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Chapter 1 and 2 Economics Flashcards | StudBud
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Chapter 1 and 2 Economics
Chapter 1 and 2 Economics
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Economics Introduction
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What does a point inside the curve of a PPC indicate?
less resources are required
more resources are required
all resources are NOT fully employed
all resources are fully employed
2
Who wrote
The Wealth of Nations
?
Thomas Malthus
Alexander Hamilton
Adam Smith
Karl Marx
3
What is another named for the production possibilities curve?
production possibilities perimeter
production possibilities frontier
production possibilities edge
production possibilities border
4
Which of the following shows the production of 4,000 TVs and 3,000 trucks?
point 3
point 4
point 6
point 2
5
Which means making decisions based on what you believe is the best combo of costs and benefits?
budgeting
economizing
motivating
cutting back
6
Which of following shows underutilization?
point 7
point 6
point 1
point 4
7
Which of the following would macroeconomics study?
a decline in coffee process
the success rate of sandwich shops
a general rise in prices
the work habits of students
8
Which is especially useful for comparing data?
bar graph
circle graph
line graph
pie graph
9
Which of the following buys goods for personal use?
Advocate
Producer
Client
Consumer
10
Which of the following best describes wants?
limited and never changes
unlimited and never changes
limited and ever changing
unlimited and ever changing
11
What does the saying “There is no such thing as a free lunch” mean?
most things cost something
most things cost nothing
some things costnothing
everything costs something
12
Into what four categories do economist divide factors of production?
land, labor,money, and entrepreneurship
land,labor, capital, and entrepreneurship
resources,labor, capital, and entrepreneurship
resources,labor,money, and entrepreneurship
13
Which of the following explains economics as it should be?
normative economics
positive economics
macroeconomics
microeconomics
14
How many TVs are being produced at point 2?
9,000
3,000
5,000
7,000
15
Which is not considered a need?
Food
Television
Shelter
Clothing
16
How many trucks are being produced at point 3?
1,000
3,000
4,000
2,000
17
Which of the following examines the costs and expected benefits of a choice?
choice-benefit analysis
cost-profit analysis
choice-profit analysis
cost-benefit analysis
18
Which of the following involves using resources to make the max amount of goods and services?
overefficiency
underutilization
utilization
efficiency
19
Which of the following explains economics as it is, not as it should be?
positive economics
negative economics
microeconomics
macroeconomics
20
Which of the following represents production that is impossible to attain?
point 2
point 6
point 4
point 7
