To an economist, a want is

something other than basic survival need

Example of economic stability.

ta country's standard of living

In a Laissez-faire system

government interference is minimal

studbud

Economics Chapter 1 & 2 Review

25 termsStudBud Administration432 plays

Imported from external platform

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
If you sell your motorcycle in order to get a diamond ring, what is the opportunity cost?
the ring
the motorcycle
your potential spouse
none of these
2
To an economist, a want is
needed for survival
overabundance of resources
something most people have
something other than basic survival need
3
Basic problem of economics
price
shortage
scarcity
surplus
4
The first step in creating an economic model is to
define the problem
evaluate the data
state a hypothesis
form a generalization
5
A company's office buildings are an example of
entrepreneurship
land
labor
capital
6
Why can't economic models judge whether policies are good or bad?
judgments depend on values
models are not based on fact
Economists do not test their hypotheses
models are not good enough
7
Adam Smith's "invisible hand" refers to the role of
the government
customs and beliefs
the market
factors of production
8
Which country has a command economy?
Taiwan
North Korea
South Korea
France
9
Father of modern economics.
Sam Walton
Bernie Sanders
Adam Smith
Herman Cain
10
As an economic term, land includes
work people do
machinery
knowledge
natural resources
11
Example of economic stability.
unemployment rates sky rocketing
Applying for a job and getting a fair chance of getting it
ta country's standard of living
worker's compensation
12
Aboriginal Australians
traditional economy
free market economy
mixed economy
command economy
13
The word "equity" means
expansion
profitability
fairness
equality
14
Is is easier to start a business in a
traditional economy
free enterprise system
command economy
controlled economy
15
Tangible objects that can satisfy people's wants
time factors
goods
constant factors
services
16
Human effort directed toward producing goods and services
capital
profit incentive
freedom of choice
labor
17
Value of the next best alternative given up for the alternative that was chosen
diminishing marginal utility
trade-off
wants
opportunity cost
18
The production and distribution of goods and services in a society
values
trade-off
economy
market
19
Freely chosen activity between buyers and sellers of goods and services
market economy
market
economic growth
private property
20
You are paid $15 an hour. Your get off 2 hours early to study for an exam. What is the opp cost
study time
$30
Possible A on exam
fun at work
21
In a Laissez-faire system
individuals and government make economic decisions
government purchases good and services from consumers
government interference is minimal
government controls factors of production
22
Private property, such as land, can
hold value
all of these
build equity
be handed down to off-spring
23
Guns vs. Butter is a classic example of
mixed economy
production possibilities curve
shortages
scarcity
24
Economics is primarily concerned with which of the following?
values and objectives of a society
use or resources
future costs of goods
methods of production
25
A scarce resource
money
all of these are scarce
time
coal

Economics Chapter 1 & 2 Review Flashcards | StudBud

Economics Chapter 1 & 2 Review

25 termsStudBud Administration432 plays

Imported from external platform

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
If you sell your motorcycle in order to get a diamond ring, what is the opportunity cost?
the ring
the motorcycle
your potential spouse
none of these
2
To an economist, a want is
needed for survival
overabundance of resources
something most people have
something other than basic survival need
3
Basic problem of economics
price
shortage
scarcity
surplus
4
The first step in creating an economic model is to
define the problem
evaluate the data
state a hypothesis
form a generalization
5
A company's office buildings are an example of
entrepreneurship
land
labor
capital
6
Why can't economic models judge whether policies are good or bad?
judgments depend on values
models are not based on fact
Economists do not test their hypotheses
models are not good enough
7
Adam Smith's "invisible hand" refers to the role of
the government
customs and beliefs
the market
factors of production
8
Which country has a command economy?
Taiwan
North Korea
South Korea
France
9
Father of modern economics.
Sam Walton
Bernie Sanders
Adam Smith
Herman Cain
10
As an economic term, land includes
work people do
machinery
knowledge
natural resources
11
Example of economic stability.
unemployment rates sky rocketing
Applying for a job and getting a fair chance of getting it
ta country's standard of living
worker's compensation
12
Aboriginal Australians
traditional economy
free market economy
mixed economy
command economy
13
The word "equity" means
expansion
profitability
fairness
equality
14
Is is easier to start a business in a
traditional economy
free enterprise system
command economy
controlled economy
15
Tangible objects that can satisfy people's wants
time factors
goods
constant factors
services
16
Human effort directed toward producing goods and services
capital
profit incentive
freedom of choice
labor
17
Value of the next best alternative given up for the alternative that was chosen
diminishing marginal utility
trade-off
wants
opportunity cost
18
The production and distribution of goods and services in a society
values
trade-off
economy
market
19
Freely chosen activity between buyers and sellers of goods and services
market economy
market
economic growth
private property
20
You are paid $15 an hour. Your get off 2 hours early to study for an exam. What is the opp cost
study time
$30
Possible A on exam
fun at work
21
In a Laissez-faire system
individuals and government make economic decisions
government purchases good and services from consumers
government interference is minimal
government controls factors of production
22
Private property, such as land, can
hold value
all of these
build equity
be handed down to off-spring
23
Guns vs. Butter is a classic example of
mixed economy
production possibilities curve
shortages
scarcity
24
Economics is primarily concerned with which of the following?
values and objectives of a society
use or resources
future costs of goods
methods of production
25
A scarce resource
money
all of these are scarce
time
coal