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Economics introduction - Foundation Quiz Flashcards | StudBud
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Economics introduction - Foundation Quiz
Economics introduction - Foundation Quiz
19 terms
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StudBud Administration
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#Economics #introduction #definition #scarcity #opportunity cost #economic systems #resources #PEP
Flashcards
19 cards
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Questions
19
Answers
1
The opportunity cost of moving from point D to B is:
60 butter & 8 guns
20 guns
4 guns
The is no opportunity cost
2
Production can be defined as:
Activity that turns raw materials into finished goods
Any activity that is designed to satisfy wants
Making and selling of goods and services that satisfy wants.
activity that makes profit
3
The basic economic problem is:
Rising prices
Scarcity of resources
Low economic growth
Unemployment
4
A claimed advantage of command economies is:
They are more equitable
People get what they value most
The promote innovation
They have better national anthems
5
500 X & 300 Y can be produced. OR 600X and 250Y. What is the OC of producing the extra X?
100y
The extra wages
250y
50y
6
The Opportunity cost of a good is:
How much it is worth to the owner
the benefit from the next best thing foregone
The total cost
What it can be sold for
7
On the PPF point B is:
illegal
A sensible option
Inefficient
Unobtainable
8
Which of the following is not included in the study of Economics?
Scarce resources
Opportunity cost
What people should buy
Choice
9
Which of the following are claimed as advantages of free market economies?
It allocates the resources to people that value them most
It promotes environmentally beneficial outcomes
It is more equitable
It provides laws and regulations
10
An entrepreneur is someone who:
Owns a factory
Takes risks and decisions necessary to organise resources
Is a supervisor
Is a producer
11
A conservative politicians
Make ideological changes
Fight for equality
Want change
Pragmatically react to circumstances
12
The main economic questions are:
How much, What, When
When, What, for Whom
Incentives, choice and scarcity
For Whom, What, How
13
A mixed economy has:
Public and Private sectors
Farms and Factories
Goods and services
Capital and Consumer goods
14
"
From each according to his ability, to each according to his needs"
was popularised by:
Ronald Reagan
Karl Marx
John Maynard Keynes
Adam Smith
15
In a free market economy the price mechanism:
Makes profit for firms
Helps the government provide services
Measure the total wealth
determines the allocation of resources
16
In Econ Resources are also known as:
Workers and machines
Factors of production
Raw materials
Profits
17
On the diagram, point A is:
Inefficient
unobtainable without increasing potential output.
Represents Unemployment
America
18
The opportunity cost of increasing Butter prodn from 4 to 5 units is:
The is none
4 Guns
5 Guns
1 Gun
19
The problem of what to produce in a command economy is answered by:
The profit motive
Market forces
Government directives
Consumers
