What is NOT a strength of a free market economy?

Handles rapid changes ("A to B") well

Which question is NOT used to determine elasticity?

Is this needed for something else?

What does the Production Possibilities Frontier show?

Total possible amount of goods/services made by a country

What is the fundamental economic problem?

We have unlimited wants, but limited resources

What does the paradox of value say?

Dollar value of a product doesn't match its utility

If a price is elastic, it means that...

It reacts strongly to changes in Demand

What is an opportunity cost?

What you missed out on choosing A over B

What is an opportunity cost of going to college?

Money that could've been earned working full time

studbud

Intro to Economics

12 termsStudBud Administration299 plays

Some of the basic items we've covered so far

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
What is NOT a strength of a free market economy?
Handles rapid changes ("A to B") well
none of the above
Easily meets consumer needs
Handles day-to-day shifts well
2
How many Economic systems are there?
1
2
4
3
3
Which question is NOT used to determine elasticity?
Does it take up a large portion of income?
Is this needed for something else?
Are there available substitutes?
Can the purchase be delayed?
4
What does the Production Possibilities Frontier show?
Total number of resources in a country
Total number of workers in a country
Total possible amount of money produced by a country
Total possible amount of goods/services made by a country
5
What is the fundamental economic problem?
We have unlimited wants, but limited resources
Economics is difficult
Choosing different things costs us different amounts
We have to make choices
6
What does the paradox of value say?
Dollar value of a product doesn't match its utility
Prices are determined by Supply/Demand
None of the above
More valuable products are harder to make
7
Which Factor of production is lumber a part of?
Entrepreneurship
Labor
Land
Capital
8
Which Factor of Production would money be associated with?
Labor
Capital
Entrepreneurship
Land
9
If a price is elastic, it means that...
It reacts strongly to changes in Demand
It doesn't react to changes in Demand
It reacts weakly to changes in Demand
It reacts strongly to changes in fiscal policy
10
What is an opportunity cost?
The pros and cons of your choice
The cost of what you chose
What you missed out on choosing A over B
none of the above
11
What is an opportunity cost of going to college?
Having to sit in lectures
Money that could've been earned working full time
Getting a degree
Gas money spent driving to class
12
What is NOT a question used to answer the F.E.P.?
What to make
Why to make
How to make
For whom to make

Intro to Economics Flashcards | StudBud