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Economics Test 1 Review Flashcards | StudBud
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Economics Test 1 Review
Economics Test 1 Review
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Econ Test 1
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
The biggest buffet in Vegas is located in what hotel?
Paris
Rio
Mandalay Bay
MGM Grand
2
All of the following are factors of production EXCEPT
Entrepreneurs
Land
Variable costs
Capital
3
A demand curve always goes down because the lower the price the higher the demand.
True
False
4
Your "overhead" is also known as
factors of production
fixed costs
capital
variable costs
5
How much is a full price adult one day ticket to the San Diego Zoo?
$70
$52
$39
$62
6
What is the most common cause of death in Afghanistan?
Traffic accident
heart disease
tuberculosis
stroke
7
Scarcity means there is a limited number of
resources
capital
everything
buyers
8
The average woman in Sweden has her first child at what age
27
30
24
22
9
What is the second largest planet in our solar system?
Neptune
Saturn
Jupiter
Uranus
10
Opportunity cost is what you giving up to do what?
so that you can control variable and fixed costs
controls shifts in demand
make a living wage
get the other thing you want at any given time
11
The law of diminishing returns says that at some point the cost of making one more unit
will stop increasing
will stay the same
will go down
will go up
12
Demand means one has the desire and _________ to purchase a good or service.
ability
want
need
motivation
13
All of the following are examples of instabilities EXCEPT
natural disaster
oil spill
war in a certain area of the world
drought
14
Dill Pickle flavor Lays chips can be found in all the following states EXCEPT
Utah
Wisconsin
South Carolina
Washington
15
Amy Adams was raised by her parents to be________.
Atheist
Catholic
Mormon
Scientology
16
What is Tiger Woods current ranking in the World Golf Rankings (was #1 for years)?
244
666
419
789
17
If demand for an item with a compliment item goes down, demand for the compliment item will
stay about the same
it can go up or down
go up
go down
18
What movie won the Oscar for Best Picture in 2015?
Birdman
Selma
American Sniper
Black Swan
19
An externality is a ____________ that someone must bear because of an economic activity.
product
result
good
cost
20
All of the following are determinants of demand EXCEPT
income
availability of substitutes
technology
tastes or preferences
21
Your cost of making one additional unit of a good or product is called your
fixed cost
variable cost
operating cost
marginal cost
22
A subsidy is most like what?
an extra cost for alcohol
a payment to employees from business owners
Govt food stamps
a fee to use a public road
23
The law of supply says that as price goes up,
supply goes up
demand goes down
demand goes up
supply goes down
24
What is the atomic number for mercury?
37
21
59
80
25
All of the following are slang for heroin EXCEPT
Mexican mud
China white
Play-dough
Snowball
26
Ryan Seacrest has a journalism degree from
New Mexico State
BYU
University of Arkansas
University of Georgia
27
One of Jennifer Aniston's biggest phobias is
loud noises
small people
going underwater
dental work of any kind
28
All of the following are determinants of demand EXCEPT
availability of substitute items
# of buyers
tastes or preferences
government actions
29
The 2018 Superbowl will be played where?
Los Angeles
Minneapolis
Miami
Pittsburg
30
All of the following are examples of negative externality EXCEPT
dirty air due to traffic
earthquake
dead fish due to chemicals in a lake near a factory
crime near a casino
31
How old is Jessica Alba?
35
40
33
28
32
All of the following are determinants of supply EXCEPT
technology
# of other producers/providers
income
Producer expectations
33
A production possibility curve demonstrates what economics idea?
underutilization
everything is a tradeoff
scarcity
shortage
34
Which nation's national anthem has 158 different verses?
Estonia
Peru
Greece
Morocco
35
All of the following are determinants of supply EXCEPT
number of competitors
availability of substitutes
availability of resources
technology
36
All of the following would be an example of an operating cost EXCEPT
hourly wages
electricity
hiring more workers
raw materials
37
The world's longest zip line (1.5 miles) is where?
Vietnam
Puerto Rico
Spain
Bermuda
38
What is the 4th tallest mountain in the world?
McKinley
K2
Kilimanjaro
Lhotse
39
What nation produces the most butter?
India
Pakistan
Mexico
Norway
40
What is the most popular sport in Poland?
Soccer
Ice hockey
Basketball
Ice fishing
