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PFL+Eco Unit 1 Basics of Economics Flashcards | StudBud
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PFL+Eco Unit 1 Basics of Economics
PFL+Eco Unit 1 Basics of Economics
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Flashcards
29 cards
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Questions
29
Answers
1
What is the opportunity cost of moving from point B to D?
8 bus tickets
1 burger
2 burgers
6 bus tickets
2
If the price of wood goes up, the equilibrium price of wooden desks will
decrease
increase
not change
3
As price increases, quantity demanded will increase.
True
False
4
Which of the the following interaction takes place in the resource market?
Firms buy goods and services from households
Households buy labor from firms
Firms buy labor from houseolds
Household sells goods and services to firms
5
An increase in the price of houses will probably result in...
increase in quantity of houses demanded
decrease in quantity houses demanded
decrease in supply of houses demanded
shift to the right of the supply curve for houses
6
An increase in resources or new technology will cause the production possibilities curve...
to flatten
to stay the same, just move to a higher point
to shift left
to shift right
7
Sarah works at HEB as a cashier. Which arrow represents her labor?
C
D
B
A
8
Can you buy 9 tacos and 10 pizzas?
No, it requires more money than you have.
Yes, you have enough money
9
What is the opportunity cost of moving from B to C?
2 computers
4 computers
2 bicycles
12 bicycles
10
What price reflects where gas consumers will buy exactly as much gas as sellers will provide?
$1.00
$1.40
$1.60
$2.00
11
Which point is impossible, given current resources?
F
E
G
D
12
David goes to Gamestop to buy the latest video game. What arrow represents his paying for the game?
A
B
C
D
13
Opportunity cost is...
the item you choose to make the most of
the most desirable alternative given up for a decision
all of the alternatives given up for a decision
the product with the least impact on resources
14
A product that is almost the same as another product and can be used instead is called a
surplus
substitute
shortage
scarcity
15
If you buy 9 pizzas, how many tacos can you buy?
0
12
3
6
16
Which arrow represents goods and services provided by firms to households?
A
B
C
D
17
Which letter in the circle flow model represents wages paid to a household for labor?
A
D
C
B
18
Look at the monetary flow. Identify the market.
Product
Resource
19
People's desires (wants & needs) often exceed their resources, which leads to the problems of
feast or famine
scarcity and choice
demand shift
change in quantity supplied
20
Which arrow represents firms providing money to households for land, labor, and capital?
C
A
B
D
21
What is the equilibrium price?
$2
$3
$4
$1
22
Look at the monetary flow. Identify the market
Resource
Product
23
Choose the statement that is true...
As price goes down, quantity demanded goes down.
As the price goes up, quantity demanded goes down.
As price goes down, quantity supplied goes up.
As price goes up, quantity supplied goes down.
24
Mark went to work right after high school but quit to go to college. What is the opportunity cost of this decision?
Cost of college
Cost of uniform he wore at his job.
The time it takes to graduate
The income from his job
25
When an economy maximizes the goods and services it can produce, that economy is operating...
freely
efficiently
inefficiently
unattainably
26
When the price goes up, the quantity supplied will...
stay the same
decrease
increase
27
In this production possibilities graph, what does point F represent?
New technology has been discovered.
The economic is using resources efficiently.
The economy is not using resources efficiently.
The country is trying to produce more goods and services
28
In a circle flow model, households provide ___________ to firms in the product market.
money for resources
factors of production
labor
money for goods and services
29
What is the opportunity cost of moving from E to D?
6 computers
2 computers
8 bicycles
6 bicycles
