Which is an example of economic theory

an explanation as to why raising price causes less sales.

There would be no need to study economics if

there were enough resources to meet people's demands

When classifying factors of production, capital refers to:

machinery and equipment to produce goods and services

Incomes received by: entrepreneurs, by labor and by land owners and capital resources

profits, wages, rent and interest

The opportunity cost of going to school rather than working is the

wages which could have been earned

The relative importance a person assigns to a various actions or alternatives:

reflects the person's value judgements

is equal to the value of what is given up to take the action

Disputes about economic theories:

come from disagreements about choices of var and assumptions

A salaried doctor, a gold mine, the owner of a bike shop and a tractor are examples of:

labor, land, entrepreneurship, capital

studbud

Why Economics

18 termsStudBud Administration188 plays

Answer the following economic questions

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
Which is an example of economic theory
an explanation as to why raising price causes less sales.
a tax cut to increase spending by business and government
The behavior of the economy for one year
statistics showing the change in unemployment rate in 2008
2
Wages are earned by
entrepreneurs
owners of capital
suppliers of labor
owners of land
3
There would be no need to study economics if
people were free to do whatever they wanted with their lives
all of these
there was no control of government action
there were enough resources to meet people's demands
4
The factor of Production that organizes activity and bears the risk of success or failure is
land
labor
capital
entrepreneurship
5
When classifying factors of production, capital refers to:
all of these
stocks bonds and money
machinery and equipment to produce goods and services
the financial payments by an entrepreneur
6
Incomes received by: entrepreneurs, by labor and by land owners and capital resources
interest, rent, wages and profits
rent, wage, interest, profits
profits, rent, wages interest
profits, wages, rent and interest
7
A tractor used to harvest a corn crop on a farm is
labor
land
entrepreneurship
capital
8
The opportunity cost of going to school rather than working is the
cost of getting to and from school
cost of tuition and housing
cost of food and clothing
wages which could have been earned
9
Increasing efficiency will:
have no effect on scarcity
reduce the problem of scarcity
increase the problem of scarcity
eliminate the problem of scarcity
10
The cost of a purchase or decision measured by what given up to make the purchase is called
overhead cost
sunk cost
opportunity cost
hidden cost
11
The relative importance a person assigns to a various actions or alternatives:
all of these
reflects the person's value judgements
depends only on the dollar price of the action or altenative
is the same for all people who earn the same income
12
Given that Q = 300 - 60P, where Q is quantity and P is price:
if P = $2, then Q =180.
both of these
if P = $5, then Q =0.
none of these
13
Producing the largest possible output of a desired quality with a given set of resources is
equity
E trading
efficiency
opportunity cost
14
We study economics to
understand how an economy operates
develop skills which can be used in our careers
develop more sophisticated thought process
all of these
15
An opportunity cost:
exist because there is only 1 way money & time can be spent
exists only 4 decisions involving expenditures of money
is equal to the value of what is given up to take the action
accompanies every decision made by busineses but not Gov.
16
Disputes about economic theories:
prove that the economy is too complex to study
an explanation on why prices rise
would never occur if the theories were logically presented
come from disagreements about choices of var and assumptions
17
Questions about equity are difficult to answer because people
all of these
disagree over how fairness can be achieved
have a different value judgements about what is fair
disagree on whether fairness should be an economic goal
18
A salaried doctor, a gold mine, the owner of a bike shop and a tractor are examples of:
entrepreneurship, land , labor and capital
labor, land, entrepreneurship, capital
labor, capital, entrepreneurship and land
entrepreneurship, capital, labor and land

Why Economics Flashcards | StudBud