stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
MicroMacro Review 2 Flashcards | StudBud
Explore
/
MicroMacro Review 2
MicroMacro Review 2
12 terms
·
StudBud Administration
·
791 plays
Review for final
Flashcards
12 cards
F
Practice quiz
P
Host live
L
Questions
12
Answers
1
The principle that states the more you have of something, the less satisfaction you get ...
Law of demand
Price elasticity
Law of diminishing marginal utility
Law of equilibrium
2
Economists look at the ____ or change in price for a group of goods to determine inflation.
CPI
GNP
GDP
CPX
3
In a business cycle, when economic activity rises after a trough the cycle is in what phase?
Deflation
Depression
Expansion
Contraction
4
Businesses can make decisions about the best use of their resources by analyzing _____.
Economic pricing modes
Government policies
Production possibilities curves/graphs
Generalizations about consumer behavior
5
Specialization is what?
Condition where resources are devoted to certain tasks
When you are really good at everything
Resources going to the highest bidder
When you do something and you get recognized
6
Entrepreneurship refers to the ability to ...
borrow capital successfully and expand an existing business
manage other people
adapt technology efficiently
start new business, introduce new products and processes
7
Discouraged workers
Increase the unemployment rate
Cause the unemployment rate to fall
Cause the economy to plummet
Do not affect the economy
8
The value of the next best alternative that has to be given up for the chosen action is called?
trade-off
factor of production
productivity
opportunity cost
9
Degree of wealth, comfort, material goods, and necessities available to a given population.
Wealth
Standard of living
Quality of life
Materialism
10
Greater economic freedom is associated with which of the following?
Lower life expectancy
Greater economic growth
Terrorism
Political repression
11
According to the law of demand, when the price of an item goes up the quantity demanded ...
Adjusts accordingly
Stays the same
Falls
Rises
12
Which of the following contributes LEAST to economic growth?
Greater economic freedom
Large amounts of natural resources
High investment in physical and human capital
Low rates of inflation
