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ECON: Chapter 1 (1) Flashcards | StudBud
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ECON: Chapter 1 (1)
ECON: Chapter 1 (1)
24 terms
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StudBud Administration
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43 plays
Economics Introduction
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is another named for the production possibilities curve?
production possibilities border
production possibilities frontier
production possibilities edge
production possibilities perimeter
2
When John Deere trains its employees to use a new computer system, this is considered......
increasing its physical resources
increasing its human capital
increasing its physical labor
increasing its physical capital
3
How many TVs are being produced at point 2?
5,000
9,000
7,000
3,000
4
Which of the following represents production that is impossible to attain?
point 7
point 4
point 2
point 6
5
What does a point inside the curve of a PPC indicate?
more resources are required
less resources are required
all resources are NOT fully employed
all resources are fully employed
6
The beef that goes on a McDonald's hamburger is considered.....
Land
Capital
Physical Capital
Labor
7
Which means making decisions based on what you believe is the best combo of costs and benefits?
motivating
cutting back
economic reasoning
budgeting
8
Which is not considered a need?
Food
Television
Shelter
Clothing
9
What does the saying “There is no such thing as a free lunch” mean?
most things cost nothing
most things cost something
some things cost nothing
everything costs something
10
Which of the following would MACROeconomics study?
a general rise in prices
a decline in coffee process
the work habits of students
the success rate of sandwich shops
11
How many trucks are being produced at point 3?
1,000
4,000
3,000
2,000
12
Who wrote
The Wealth of Nations
?
Thomas Malthus
Karl Marx
Alexander Hamilton
Adam Smith
13
After Hurricane Katrina hit Louisiana in 2005, cases of water started selling for over $30 due
to Shortage
to Scarcity
14
A rare original Coca-Cola advertising sign is an expensive collector's item because of
Scarcity
Shortage
15
Which of the following buys goods for personal use?
Producer
Advocate
Consumer
Client
16
Which of the following shows the production of 4,000 TVs and 3,000 trucks?
point 2
point 4
point 3
point 6
17
When production is shifted from making one good to another, the trade-off is always equal
True
False
18
Which of the following best describes wants?
unlimited and ever changing
unlimited and never changes
limited and ever changing
limited and never changes
19
A country's production possibilities frontier will move to the right if it .....
makes more trade-offs
lowers its opportunity costs
produces more consumer goods over military goods
increases its population
20
Into what four categories do economist divide factors of production?
resources, labor, capital, and entrepreneurship
land, labor, money, and entrepreneurship
resources, labor, money, and entrepreneurship
land, labor, capital, and entrepreneurship
21
Which of the following examines the costs and expected benefits of a choice?
choice-benefit analysis
cost-benefit analysis
cost-profit analysis
choice-profit analysis
22
Which is especially useful for comparing data?
bar graph
line graph
pie graph
circle graph
23
Which of the following involves using resources to make the max amount of goods and services?
overefficiency
efficiency
underutilization
utilization
24
Which of following shows underutilization?
point 6
point 4
point 7
point 1
