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Chapter 1: What is Economics? Flashcards | StudBud
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Chapter 1: What is Economics?
Chapter 1: What is Economics?
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Pearson Economics 2015 #economics #highschool
Flashcards
18 cards
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Questions
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Answers
1
If this company produces 11 million televisions, how many computers can they produce?
15 million computers
12 million computers
any amount they want
zero computers
2
If you weigh the pros and cons of a life decision you are
following the law of supply.
doing a cost/benefit analysis.
experiencing a shortage.
an entreprenuer.
3
Identify a non-durable good.
washing machine
paper
book
car
4
You choose the football game on Friday night instead of seeing a movie making the movie your
marginal cost
human capital
trade-off
opportunity cost
5
What does this image depict?
financial capital
job sectors
the factors of production
a production possibilities curve
6
What factor of production does this picture represent?
Land
Labor
Capital
Entrepreneurship
7
Production level moves from point '
a
' to point '
c
'
on the graph, what is the opportunity cost?
5 million computers
there is no opportunity cost
10 million computers
5 million televisions
8
The cost of diamonds vs water is called...
opportunity cost
the meaning of value
the paradox of value
trade offs
9
Which of the following could cause a move from point 'B' to point 'E' on the graph?
an improvement in technology that improves efficiency
underutilization
increase in unemployment
a decrease in the number of laborers
10
Making the most of all the resources available is known as
trading off
underutilized
old fashion
efficiency
11
What is a cost benefit analysis?
deciding if an action is worth the cost
finding out what the benefits are
deciding on the right course of action
finding out what things cost
12
A school building is an example of
capital
entrepreneurship
labor
land
13
Which of the following would be physical capital for a plumber?
PVC pipe, wrench, plunger
water, air in the pipes
his/her years of experience
his/her plumber assistant
14
You buy Krispy Kreme donuts with your last $20. What is the opportunity cost of the purchase?
the movie you now cannot afford to see
difference in the purchase price and the cost to produce it
the $20 you spent on the donuts
the stomach ache from eating too many donuts
15
Which of the following are needs?
caviar
food and water
shelter and ice cream
clothing and football
16
What is the purpose of the PPC (Production Possibilities Curve)?
to influence technology
to show GDP
to confuse Econ student
to identify possible combinations of product production
17
What is the fundamental economic problem for all societies?
scarcity
lack of storage
untrained workers
shortages
18
What is GDP (Gross Domestic Product)?
A measure of a nation's size
A measure of a nations wealth
A measure of a nation's capital
A measure of a nation's population
