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Basics Economics Flashcards | StudBud

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Basics Economics

10 terms·StudBud Administration·1 play

These are some review questions

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Questions 10

Answers

1
Inferior good: a rise in income will lead to
an increase in supply
an increase in demand
a decrease in supply
a decrease in demand
2
The world's resources are ...
unlimited
to be exploited
none of them
scarce
3
Resources are scarce and wants are limited
False
True
4
normal good: a rise in income will lead to
a decrease in supply
an increase in demand
an increase in supply
a decrease in demand
5
The demand curve shows ...
the quantity that is demanded at any given amount
the quality of a good that is supplied at any given price
the quality of a good that is demanded at any given price
the quantity that is demanded at any given price
6
Outside its existing PPF the economy
can limit its resources
can produce at some points
cannot limit its resources
cannot produce at any point
7
The theory of the production possibility curve shows ...
different combinations of manufactured goods
different combinations of non-manufactured goods
different combinations of economic goods
different combinations of free goods
8
What are opportunity costs?
The capital won from the next best alternative
The benefit won from the next best alternative
The benefit lost from the next best alternative
The capital lost from the next best alternative
9
The inputs of to the production process: factors of production are
land, machines and capital
factories, machines and land
land, labour and capital
land, facories and offices
10
Productive efficiency means that production takes place at
minimum profit
maximum profit
highest cost
lowest cost