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