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Basics of Economics- Unit #1 Flashcards | StudBud
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Basics of Economics- Unit #1
Basics of Economics- Unit #1
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Answers
1
A factory building is an example of physical capital.
False
True
2
The term __ refers to the combination of vision, skills, ingenuity, and willingness to take risks to run a new business.
Land
Economics
Scarcity
Entrepreneurship
3
What is the opportunity cost of a decision?
the best possible way the decision could have been decided
the series of alternative decisions that could have been made
the most desirable alternative given up for a decision
the different ways that a different person could have made the decision
4
The study of how people seek to meet their needs and wants by making choices.
Land
Entrepreneurship
Scarcity
Economics
5
What does the Production Possibilities Frontier show?
the minimum amount that an economy can produce
scarce resources
the maximum amount that an economy can produce
an economy that is inefficient
6
Which of the following is not a condition for perfect competition?
Sellers are able to enter and exit the market freely.
Buyers and sellers are well-informed about the product.
Many buyers and sellers participate.
Sellers offer a wide variety of products.
7
In a monopoly market, the market quantity sold will be higher than in a market with perfect competition.
False
True
8
What is your opportunity cost in skis if you increase the number of snowboards moving from Point B to Point C?
250
100
300
200
9
When a good or service is temporarily unavailable, it is a shortage.
True
False
10
In a perfectly competitive market, companies have no control over the price.
False
True
11
Going out to eat instead of studying or spending time with friends is an example of...
Trade off
Production Possibility.
Opportunity Expense
Marginal Cost
12
Which of the following represents scarcity?
grapefruit juice because few people want it.
not enough doctors due to a limited population.
people on a waiting list for the PS5.
orange juice because workers are on strike for better wages.
13
Most of the decisions we make involve using a little more or less, rather than a whole change. Which EWT is this?
Trade makes people better off.
Thinking on the margin.
Markets coordinate trade.
Future consequences count.
14
The term ____ refers to all natural resources used to produce goods and services.
Economics
Scarcity
Entrepreneurship
Land
15
An oligopoly has a small number of producers with identical products.
True
False
16
A country's production possiblities will grow if it...
Makes more trade-offs
Increases its resources.
Decreases its resources.
Produces more guns than butter.
17
What is the difference between an entrepreneur and inventor?
Both B (Diamond) and C (Circle) are correct.
An entrepreneur is willing to take risks, inventors sell their creation.
An entreprenuer is wealthy bus. owners, while inventors are middle class.
Entrepreneur uses skill to run business while inventor creates a product.
18
Why are all goods and services scarce?
Some people want to have more goods than others.
Some goods cost more than others.
Some things are needs and others are wants.
All resources are scarce.
19
A supermarket running out of bananas is an example of...
scarcity
utilization
an opportunity cost
shortage
20
What is an example of an oligopoly?
prescription medication
airlines
expensive clothes
clothing
