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Econ Mini-Final '25 Flashcards | StudBud
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Econ Mini-Final '25
Econ Mini-Final '25
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Answers
1
Which of the following is an example of scarcity?
A drought has killed all of the corn crops in California
All of the teachers at PHS called in sick as a protest
You decided to save your money and not buy candy this week
You left your wallet at home, so you can't pay at CVS
2
Our government decides to cut military funding and invest in education
No such thing as a free lunch
physical capital
opportunity cost
Guns & Butter
3
This Seinfeld clip, Kenny offers Jerry a free suit, demonstrating the concept of
Buyers Remorse
Delayed Gratification
TNSTAAFL (There's no Such Thing as a Free Lunch)
Scarcity
4
How can specialization benefit an economy or business?
It makes production more efficient.
It stops unemployment.
It leads to competition.
It makes labor easier to control.
5
When the government owns the factors of production
Command economy
Free market economy
Capitalist economy
Traditional economy
6
What is an externality?
When a 3rd party is affected by the production or consumption of a good
Difference in Cost/Benefit
Cost/Benefit affects party who chose that cost
7
Government regulates the economy, but does not own factors of production
Market
Command
Mixed
Traditional
8
The study of the choices we make
incentives
factors of production
microeconomics
economics
9
The difference between human capital and physical capital
Human capital is one’s knowledge and skills and physical capital are tools
They are the same
Physical capital is money and human capital is an investment
Human capital is less important
10
Deciding if studying for one more hour is worth it or getting that hour of sleep instead?
wishful thinking
thinking at the margin
interdependence
specialization
11
What is an example of traditional economy
Hong Kong, Singapore, Australia and the United States
Law of supply and demand
Soviet Union, China, North Korea and Cuba
Barter of hunted prey used by Inuit tribe in northern Canada
12
Which is the best example of delayed gratification?
Going to school and working hard to get now so you can graduate in June
The best option you did not choose.
Deciding if one more hour of studying is worth it
Choosing to sleep in rather than go to first period
13
Which is the best example of human capital?
Earning a paycheck
Digging a ditch
A hammer
Earning a degree in engineering
14
In the debate over guns vs. butter, which of the following is an example of butter?
Public Schools
military planes
Commercial Planes
Land O lakes
15
the study of how we produce, distribute and consume the things we need and want
positive incentive
trade off
economics
delayed gratification
16
Holding off on an immediate reward for a bigger reward in the future
guns and butter
thinking at the margin
specialization
delayed gratification
17
The option that you didn't choose when you make a decision is the _______.
unintended consequence
opportunity cost
incentive
trade-off
18
Why is there scarcity?
Because things have value
There is not scarcity in the U.S.
Because we can't have everything
because people's wants are unlimited, but resources are limited
19
A mutual fund is
an investment tool used to find and buy rare Niki shoes
variety of stocks, bonds & investments bundled together & managed by a pro
made up of only bonds and real estate
an index fund that is only open to certain investors
20
One example of a negative externality is
A consumer purchasing overpriced products
A company polluting a nearby river with their waste
A person eating potato chips
The government spending too much on the military
21
A trade off can be described as,
Giving up on an item you wish to purchase
Paying more for an item
An exchange of one thing for another
Paying less for an item
22
What concept is this referring to that we discussed in class?
thinking at the margin
trade-off
delayed gratification
opportunity cost
23
What is Stock Market?
A place where people can buy and sell stocks
when the value of stock is low
when the value of stock is low
value of stock of business going up
24
What is the opportunity cost of going to college in California instead of DCCC
Living in California
Getting an education
The beautiful beaches of California
Living in Poughkeepsie
25
Which is an example of thinking at the margin?
Is a business making a large enough profit?
Should a government tax a product?
Should a business move locations?
Is it worth buying one more slice of pizza?
26
The production possibility curve illustrates:
How many different possibilities there are for any product
Two resources.
Different combinations of two goods that can be produced
Efficiency of resource allocation.
27
A point along the Production Possibility Curve is:
achievable but inefficient
impossible to achieve
fully efficient
none of the others
28
What is opportunity cost?
What you give up when you make a choice.
The opportunity to go shopping.
What you pay for with a credit card.
The cost of a good or service.
29
What are the four factors of production
what to produce, for who to produce, how to produce it,
land, labor, capital, entrepreneurship
free market, command, traditional, mixed
time, money, labor, resources
30
Economy where the factors of production (i.e., factories and machines) are privately owned with no government at all
Command
Market
Mixed
Traditional
31
scarcity
the price
too much of something
when there is not enough of something
a movie
32
There is no such thing as a free lunch?
you put 5 slices on your plate, but only ate 3
Food is never free
Everyone should have access to food in the U.S.
everything has a cost
33
Your mom says she will take away your phone if you break curfew. This is a ___.
negative incentive
positive incentive
example of interdependence
example of scarcity
