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Unit 1 Economics revision 2017 Flashcards | StudBud
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Unit 1 Economics revision 2017
Unit 1 Economics revision 2017
20 terms
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StudBud Administration
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60 plays
Revise key knowledge from Unit 1
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
which one is an assumption of traditional economic thinking
informed decision making
rationality
marginal benefits from consumption
ordered preferences
2
what is the basic economic problem faced by all nations
relative scarcity
relative prices
limited needs and wants
scarcity
3
cost-benefit analysis is ...
comparison of expected costs of a project
comparison of expected benefits of a project
is it something we learnt???
comparison of expected costs & expected benefits of project
4
the two sector circular flow model involves which two sectors?
Households and government
households and pets
Government and businesses
businesses and households
5
If supply > demand, we have a ....
surplus
an equation
economics
shortage
6
if the price of oranges go up the demand curve will
move - expand
move - contract
shift left
shift right
7
relative prices are ....
the price of one good compared to anther good/service
a term we use in economics
one good and one other good
the price of something
8
An improvement in technology used in car manufacturing would result in:
higher equilibrium price and lower quantity traded
lower equilibrium price and higher quantity traded
higher equilibrium price and higher quantity traded
lower equilibrium price and lower quantity traded.
9
Which one is a complement to blueberries
oranges
steak
chocolate
raspberries
10
Which one is not a supply factor
climatic conditions
government intervention
production costs
disposable income
11
An industry that is classified as having perfect competition will
not
have:
consumer sovereignty.
ease of entry and exit by firms.
homogenous differentiation.
many buyers and sellers with a few dominant firms.
12
Opportunity cost is ....
something we learn in economics
value of next best alternative that's foregone
value of something foregone
next best alternative
13
A characteristic of an oligopoly is:
ease of entry by new firms.
only two firms in the industry.
product differentiation through advertising
perfect competition.
14
What are the three types of resources
humans, cats and capital
humans, capital and natural
capital, natural and labour
labour, capital and dogs
15
Capital resources refer to:
human-made items used to produce final goods and services.
gifts of nature that are suitable as productive inputs.
physical power provided by workers.
entrepreneurial skills assisting the productive process.
16
Which of the following is both a demand and supply factor?
productive capacity
business confidence
favourable weather conditions
interest rates
17
Which of the following factors would cause a shift in the supply curve?
adverse weather events
a decrease in disposable income
a fall in the price of a substitute
a change in consumer preferences
18
which of the following is not a need
twix chocolate bar
water
food
shelter
19
Living standards are ...
quality of life
access to goods and services
aggregate welfare of people in a country
material and non-material
20
Which of the following factors will result in a movement along the demand curve?
a change in the price of a complement
a change in the price
a change in disposable income
government intervention
