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unit one econ review
The study of Economics is...
When should i stop doing an activity
unit one econ review
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Flashcards
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Questions
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Answers
1
When should i stop doing an activity
MB>MC
impossible to tell
MB<MC
MB=MC
2
The study of Economics is...
The study of business
The study of choices
the study of people
the study of money
3
Karl Marx was..
the father of communism
the father of capitalism
the father of soicalism
unimportant
4
a point on the curve when looking at PPC means...
nothing to us
unemployment
perfectly efficient
impossible to have
5
The benefit goes down as you move to the right because...
Law of diminishing marginal utility
benefit does not always go down and to the right
cost goes up the more i do of something
utility
6
Scarcity means....
we are scared
we have enough of something
everything is limited
everything is unlimited
7
One would have more choice in which economic system?
Market
Command
Communism
Socialism
8
Incentives allow us to...
predict human behavior
punish people for a bad job
see if the government is working
reward people for a good job
9
Marginal utility is...
the extra cost of doing something
why the benefit line goes up
the extra happiness you get by doing one more of the activity
what we pay for public utilities
10
Circular Flows shows us...
how socialism works
how communism works
how a free market works
how capitalism works
11
Who answers the economic questions in a command economy?
Business
The government
the people
12
sleeping till noon. my opportunity cost is
nothing
watching cartoons
impossible to tell
unimportant since there is no money
13
In order for the PPC to shift outwards and to the right...
A factor of production has to change
we need to be on the curve
we need to be outside the curve
We need to make more
14
a 4 year degree is an example of...
Human capital
Entrepreneurship
Labor
Physical Capital
15
the basic economic question every country must answer...
How much to produce
All of them!
Who gets it?
what to produce
16
You start a new business is an example of....
Physical Capital
Entrepreneurship
Land
Human Capital
17
The first step in a decision making matrix is..
list the criteria
Define the problem
evaluate my results
list my choices
18
Adam Smith was...
some one unimportant
the father of socialism
the father of modern capitalism
the father of communism
