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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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1
What should China specialize in producing based on the chart?
Iron Ore
Cars
None of the above
labor
2
What is opportunity cost?
analyzing the good and bad parts of a product
the next best alternative- the thing I gave up
comparing 2 products
the thing I chose
3
The Production Possibilities Frontier is showing...
the combination of 2 goods you can make with your scarce resources
All the options of things you can make with your resources
how resources aren't scare any more
how you can make everything you want with your scarce resources
4
The utility or satisfaction from a product is the same for everyone.
True
False
5
How does economics relate to scarcity?
economics is deciding how to use our limited resources
economics is having limited money
economics is deciding how to use our limited money
economics is only related to business and limited supply of good.
6
Who is the Entrepreneur?
owns the factors
has the ideas
takes the risk
all of the above
7
What are trade- offs?
Things you give
Things you get
your opportunity cost
all of the above
8
Why is "Y" considered unattainable?
not using all resources
no one would buy that much
not enough resources
9
What is the purpose of marginal analysis?
determine what to buy
determine the satisfaction you get for each product
to determine the costs and benefits of buy additional products
all of the above
10
What happens to the PPF curve if new technology is added to the factors for both industries?
move up the curve
shift to the right
move down the curve
shift left
11
How do we have a shortage of scarcity today?
we have a globalized economy
we have more resources than we can use
competition is limited
we make so many products which are the same
12
Why does the line curve downward on the PPF?
each point gets further apart representing an increase in opportunity cost
you can make more product B than A
trying to keep X in
someone can't draw a straight line
13
What should you specialize in?
What you do quickly
What you do well
All of the above
What you do most efficiently
14
What are the 3 key questions to be answered by economics?
How, when, for whom to produce
What, how, for whom to produce
How, why, for whom to produce
How, when, why to produce
15
Why is opportunity cost a part of economics?
determining the satisfaction and cost of a product
having to choose one over the other
all of the above
weighing your options
16
What is the difference between a shortage and scarcity?
they are the same
permanent v. temporary lack of a product or resource
temporary lack v. permanent lack of a product or resource
temporary vs. non-existent lack of a product or resource
17
A piece of machinery is what Factor of Production?
labor
entrepreneurship
capital
land
18
Why does marginal utility decrease with each unit?
you lose satisfaction for each additional unit
You gain satisfaction for each additional unit
The price goes down for each additional unit
You are willing to always buy more of a product
19
How does Marginal Analysis relate to Opportunity Cost?
Determining costs & benefits of choosing a product
You have to give something up, to get something else
All of the above
You have to stop at some point, or its no longer worth choosing
20
Why are A, B & C considered efficient?
they make the perfect balance of Cotton & Wine
they are using all the resources in the best combination for the resources
they fit on the line
they keep X inside
21
What is equilibrium for marginal analysis?
When costs and benefits are both the lowest
When Costs equal benefits
When Costs are higher than benefits
When Benefits are higher than costs
22
What is his opportunity cost?
the helicopter
the hot wheels car
all of the above
the rocket ship
