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Basic Economics Flashcards | StudBud
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Basic Economics
Basic Economics
20 terms
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Basic questions about economics and a few random trivia questions. #economics #trivia
Flashcards
20 cards
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Questions
20
Answers
1
Which of the following is NOT a want?
2015 Toyota 4Runner
A house
Gibson Les Paul guitar
iPhone 6+
2
_____ is the branch of economics that deals with the economy as a whole.
Economics
Macroeconomics
Microeconomics
Big business
3
Sacrificing one product for another is called a(n) _________.
Economic problem
Trade-off
Fish stick
Economic rule
4
Which of the following is NOT a need?
Cell phone
H2O
Pizza
Tent
5
What is taphephobia?
Fear of being tapped on the shoulder from behind.
Fear of being buried alive.
Fear of guns.
Fear of whales.
6
Who first mentioned the idea of a capitalist economy?
Donald Trump
Adam Smith
Scrooge McDuck
Thomas Paine
7
Someone who suffers from oneirophobia is scared of what?
Dreams
Cyclops
The number '1'
Being alone
8
________ is the branch of economics that deals with the behavior and decisions of individuals.
Microeconomics
Freedom of Choice
Macroeconomics
Economics
9
Which system is focused on the freedom of choice?
Market
Supermarket
Command
Traditional
10
Which of the following is not a characteristic of the American economy?
Freedom of enterprise
Profit incentive
Competition
Government control of resources
11
Which is NOT one of the three basic questions of economic systems?
For whom should the product be produced?
How should the product be produced?
Why should the product be produced?
What should be produced?
12
Laissez-faire means __________.
Lassie and Free Willy
Let people do as they choose.
Less fair
Lazy and free
13
Which of the following is NOT a type of economic system?
Command
Market
Traditional
Supermarket
14
What film is "Hello, my name is Inigo Montoya. You killed my father. Prepare to die." from?
The Sword in the Stone
Harry Potter
The Princess Bride
Pirates of the Caribbean
15
What is the basic problem of economics?
Unemployment is rising.
Scarcity
Not enough money.
Debt
16
Which system is centered around doing things the way they have always been done?
Traditional
Mixed
Market
Command
17
The value of the next best alternative given up for what was chosen is the _________.
Choice
Cost of production
Opportunity cost
Trade-off
18
Which of the following is NOT a factor of production?
Money
Capital
Entrpreneurship
Labor
19
___________ is the study of how limited resources are used to satisfy unlimited wants
Microeconomics
Economics
Macroeconomics
Supply and Demand
20
The maximum combinations of goods and services that can be produced with limited resources.
Possibilities flow model
Supply and demand curve
Supply possibilities curve
Production possibilities curve
