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Econ Honors Unit 1 Review Flashcards | StudBud
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Econ Honors Unit 1 Review
Econ Honors Unit 1 Review
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Flashcards
30 cards
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Questions
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Answers
1
A business owner sold 500 wings in 1 day at $0.75/wing. The wings cost her $200. She makes a profit of
$200
$175
$500
$575
2
Johnny spends his paycheck to pay his water bill, which would be considered a ______ as it's essential for survival
Luxury
Want
Desire
Need
3
Point G can be obtained if this economy experienced
Economic Growth
Decrease in Technology
Lower Birth Rate
Economic Stagnation
4
The law of supply has a _____ relationship between price and quantity supplied
negative
reciprocal
positive
inverse
5
The 4 factors of production are
Labor, Physical Capital, Human Capital, Business Management
Land, Labor, Stock, Entrepreneurship
Land, Buildings, Machines, Entrepreneurship
Land, Labor, Capital, Entrepreneurship
6
Economics is the study of
the management of large amounts of money, especially by government
the development, structure, and functioning of human society
human societies and cultures and their development
how people make choices when faced with limited resources
7
OHS is unable to provide Chromebooks to all students. This is a problem of
Equilibrium
Surplus
Management
Scarcity
8
A company sends some its employees to an annual conference that includes training in order to invest in their
Physical Capital
Profits
Human Capital
Labor Force
9
Over time, goods tend to become more inelastic
True
False
10
On this PPC, the opportunity costs of moving from point B to C is
40 Capital Goods
20 Consumer Goods
15 Consumer Goods
30 Capital Goods
11
If Apple dropped their iPhone prices, the Law of Demand states that
a higher quantity demanded of iPhones
Apple will go out of business
a lower quantity demanded of iPhones
quantity demanded of iPhones is unchanged
12
A hamburger costs $6, while a hot dog costs $2. The opportunity cost of a hot dog (in terms of a hamburger) is
3 hot dogs
1/2 hamburger
1/3 hot dog
3 hamburgers
13
Gasoline is considered _____ while plane tickets are considered _____
inelastic ; elastic
elastic ; inelastic
inelastic ; unit elastic
unit elastic ; elastic
14
A bowed out PPC, like this one, display
Decreasing Opportunity Costs
Zero Opportunity Costs
Increasing Opportunity Costs
Constant Opportunity Costs
15
Chicken & oil are complements. If people's concern about health shifts demand for oil left, what happens to chicken?
Lower equilibrium price
Higher equilibrium price
Same price
16
If price elasticity of demand is calculated as 1.2, that good would be considered inelastic
True
False
17
Coffee prices skyrocket. What happens to the demand for coffee creamer?
Remains unchanged
Shifts to the right
Decreases
Shifts to the left
18
An example of a perfectly inelastic good would be
Face Masks
Air
Movie Tickets
Water
19
To maximize utility, one should produce where marginal cost is equal to marginal revenue
True
False
20
The price of a good will rise if there is a shortage
False
True
21
Spam is a(n) _____ good while a ribeye steak is a ____ good
inferior ; superior
normal ; inferior
inferior ; normal
superior ; normal
22
Movement along the demand curve indicates that
the price of the good has changed
consumer preferences have changed
future expectations of the good are positive
price of a substitute increased
23
The opportunity cost of any action is
all the possible alternatives forgone
the time required but not the monetary cost
the monetary cost but not the time required
the best alternative forgone
24
On this PPC, point F would be considered
Inefficient
Unattainable
Fully employing resources
Efficient
25
On this PPC, point G would be considered
Fully employing resources
Efficient
Unattainable
Inefficient
26
Marginal Revenue is the additional revenue one receives from producing and selling 1 more unit of output
True
False
27
A producer of laptops is able to obtain parts at a lower price. How will this affect the supply curve?
Decrease
Movement along the curve
Shift to the left
Increase
28
When quantity supplied is higher than quantity demanded, there will be a(n)
Surplus
Shortage
Equilibrium
29
If you buy 1 TV, the cost is $500. If you buy 2 TVs, you get a deal and pay $800. What is the marginal cost?
$800
$1,300
$500
$300
30
Every trade-off is an opportunity cost, but not every opportunity cost is a trade-off
True
False
