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Introduction to Economics Flashcards | StudBud
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Introduction to Economics
Introduction to Economics
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An #introduction to economics #blindquiz #microeconomics #macroeconomics
Flashcards
10 cards
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Questions
10
Answers
1
Which of the following would be macroeconomic questions?
Have prices risen in Russia over the past year?
Will Sony continue to operate if labor costs increase?
How do people decide whether to work full time or part time?
What goods & services will best fit customers' needs &wants?
2
Which of the following would be microeconomic questions?
When will a firm decide to expand, downsize, or close?
What is happening to the unemployment rate?
What is the country's annual budget deficit?
Is the rate of inflation increasing or decreasing?
3
Which of the following would be macroeconomic questions?
Will Sony continue to operate if labor costs increase?
How can the aggregate demand for all goods be boosted?
What determines how households spend their budgets?
How do people decide how much to save for the future?
4
What requires us to make economic decisions to solve the 3 basic questions of economics?
Scarcity
The invisible hand
Opportunity costs
Self-interest
5
'The purpose of studying economics...is to learn how to avoid being deceived by economists'
is a quote by Adam Smith
is a quote by John Maynard Keynes
is a quote by Joan Robinson
is a quote by Kenneth Arrow
6
What is the correct definition of economics?
overlaps with finance, psychology, education, law, politics
focuses on the management of money and assets
the total system of economic activity in a country
studies how humans make decisions in the face of scarcity
7
A dreary, desolate & indeed quite distressing, what we might call...the dismal science
is a quote by Kenneth Arrow
is a quote by Victor Fuchs
is a quote by Herb Stein
is a quote by Thomas Carlyle
8
Al is paid $50 p/h. If he spends 2 hours reading (not working), what's his opportunity cost?
none of the above
$0
$100
$50
9
The 3 basic questions of economics are What should be produced, How should it be produced
and How much a society is going to make?
and How do different economies interact?
and Who gets to consume what is produced?
and What is businesses' exit stratedy?
10
Which of the following would be microeconomic questions?
How will a raise in the minium wage affect unemployment?
How is Gross Domestic Product calculated?
Is the total level of economic activity rising or falling?
What determines what prices a firm will charge?
