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Intro Topics Review Flashcards | StudBud
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Intro Topics Review
Intro Topics Review
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Questions
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Answers
1
Which point on the production possibilities frontier is considered "efficient"?
I
J
A
H
2
Which term refers to a cost that has already been incurred and cannot be recovered?
opportunity cost
accounting cost
sunk cost
marginal cost
3
This shift in the production possibilities curve would most likely occur if
the entire country was required to complete an advanced degree
a new technology was created that made production easier
a country's population increased
an earthquake struck, destroying valuable natural resources
4
An example of a want is
cancer treatment if you have potentially malignant cancer
steak dinner at Ruth's Chris
drinkable water
necessary time to sleep
5
What factor of production is best represented in the picture?
Land
Labor
Physical Capital
Entrepreneurship
6
An example of a need is
iPhone
cable TV
drinkable water
hair salon appointment
7
What factor of production is best represented in the picture?
Land
Human Capital
Labor
Physical Capital
8
Things we would like to have but are not necessary for survival, such as entertainment and vacations, are
wants
needs
profits
trade-offs
9
This type of economy features elements of both a command and market economy
Communism
Tradional
Mixed
Multi-use
10
Things that are required for survival, such as food, clothing, and shelter
economic problems
wants
needs
trade-offs
11
Which of the following represents a potential opportunity cost of going to The Gap and spending $5 to buy a shirt?
Any one of the above, depending on which was your best alternative
Not being able to spend the $5 on pants
Not being able to spend the $5 on ice cream
Not being able to spend the $5 at a concert
12
What factor of production is best represented in the picture?
Labor
Human Capital
Entrepreneurship
Land
13
What was the opportunity cost to the Jaguars re-signing their star tight end Evan Engram this past offseason?
Re-signing other good players with the large sum of money given to Engram
Trevor's beautiful hair
Evan Engram signing with another team
All of the above
14
Considered an early founder of economics, he developed the term “the invisible hand”, written in the
Wealth of Nations
Paul Samuelson
Larry Summers
Paul Krugman
Adam Smith
15
What factor of production is best represented in the picture?
Land
Labor
Human Capital
Entrepreneurship
16
If an economy is producing at a point underneath (to the left of) the production possibilties curve, they
have unused resources that are available
are producing at maximum potential
they have experienced a loss of resources
must acquire more resources to produce more goods
17
What factor of production is best represented in the picture?
Labor
Physical Capital
Land
Entrepreneurship
18
This term is best described by the fact people have unlimited wants but only limited resources to satisfy those wants
limited choices
scarcity
opportunity cost
needs
19
Barter, trading goods instead of the use of money, is a feature of this type of economy
command
market
traditional
mixed
20
How many packs of Smarties should you eat in the below example?
5
4
1
3
21
"Creative destruction" is a prominent feature of this type of economy
market
command
traditional
22
Which of the following points on the production possibilities frontier is not possible?
H
A
G
I
23
The cost of any action as measured by what you could have done instead (your best alternative) is known as what?
opportunity cost
marginal cost
production cost
sunk cost
24
A new technology can shift the production possibilities curve to the right.
True
False
25
The curve of the production possibilities frontier is determined by
the opportunity costs of producing one good vs the other
shrinkage
the shape of the rainbow
the will of people to produce goods or services
26
In this economic system, also known as capitalism, production and pricing decisions are made by individuals / businesses
market
traditional
command
27
An economy in which production decisions, prices and incomes are determined centrally by a government
command
traditional
market
