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Economics Basics - Round 2 Flashcards | StudBud
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Economics Basics - Round 2
Economics Basics - Round 2
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Questions
10
Answers
1
Which of the following is NOT a type of Allocation
Achievement
Rationing
PriceGouging
Lottery
2
A college entrance exam is what kind of allocation method?
Lottery
Brute Force
Its not an allocation method
Achievement
3
Excessive price increase in times of natural disaster
Law of Demand
PriceGouging
Price Equilibrium
OpportunityCost
4
There are not enough resources to meet our needs and wants
Scarcity
Rationing
Shortage
Limits
5
If a bully takes your chocolate chip cookie, this is what kind of allocation method?
Rationing
Brute Force
First come, first served
This is not an allocation methods, its just bullying.
6
If you wait in line all night for concert tickets, this is what form of allocation?
FirstCome First Serve
Rationing
Lottery
This is not a form of allocation
7
Costs that have been paid that cannot be recovered
Shortage Cost
Sunk Cost
Lost Cost
Opportunity Cost
8
The distribution of goods and services
Allocation
Shipping
Capitalism
Scarcity
9
Different People value goods and services differently. This is known as . . .
Achievement
Allocation
Law of Demand
SubjectiveValue
10
The option you lost because you chose something else in its place
Rationing
Needs Based Allocation
FirstCome First Serve
OpportunityCost
