Government blocking trade with a country

Which of these options do we assume about PPC graphs?

We are only producing two items

What is a a producer?

Someone that makes a good or service

What is marginal benefit?

The additional value gained for using one or more unit of a product

The alternative people give up when they make their choices

The benefit or satisfaction received from using a good or service

What is true about communism?

A classless society that the government shares the resources equally

The difference between wants and resources available to fulfill those wants

Some one that purchases a good or serice

studbud

The Basics of Economics

22 termsStudBud Administration430 plays

Chapter 1 Review

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
What is an embargo?
Government taking over land
Government blocking trade with a country
Government taking over a business
Government making you go to school
2
Which of these options do we assume about PPC graphs?
We are only producing two items
We are out of resources
We can make as many things as we want
We are always being inefficient
3
Your boss at work offers a raise, but you have to take more responsibility. What is this an example of?
Capital
Utility
Incentive
Free trade
4
What is the key word when talking about opportunity costs?
Value
Opinion
Money
Trade-off
5
What is a a producer?
Someone that makes a good or service
Someone that purchases good or service
A plant eating dinosaur
A production made
6
What is marginal benefit?
The additional cost of using one or more unit of a product
How we make money
The additional value gained for using one or more unit of a product
The edges of a paper
7
What is trade-off?
The value of something that is given up to get something else
Trading Chris Paul for Russell Westbrook
The alternative people give up when they make their choices
A way to weigh the benefits of your different actions
8
What is utility?
The benefit or satisfaction received from using a good or service
A electric bill
How you get someone to help you
The value you put on something
9
Trade is?
A job
This for that
A way of life
What you do at lunch all the time
10
Land or Not... Freeway
Land
Not
11
Which of these options do we assume about PPC graphs?
Resources are infinite
We are making multiple items
Technology is constantly changing
All resources are fixed.
12
What is the condition in which resources are being used to produce as much as possible?
Underutilization
Efficiency
Apple
Capital
13
What is the basis of Capitalism?
Government ran businesses
Government controlled resources
Chaos
Free Trade
14
What is true about communism?
A classless society that the government shares the resources equally
A society where everyone is out for themselves
Chaos
Free trade runs prevelant
15
What is the exchange and loaning of money/resources works as a business?
Interest Rate
Banking
Savings Account
Capital
16
Scarcity is....
Combination of skill, ingenuity, and willingness to take risks
Not using all resources to all of their potential
The difference between wants and resources available to fulfill those wants
Not being able to grow enough crops
17
Land or Not.... A River
Not
Land
18
What type of graph compares two thing while assuming that resources and technology are fixed?
Super
PPC
Boring
Cost
19
What is the study of individuals, families, and businesses in an economy?
Negative Economics
Positive Economics
Macroeconomics
Microeconomics
20
Which one of these is not a question that we ask in economics due to scarcity?
Where will it be produced?
For whom will it be produced?
How will it be produced?
What will be produced?
21
What is a consumer?
T-Rex
Some one that purchases a good or serice
Someone that provides a good or service
A super villain
22
Land or Not.... Wind
Land
Not

The Basics of Economics Flashcards | StudBud