Unit 1: Intro to Economics Review

True or False: Real Costs are all of the resources used to produce a good or service

Which of the following is NOT an example of capital?

Pizza got more expensive, so I ate hot dogs instead. This is an example of:

Which of the following best defines Economics?

When my alarm went off this morning, it started to rain. Alarm clocks must cause rain!

Which of the following is not a Factor of Production?

What does the law of diminishing marginal utility state?

Which best describes a progressive tax?

Which of the following BEST describes the goal of the circular flow model?

Which of the following does not expand the Production Possibilities Frontier outward?

Which of the following is an incentive?

Any point lying outside the PPF indicates:

The law of demand states that when a goods price is lower, people will buy less of it

The primary way the government collects money

What is the law of supply?

Which of the following is an example of a durable good?

What is the primary goal of economic models?

What is a sunk cost?

Which of the following best defines the concept of comparative advantage in economics?

Which of the following is a disadvantage of a command economy?

What is an Opportunity Cost?

Economic activity stems from ritual, habit, or custom

What was the main purpose of the Sherman Anti-trust Act?

An invention would require the following type of intellectual property protection:

What is utility in an economic sense?

The six factors that can shift the demand curve are:

Negative incentives (disincentives) punish people for behaving in a certain way:

Barriers to entry make it difficult for new businesses in a certain industry.

I tried salmon and did not like it, therefore I must not like any type of fish.

Which of the following is a real world example of a market economy?

Identify whether the following is a positive or normative statement: Minimum wage laws cause unemployment.

Which historical figure heavily advocated for ideas such as communism?

Which of the following is not an advantage of a traditional economy?

If goods are elastic, demand is very ______ to a change in price

Adam Smith would most likely agree with which statement?