Econ Review Ch. 1

Question 1

An example of underutilization is an economy

Accepted Answer

making fewer books and phones than they are capable of

Question 2

The study of the behavior of individual players in an economy, such as families, and businesses

Accepted Answer

microeconomy

Question 3

A way of describing and explaining what economic behavior ought to be, not the way it is

Accepted Answer

normative economiccs

Question 4

The value of the next-best choice, or what you give up by choosing one alternative over another

Accepted Answer

opportunity cost

Question 5

A person who buys goods or services for personal use is

Accepted Answer

a consumer

Question 6

This chart is useful for studying changes over time

Accepted Answer

line graph

Question 7

National unemployment rates would be studied by a

Accepted Answer

macroeconomist

Question 8

The one question that scarcity does not lead societies to address is

Accepted Answer

Where are we going to get more labor from?

Question 9

PPC stands for

Accepted Answer

production possibilities curve

Question 10

The benefit or satisfaction gained from the use of a good or service is called

Accepted Answer

utility

Question 11

"Americans buy too many cars and do not use mass transit enough" would be said by a

Accepted Answer

normative economist

Question 12

A decision-making grid is an example of

Accepted Answer

cost-benefit analysis

Question 13

The radio was first used in the White House by this US President

Accepted Answer

Abraham Lincoln, Warren G. Harding

Question 14

To be a successful entrepreneur requires a willingness to

Accepted Answer

take risks

Question 15

Which one is not a factor of production?

Accepted Answer

Scarcity

Question 16

At point B, this company is running at

Accepted Answer

efficiency

Question 17

At point X, the company is running at

Accepted Answer

underutilization

Question 18

A mechanic fixing your car's radiator is an example of

Accepted Answer

service

Question 19

The combination of vision, skill, ingenuity, and willingness to take risks for a new business

Accepted Answer

Entrepreneurship

Question 20

A practice of examining the costs and expected benefits of a choice to aid decision making

Accepted Answer

cost-benefit analysis

Question 21

Who wrote, The Wealth of Nations?

Accepted Answer

Adam Smith

Question 22

The prefix, "micro", means what?

Accepted Answer

small

Question 23

Adam Smith argued that a nation would be wealthier if it engaged in

Accepted Answer

free trade

Question 24

An example of a want is

Accepted Answer

iPhone

Question 25

This graph is useful for comparing numbers or sets of numbers

Accepted Answer

bar graph

Econ Review Ch. 1

Questions 25

Econ Review Ch. 1

Questions 25