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