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Principles of Economic Thinking Flashcards | StudBud
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Principles of Economic Thinking
Principles of Economic Thinking
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A TCI #economics Quiz to review the 7 principles of Economic Thinking
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Dams used to create electricity have devastated salmon populations
Future consequences count
Thinking at the margin
Trade makes people better off
Scarcity forces tradeoffs
2
In a PPF if you give up 30 bushels of wheat to get 4 computers, what is your opportunity cost?
Tradeoffs
30 bushels
4 Computers
A good time
3
A new clothing store opens in a shopping mall.
Scarcity forces tradeoffs
Incentives matter
Markets coordinate trade
Future consequences count
4
What is marginal utility?
The satisfaction you get from an additional unit.
An organization that supplies a public good or service.
The usefulness of a good or service.
Decreasing value of a good or service
5
A school offers $50 for each "A" a student earns on a report card
Thinking at the margin
Cost vs. benefits
Future consequences count
Incentives matter
6
What is point E on this graph?
Inefficient
50
Too much
Unattainable
7
What are the economic inputs for a production equation?
Tools and Equipment
Factors of Production
Goods and Services
Entrepreneurship
8
Trademarks are an example of which characteristic of the American Mixed Economy?
Equal Opportunity
Property Rights
Profit Motive
Equal Opportunity
9
Even though it is expensive, you ultimately decide to attend college next year.
Incentives matter
Cost vs. benefits
Trade makes people better off
Thinking at the margin
10
Who has an absolute advantage for kite production according to the chart?
Joe
They are equal
Sarah
11
You decide to attend community college next year to avoid student loans
Thinking at the margin
Future consequences count
Markets coordinate trade
Scarcity forces tradeoffs
12
Who has a comparative advantage for kite production according to the chart?
Joe
They are equal
Sarah
13
A major corporation is considering opening their 395th office.
Future consequences count
Thinking at the margin
Scarcity forces tradeoffs
Trade makes people better off
14
China builds a large new manufacturing facility and iPhone prices drop
Scarcity forces tradeoffs
Cost vs. benefits
Future consequences count
Trade makes people better off
15
What is point D on this graph?
Unattainable
50
Inefficient
Too much
