produced?
For whom should the product be produced?
What should be produced?
How should the product be produced?
13
________ is the branch of economics that deals with the behavior and decisions of individuals.
Economics
Macroeconomics
Microeconomics
Freedom of Choice
14
Who first mentioned the idea of a capitalist economy?
Thomas Paine
Scrooge McDuck
Adam Smith
Donald Trump
15
Sacrificing one product for another is called a(n) _________.
Economic rule
Economic problem
Trade-off
Fish stick
16
Which of the following is NOT a factor of production?
Capital
Entrpreneurship
Money
Labor
17
What is taphephobia?
Fear of being tapped on the shoulder from behind.
Fear of guns.
Fear of being buried alive.
Fear of whales.
18
What is the basic problem of economics?
Unemployment is rising.
Debt
Not enough money.
Scarcity
19
Which of the following is NOT a type of economic system?
Command
Supermarket
Market
Traditional
20
___________ is the study of how limited resources are used to satisfy unlimited wants
Economics
Supply and Demand
Macroeconomics
Microeconomics
