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Econ Chapters 1-4 Flashcards | StudBud
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Econ Chapters 1-4
Econ Chapters 1-4
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Questions from the first four chapters
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44 cards
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Questions
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Answers
1
People who have the idea to start a business.
Entrepreneurs
Land
Labor
Capital
2
Which of these is a non-monetary incentive?
Jewelry
Love
A promotion at work
Paycheck
3
"workers"
Capital
Land
Labor
Entrepreneurs
4
Tools and machines used to make other goods.
Entrepreneurs
Labor
Land
Capital
5
What is it called when consumers buy more as prices drop?
Law of Supply
Law of Demand
Purchasing Power
Economics
6
Which of these is an example of substitute goods?
Hammer & Nail
Cheerios & Tasteeos
Violin & Piano
Socks & Shoes
7
What is the reason that diamonds are so valuable?
The price is artificially inflated.
Diamonds are beautiful.
Diamonds are scarce.
Diamond workers are scarce.
8
Which of these is an example of a good with inelastic demand?
Cell Phones
Whole Turkeys
Umbrellas
Candy Canes
9
The study of small economies is called:
mucroeconomics
macroeconomics
mocroeconomics
microeconomics
10
"When you make an economic choice expecting something good, but something bad happens instead."
Opportunity Cost
Choice
Microeconomics
Unintended Effects
11
Goods provided by taxpayers and the government.
Intransient Goods
Private Goods
Sycophant Goods
Public Goods
12
This is the guy who "invented" free enterprise.
John Smith
Joseph Smith
Adam Smith
Michael Smith
13
An example of competition.
Taco Bell, Footlocker and Joe's Tires on the same street.
McDonald's, Pops and Root Beer King on the same street.
The Maya Theater, Starbucks and Mercy Hospital on the same street.
Barnes & Noble, Forever 21 and Apple Store in the same mall.
14
If a good is something you would like to have, but can live without, that's called a:
want
mandatory item
need
necessity
15
If a good is something you can see, hear and touch, what is that called?
tangible
a pretend good
microeconomic
intangible
16
You would have a "zero price" if:
You stole a candy bar from the store
I invited you to a concert and bought your ticket
You signed a contract to get a cell phone
You went babysitting and made $10 an hour
17
Which of these things is a public good?
Freeways
Apartment buildings
McDonalds
Dodger Stadium
18
"What there is to buy."
Demand
Opportunity Cost
Supply
Scarcity
19
Natural resources used to make other things
labor
entrepreneurs
land
capital
20
Something that a person must have to live is called a:
need
suggestion
luxury
car
21
"I gave up a date with Martin so I could go our with Jane." This is an example of:
Unintended Effects
macroeconomics
Scarcity
Opportunity Cost
22
All the money that comes into a business.
Choice revenue
Mixed revenue
Net revenue
Gross revenue
23
Which of these is NOT a reason people make choices?
Friends
Money
Time
Knowledge
24
When the president makes a deal with another country, that's an example of:
Intangible Goods
Global Economics
Microeconomics
Scarcity
25
The science that studies people's choices in a world of scarcity.
economics
ecology
econometry
ecorythm
26
Which of these is an example of a good with elastic demand?
Christmas Trees
Cat Litter
Underwear
Rice
27
In order to get a salad at Subway, I gave up $8. What is this an example of?
Contract
Opportunity Cost
Incentive
Bad Deal
28
Which of these is a monetary incentive?
Family
Friendship
An A Grade
Cash
29
When a business makes more money than it pays out in bills.
profit
public goods
loss
incentives
30
If I choose one thing, and give up something else, that's called:
Global Economics
Opportunity Cost
Utility
Scarcity
31
If I offered you $1000 if you get an A, that's an example of an:
bribe
zero price
loss
incentive
32
Which of these is NOT on Adam Smith's list of things Governments should do?
Healthcare
National Defense
Public Safety
Education
33
Which of these is an example of complementary goods.
Peanut Butter & Jelly
Chicken & Lasagna
Pepsi & Coca Cola
Bicycle & Nail Clippers
34
When you have to decide between two options.
Choice
Loss
Cost
Benefit
35
"When consumers are actually buying."
Supply
Demand
Intangible
Tangible
36
If we're in a drought, what is true about rainfall?
There's an abundance of rainfall
It's raining right now
There's a scarcity of rainfall
There is adequate rainfall.
37
Macroeconomics is the study of:
How Big Macs affect the economy
Small economies like one business
A mix of big and small economies
Big economies like countries
38
When two or more businesses offer similar goods for sale.
Monopoly
Variety
Oligarchy
Competition
39
In free enterprise, who owns natural resources?
The government
No one
Individuals
Big banks
40
"Things people buy, tangible stuff."
Ideas
Emotions
Services
Goods
41
When there is not enough of something.
Scarcity
Intangible
Socialism
Opportunity Cost
42
What does loss make a business do?
Find the problem and fix it.
Buy more inventory and raise prices.
Keep doing what they're doing.
Shut down.
43
Which of these is NOT one of the 3 economics questions every society must answer?
What goods will be produced?
For whom will goods be produced?
How will goods be produced?
Where will goods be produced?
44
"Both parties must agree to a trade, because they choose to."
Voluntary Exchange
Competition
Opportunity Cost
Incentives
