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Chapter 1 Economics Flashcards | StudBud
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Chapter 1 Economics
Chapter 1 Economics
20 terms
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Economics Introduction
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What does a point inside the curve of a PPC indicate?
less resources are required
more resources are required
all resources are fully employed
all resources are NOT fully employed
2
Which is especially useful for comparing data?
line graph
bar graph
circle graph
pie graph
3
What is another named for the production possibilities curve?
production possibilities edge
production possibilities frontier
production possibilities perimeter
production possibilities border
4
Who wrote
The Wealth of Nations
?
Alexander Hamilton
Thomas Malthus
Karl Marx
Adam Smith
5
Which of the following buys goods for personal use?
Advocate
Producer
Consumer
Client
6
Into what four categories do economist divide factors of production?
resources,labor, capital, and entrepreneurship
land, labor,money, and entrepreneurship
land,labor, capital, and entrepreneurship
resources,labor,money, and entrepreneurship
7
Which of the following examines the costs and expected benefits of a choice?
cost-benefit analysis
choice-benefit analysis
cost-profit analysis
choice-profit analysis
8
How many TVs are being produced at point 2?
9,000
5,000
3,000
7,000
9
Which of the following would macroeconomics study?
the success rate of sandwich shops
a general rise in prices
a decline in coffee process
the work habits of students
10
Which of the following involves using resources to make the max amount of goods and services?
underutilization
utilization
overefficiency
efficiency
11
Which is not considered a need?
Food
Shelter
Television
Clothing
12
Which means making decisions based on what you believe is the best combo of costs and benefits?
cutting back
budgeting
economizing
motivating
13
Which of the following explains economics as it should be?
positive economics
normative economics
macroeconomics
microeconomics
14
Which of the following explains economics as it is, not as it should be?
positive economics
negative economics
macroeconomics
microeconomics
15
Which of following shows underutilization?
point 6
point 1
point 7
point 4
16
Which of the following shows the production of 4,000 TVs and 3,000 trucks?
point 4
point 3
point 6
point 2
17
Which of the following represents production that is impossible to attain?
point 2
point 4
point 6
point 7
18
Which of the following best describes wants?
limited and ever changing
unlimited and ever changing
limited and never changes
unlimited and never changes
19
What does the saying “There is no such thing as a free lunch” mean?
most things cost something
everything costs something
most things cost nothing
some things costnothing
20
How many trucks are being produced at point 3?
2,000
4,000
3,000
1,000
