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Economics Intro Flashcards | StudBud
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Economics Intro
Economics Intro
26 terms
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First section of Econ
Flashcards
26 cards
F
Practice quiz
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Host live
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Questions
26
Answers
1
A coupon for a store would be an example of what?
rationing
cost
competition
incentive
2
Competition exists because of what?
scarcity
externalities
opportunity cost
incentives
3
Your opportunity cost is your?
last choice
first choice
second choice
all your choices
4
Resources are...
unlimited
undecided
varies with place
limited
5
Which of the following is not a good?
blow dryer
scissors
barber
hairbrush
6
A field of wheat would be an example of what?
Land
Labor
Capital
Entrepreneur
7
A hammer would be an example of what?
Entrepreneur
Land
Capital
Labor
8
In scarcity what is unlimited?
wants
labor
resources
capital
9
A stocker would be an example of what?
Labor
Entrepreneur
Land
Capitalq
10
The more apples I eat the less apples I want. This is know as__________ benefit
cost
marginal
decreasing
alternative
11
Why do rationing devices exist?
scarcity
price
externalities
tragedy of commons
12
A cashier at Burger is an example of what?
Labor
Land
Capital
Entrepreneur
13
In order to be considered a good things must be
tangible
intangible
flavorful
renewable
14
Do you think this test is going to be hard?
Don't bother me I'm sleeping
Piece of cake
Did we learn any of this?
I think I'm in the wrong class
15
This is a positive gain.
scarcity
competition
Cost
benefit
16
Unintended consequences for someone else
incentive
externality
benefit
cost
17
I could be home sleeping but instead I'm playing this. This is an example of what?
incentive
labor
trade-off
scarcity
18
Which of the following is not a service?
mechanic
waitress
lawyer
school bus
19
What is the definition of economics?
study of scarcity
they are all acceptable definitions
study of resources and allocation
study of choices people make
20
The most common rationing device is what?
weight
location
price
age
21
Would you be happy if we started to watch a movie after the test?
Does it really matter I'm just gonna sleep anyway >:(
Dude, like def for shizzle
No freaking way Bart
I prefer the book over the movie
22
A theory is?
not something to worry about
a proven fact
an idea that is wrong
explanation of how something works
23
Additional is another word for
entrepreneur
benefit
marginal
capital
24
What would minerals be considered?
capital
entrepreneurship
labor
land
25
Bill gates is an example of what?
Land
Labor
Entrepreneur
Capital
26
The opportunity cost of trading 30 carrots for 45 lemons would be what?
45 lemons
30 lemons
30 carrots
45 carrots
