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Econ Intro Flashcards | StudBud
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Econ Intro
Econ Intro
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Review for intro to econ
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
Which of the following statements about scarcity is true?
If something is scarce, there is a demand for it.
Scarcity means there are enough resources to go around.
If a resource is scarce, the value will be "0"
Scarcity is not a problem in the U.S.
2
Economics is the study of:
making choices.
a political system.
the human brain.
making music.
3
What is the basic problem which makes the study of economics necessary?
lack of well-paying jobs
diminishing utility
being fair to all citizens
resources are scarce
4
Malthus predicted that population would increase at a greater rate than the food supply.
True
False
5
A shortage is permanent, scarcity is not.
True
False
6
In economics, value:
has nothing to do with the amount of demand for a product.
does not exist.
means that there is zero demand for a good or service.
is determined by utility and scarcity.
7
Capital is the man-made inputs to production.
True
False
8
As the manager of a business, you will have no reason to be concerned with opportunity costs.
False
True
9
Creation of utility or usefulness.
Value
Production
Economics
Demand
10
Land, Labor, and Capital
Opportunity Costs
Resources or Factors of Production
Economics
Utility
11
In economics, "utility" means:
You till it "T"
utility lines
Usefulness
Uselessness
12
A business does not need to worry about how L,L,C are used in their business.
False
True
13
Economics is the study of making choices.
True
False
14
If there is demand for lumber, it is because the lumber has no utility.
True
False
15
Scarcity is permanent, a shortage is not.
True
False
16
Production is the creation of:
scarcity.
utility.
uselessness.
none of the above.
17
The more you have of something, the less willing you are to pay to acquire addtl units of same.
Law of Diminishing Futility
That statement is incorrect
Law of Diminishing Utility
Demand
18
Land refers to those things provided by nature which go into production.
True
False
19
Opportunity costs:
refers to the next best alternative given up when a choice is made.
refers to the price of a product in the market.
never exist.
means the dollar value of land, labor, and capital.
