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Introductory Concepts in Economics
Introductory Concepts in Economics
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Introductory Concepts from the initial chapters common to Micro- and Macroeconomics. #economics
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Answers
1
What is X in the equation C+I+G+X =GDP
net exports and imports
Business Investment
What is produced as tallied by the economy's demand side
Consumer spending
2
The latest, greatest fashions generallly tend to be
inelastic goods
elastic goods
3
Positive economics explains
the economic development of the human race
how we can make the most our of scarce goods
how just a spoonful of sugar makes the medicine go down
just the observable facts about the economy
4
He expounded upon topics such as free trade, invisible hand, laissez-faire, etc.
Karl Marx
Adam Smith
John Maynard Keynes
5
Who wrote the
Wealth of Nation
s
in 1776
Adam Smith
Karl Marx
John Maynard Keynes
6
In Economics, elasticity simply measures
malleabiltiy
price sensitivity
durability
conductivity
7
A holiday sale shopper or a coupon-user tends to be
price-inelastic
price-elastic
8
Who wrote
Das Kapital
in 1867?
John Maynard Keynes
Karl Marx
Adam Smith
9
Ceteris paribus
(other things being equal)
is used to promote egalitarian systems
reflects real world behavior and outcomes
is used to level the playing field for all entrepreneurs
is used in the analysis of complex, multivariate systems
10
Natural catastrophes, war, and large scale irrational consumer behavior can all cause
near side market failures
demand side market failures
supply side market failures
far side market failures
11
Economics assumes that human behavior reflects
jealousy and envy
unbridled greed
rational self-interest
self-sacrifice and heroism
12
Price ceilings create
shortages
market equilibrium
demand for price flooring
surpluses
13
Which of the following is not a common way to organize a business in the USA?
A Limited Partnership
A Corporation
A Confederation
A Sole Proprietorship
14
He advocated some government involvement, 'priming the pump', 'in the long run we are all dead'
John Maynard Keynes
Adam Smith
Karl Marx
15
As price increases, quantity decreases; and
vice versa
Law of Correlation
Law of Supply
Law of Inversion
Law of Demand
16
Price floors create
market equilibrium
demand for price ceilings
surpluses
shortages
17
The production possibility curve reflects the production mix attainable given
adoption of market capitalism
profit maximization
current resources and technology
society's optimal choice
18
The most common negative externality produced by industrial manufacturing is
Our county voters tend not to be for free trade
increased bar fights and hooliganism
our County produces higher levels of pollution
the production of manufactured goods
19
The drug heroin is an example of a(n)
inelastic good
elastic good
a no good
20
If it's good enough for America, it's good enough for the world may be an example of
loaded terminology
correlation not causation
fallacy of composition
post hoc ergo propter hoc
21
As price increases, quantity increases; and
vice versa
Law of Demand
Law of Supply
Law of Correlation
Law of Inversion
22
Natural catastrophes, crop failures, war, and trade embargoes can all cause
supply side market failures
demand side market failures
far side market failures
near side market failures
23
China may have the 2nd largest economy/GDP in the world, but its per capita GDP is less than
Congo's
Mexico's
India's
Haiti's
24
Which is not a question generally asked by economists?
For whom to produce?
Why?
What to produce?
How to Produce?
25
Which of the following can cause a shift in a product's demand curve?
a rise in local area population
a change in resource pricing
increased number of suppliers
increased corporate taxation
26
Which can be an advantage of totalitarian, fascist/traditionalist systems of allocation?
egalitarian, emphasis on meeting social needs emphasized
long decision-making process
decisiveness
celebrating and rewarding individuality emphasized
27
Which of the following can cause a shift in a product's demand curve?
a tax subsidy to producers
new technology
the discovery that it causes cancer
increased corporate taxation
28
He is often called the Father of Modern Economics.
Ronald Reagan
Friedrich Hayek
The Donald
Adam Smith
29
Economics is a term given to us by the great Greek thinkers. It derives from
oikonomia:
law/rule of the city-state
law/rule of the land
law/rule of the household
30
Which is a major advantage of communist, socialistic systems of allocation?
egalitarian, emphasis on meeting social needs emphasized
decisiveness
monopolistic tendencies, long decision-making process
celebrating and rewarding individuality emphasized
31
He noted 'the rich get richer, the poor poorer', and 'the tendency toward monopolization'.
Karl Marx
Adam Smith
John Maynard Keynes
32
Preconceptions or unsubstantiated opinions lead to what fallacy of reasoning?
loaded terminology
post hoc ergo propter hoc
biases
fallacy of composition
33
Which of the following can cause a shift in a product's demand curve?
increased corporate taxation
an increase in the state's sales tax rate
increased number of suppliers
a change in resource pricing
34
What is I in the equation C+I+G+X =GDP
Business Investment
What is produced as tallied by the economy's demand side
Consumer spending
net exports and imports
35
What is C in the equation C+I+G+X =GDP
What is produced as tallied by the economy's demand side
Business Investment
net exports and imports
Consumer spending
36
Why is Economics sometimes referred to as the 'Dismal Science'?
Scarcity restricts options and demands choice.
There's no free lunch.
Manifesting wealth and riches has its limits
You don't always get what you wanted.
37
Often used in media and advertising, these words and phrases can obscure objective analysis.
post hoc ergo propter hoc
biases
loaded terminology
fallacy of composition
38
What fallacy deals with granting causality simply due to one event preceding another?
loaded terminology
biases
post hoc ergo propter hoc
fallacy of composition
39
Which of the following can cause a shift in a product's demand curve?
increased corporate taxation
a change in resource pricing
new technology
a celebrity endorsement of the product
40
Which can be an advantage of democratic, capitalist systems of allocation?
decisiveness
celebrating and rewarding individuality emphasized
long decision-making process
egalitarian, emphasis on meeting social needs emphasized
41
Which of the following is
untrue
about entrepreneurship?
They innovate and commercialize products
They take risks, but reap large rewards when successful
they combine resources in ways to produce goods and services
They work in government, Think Tanks, and Universities
42
The longer into a teacher's lecture the more glazed students' eyes become demonstrates
the law of diminishing returns
the boringness inherent in studying economics
that sleep is the true opportunity cost of taking economics
the entrepreneurial skills of economics teachers
43
What is E in the supply side statement LLEC
Externality
Energy
Entrepreneurship
Elasticity
44
What is GDP in the equation C+I+G+X =GDP
Business Investment
net exports and imports
Consumer spending
What is produced as tallied by the economy's demand side
45
Affordable clothing is generallly an example of a(n)
a no good
elastic good
inelastic good
46
Which is a major disadvantage of totalitarian, fascist systems of allocation?
monopolistic tendencies, long decision-making process
poor at celebrating and rewarding individuality
non-egalitarian, meets primarily the needs of the empowered
excessive decisiveness, no checks and balances
47
Who wrote
the General Theory of Employment, Interest, and Money
in 1936?
John Maynard Keynes
Adam Smith
Karl Marx
48
Which is a major disadvantage of democratic, capitalist systems of allocation?
decisiveness
celebrating and rewarding individuality emphasized
monopolistic tendencies, long decision-making process
egalitarian, emphasis on meeting social needs emphasized
49
Marginal analysis focuses on:
comparing the cost and benefits of tiny incremental changes.
obtaining the best results for even those on the margins.
suspending the concept of scarcity
the effects of policy on the marginalized
50
Which is a major disadvantage of communist, socialistic systems of allocation?
monopolistic tendencies, long decision-making process
egalitarian, emphasis on meeting social needs emphasized
decisiveness
poor at celebrating and rewarding individuality
