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Econ Intro Flashcards | StudBud
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Econ Intro
Econ Intro
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Questions
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Answers
1
An action or reward that motivates one to act a certain way is:
wealth
an incentive
a resource
capital
2
A movement or shift to the
right
of the PPC could be explained by
inefficient use of resources
producing more consumer goods
efficient use of resources
the introduction of new technology
3
Goods and services that are useful, relatively scarce and transferable are:
Needs
Non-durable goods
Economic products
Wants
4
What makes an economy inefficient?
it has high opporunity costs
some people could improve their economic status without hurting others
there is an opportunity to eliminate tradeoffs
it is not using all of its resources
5
What is the opportunity cost to move from point B and point C
losing 1 pound fish
gaining 1 pound of fish
losing 6 pounds of fruit
gaining 6 pounds of fruit
6
Land, Labor and Capital are bought and sold at
the Products Market
the Mall
the workplace
the Factor Market
7
The opportunity cost to move from point E to point F is:
a loss of 6 units of butter
a loss of 6 units of guns
a loss of 4 units of butter
a loss of 4 units of guns
8
What is the opportunity cost to move from Point E to Point D?
losing 3 pounds fish
gaining 5 pounds fruit
gaining 3 pounds fish
losing 5 pounds fruit
9
A bulldozer used in the construction of a house can best be described as
entrepreneurship
labor
land
capital
10
Point Z represents
attainable but inefficient
unattainable
efficient use of resources
attainable only with new technology or additional resources
11
Ariana makes Christmas ornaments to sell at a local flea market.
Factor Market
Product Market
12
What is the maximum number of consumer goods that an economy can produce while producing 44 units of capital goods?
0
impossible to tell
1
7
13
A popular model used to illustrate the concept of opportunity cost is
the PPC
the factors of production
the Circular Flow Model
a cost-benefit model
14
Holt Inc. pays a trucking company to ship its products.
Product Market
Factor Market
15
Manufactured good needed to produce other goods/serviced are
consumer goods
Gross Domestic Product
capital goods
nondurable goods
16
The factor payment for labor is:
Interest
Household income
Rent
Wages
17
Evan earns $25,000 in profit from his ownership in a bike shop.
Factor Market
Product Market
18
An economy operating along its PPC is operating
with slow economic growth
beyond its full potential
below its full potential
at its full potential
19
What are the factors of production?
goods and services
capital, land, labor
firms and households
capital, land, labor, entrepreneurship
20
In order for a good to be considered scarce, it must be:
limited and desired
limited
man-made
unlimited
