the skill and knowledge of workers

A market can accurately be described as

prices adjust to reconcile the allocation of resources

Microeconomics is concerned with

the study of individual economic behavior

Economics is best defined as?

the study of choice under conditions of scarcity

economic problems are solved by the government and market

The equilibrium price clears the market; it is the price at which

Quantity demanded equals quantity supplied

gross domestic product (GDP)

measure of country's total production output

prices adjust to reconcile the scarcity of desires

The opportunity cost of a good is

the loss of potential gain from the next best alternative

studbud

Economics Midterm

20 termsStudBud Administration91 plays

A history Quiz midterm warm up

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The benefit that arises from an increase in an activity is called
the marginal cost
the marginal benefit
an incentive
the opportunity cost
2
Human capital is
all the capital owned by only individuals
machinery that meets or exceeds safety standards for humans
the skill and knowledge of workers
all the capital owned by individuals and corporations
3
Opportunity costs arise because of resource scarcity
true
false
4
A demand curve can shift because of changing
all of the above
tastes
incomes
prices of related goods
5
Supply is the total amount of good or service available to consumers
true
false
6
A resource is scarce if supply exceeds demand
false
true
7
Because we face scarcity, every choice involves
an opportunity cost
the question "what"
money
giving up something for nothing
8
A market can accurately be described as
a place to sell things
prices adjust to reconcile the allocation of resources
a place to buy things
a place where buyers and sellers meet
9
Macroeconomics is the study of
household purchase decisions
relationship between different sectors of the economy
individual building blocks in the economy
the economy as a whole
10
Microeconomics is concerned with
the economy as a whole
the electronics industry
all the interactions within the economy
the study of individual economic behavior
11
The most fundamental economic problem is
importing more then we export
health
security
scarcity
12
A command economy decides resource allocation by government planning
true
false
13
People and organizations have to make choices about how to allocate time and money because of
scarcity of time and money
religious values
corporate control of our lives
government rules and regulations
14
Economics is best defined as?
the principal of demand and supply
the study of choice under conditions of scarcity
the relation between a governed and a governing word
the governing body of a nation, state or community
15
If the price of good A increased the quantity demanded of good B, then good B is a
substitute good
inferior good
complementary good
bargain
16
In the mixed economy
economic questions are solved by government departments
economic problems are solved by the government and market
economic allocation is achieved by the invisible hand
economic decisions are made by the private sector and market
17
The equilibrium price clears the market; it is the price at which
Buyers sped all their money
Quantity demanded equals quantity supplied
Everything is consumed
Everything is sold
18
gross domestic product (GDP)
productions of domestic gross
used to buy the tools and equipment for production
measure of country's total production output
all the money the country collects in taxes
19
In a free market
prices adjust to reconcile the scarcity of desires
governments interfere
governments intervene
governments plan production
20
The opportunity cost of a good is
the expenditure on the good
the loss of potential gain from the next best alternative
the time lost in finding it
the loss of interest in using savings

Economics Midterm Flashcards | StudBud