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C1: What is Economics? Flashcards | StudBud
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C1: What is Economics?
C1: What is Economics?
19 terms
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StudBud Administration
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Pearson Economics 2013
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
What factor of production does this picture represent?
Labor
Land
Capital
Entrepreneurship
2
If this company produces 11 million televisions, how many computers can they produce?
12 million computers
zero computers
any amount they want
15 million computers
3
Which of the following could cause a move from point 'B' to point 'E' on the graph?
an improvement in technology that improves efficiency
underutilization
increase in unemployment
a decrease in the number of laborers
4
Production level moves from point '
a
' to point '
c
'
on the graph, what is the opportunity cost?
9 million computers
5 million televisions
5 million computers
there is no opportunity cost
5
What is the fundamental economic problem for all societies?
lack of storage
untrained workers
shortages
scarcity
6
What point on the graph represents underutilization?
point D
point E
point B
point A
7
A school building is an example of
land
human capital
labor
physical capital
8
You buy Krispy Kreme donuts with your last $20. What is the opportunity cost of the purchase?
difference in the purchase price and the cost to produce it
the dinner you now cannot afford to see
the $20 you spent on the donuts
the stomach ache from eating too many donuts
9
What does this image depict?
the factors of production
a production possibilities curve
financial capital
job sectors
10
If you weigh the pros and cons of a life decision you are
an entreprenuer.
experiencing a shortage.
following the law of supply.
doing a cost/benefit analysis.
11
You choose the football game on Friday night instead of seeing a movie making the movie your
trade-off
marginal cost
human capital
opportunity cost
12
Which of the following would be physical capital for a plumber?
his/her years of experience
water, air in the pipes
PVC pipe, wrench, plunger
his/her plumber assistant
13
Which of the following are needs?
clothing and football
food and water
caviar
shelter and ice cream
14
Which of these is human capital?
teacher seminar
a banker's ledgers
a quarterback's knowledge of the playbook
a carpenter's hammer
15
"Butter" represents ________ in the "guns or butter" model.
trade-offs
job opportunities
entreprenuers
consumer goods
16
The idea that a society must choose the best use of its resources is best expressed in
growth potential
the factors of production
the law of increasing costs
the "guns or butter" model
17
In what job sector is a new housing contractor?
capital
secondary
tertiary
primary
18
An example of an entrepreneur would be
an apprentice to a carpenter
A computer geek who runs a computer systems design firm
a teacher in a high school
an editor for a publishing company
19
Making the most of all the resources available is known as
underutilized
trading off
old fashion
efficiency
