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Econ Basics BK Flashcards | StudBud

Explore/Econ Basics BK

Econ Basics BK

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Questions 11

Answers

1
The Law of Diminishing Marginal Utility states that w/each additional unit...
your satisfaction w/it grows.
your satisfaction w/it decreases.
your finances decline.
the total resources of the nation decline.
2
Marginal Analysis is making decisions based on
Scarcity
your opportunity cost.
the additional benefit vs the additional cost.
the wants of society.
3
What is economics?
The science of scarcity.
The study of choices.
4
Who answer the economic questions in a Market (capitalist) economy?
Firms and Households.
Combination of Firms, Households, and Government.
Government.
No one.
5
Which of the following are the four factors of production?
Money, Labor, Tools, Entrepreneurship.
Land, Labor, Money, Entrepreneurship.
Land, Labor, Capital, Entrepreneurship.
Land, Labor, Capital, Finances.
6
What is the invisible hand described by Adam Smith?
Self-Interest
Scarcity
Government
Regulations
7
Would you see the movie three times?
Yes
No
8
Trade offs are...after making a choice.
all the alternatives we give up
the most desirable alternative we give up.
9
Macroeconomics is the study of how
industries deal w/scarcity.
governments deal w/scarcity.
households deal w/scarcity.
firms deal w/scarcity.
10
What is scarcity?
An abundance of resources.
Unlimited wants; limited resources.
Unlimited resources; limited wants.
When a store runs out of a product.
11
Which is not one of the 3 economic questions a society must answer?
For whom to produce?
How to produce?
What to produce?
Where to produce?