Which question is NOT used to determine elasticity?

Is this needed for something else?

What is NOT a strength of a free market economy?

Handles rapid changes ("A to B") well

What does the paradox of value say?

Dollar value of a product doesn't match its utility

What does the Production Possibilities Frontier show?

Total possible amount of goods/services made by a country

What is an opportunity cost of going to college?

Money that could've been earned working full time

If a price is elastic, it means that...

It reacts strongly to changes in Demand

What is the fundamental economic problem?

We have unlimited wants, but limited resources

What is an opportunity cost?

What you missed out on choosing A over B

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Intro to Economics

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Questions 12

Answers

1
Which question is NOT used to determine elasticity?
Can the purchase be delayed?
Is this needed for something else?
Does it take up a large portion of income?
Are there available substitutes?
2
What is NOT a strength of a free market economy?
Handles rapid changes ("A to B") well
none of the above
Handles day-to-day shifts well
Easily meets consumer needs
3
Which Factor of production is lumber a part of?
Labor
Land
Entrepreneurship
Capital
4
How many Economic systems are there?
4
3
2
1
5
What does the paradox of value say?
Prices are determined by Supply/Demand
None of the above
Dollar value of a product doesn't match its utility
More valuable products are harder to make
6
What is NOT a question used to answer the F.E.P.?
For whom to make
What to make
How to make
Why to make
7
What does the Production Possibilities Frontier show?
Total number of workers in a country
Total number of resources in a country
Total possible amount of goods/services made by a country
Total possible amount of money produced by a country
8
What is an opportunity cost of going to college?
Getting a degree
Having to sit in lectures
Gas money spent driving to class
Money that could've been earned working full time
9
If a price is elastic, it means that...
It reacts strongly to changes in Demand
It doesn't react to changes in Demand
It reacts weakly to changes in Demand
It reacts strongly to changes in fiscal policy
10
What is the fundamental economic problem?
We have to make choices
Economics is difficult
We have unlimited wants, but limited resources
Choosing different things costs us different amounts
11
What is an opportunity cost?
The pros and cons of your choice
none of the above
What you missed out on choosing A over B
The cost of what you chose
12
Which Factor of Production would money be associated with?
Capital
Labor
Entrepreneurship
Land

Intro to Economics Flashcards | StudBud