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A #Econ #blindquiz to introduce the basics of #Economics to #highschoolstudents
Flashcards
23 cards
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Questions
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Answers
1
What does ''macro-economics'' mean?
Macaroni and cheese
Large scale or general economic factors
Single factors and the effects of individual decisions.
Big money
2
What is an Economist?
An expert in economics
An expert in cars
An expert in environmental things
An expert in money
3
Positive economics...
The condition of a group as regards material prosperity.
The branch of knowledge concerned with the production
Makes provable statements about phenomena
Combines economic analysis with value judgments
4
Absolute advantage compares
The direct costs of production for two traders
Decreases and increases of production costs
The lowest direct costs
Cheese?
5
What does economics address?
Quizzes
How to spend your money
Explains how individuals make choices
Business
6
Vilfredo Pareto developed the concept of
Plumbing Efficiency
Tsai Efficiency
Pareto Efficiency
Corn Efficiency
7
Normative economics...
Predict the result of a potential action
Combines economic analysis with value judgments
Describe what should be in a society, not what is
Economy-wide fluctuations
8
What does ''Micro-economics'' mean?
Alexes bank account
Single factors and the effects of individual decisions
Chinese people
Small money
9
A party has a an absolute advantage if it produces...
If it produces the clothes
If it produces more money
If it produces the good more efficiently
If it produces more corn
10
Micro-economics examines the...
Cheese
Money
The economy from the individual level
Bugs
11
Opportunity cost refers to...
An amount
What you give up to obtain a good
A chance of promotion
Estimate the price of
12
Define ''rationally''
One's actions with one's reasons for action.
The conformityof one's beliefs with one's reasons to believe
State of being reasonable, based on facts or reason.
Logical or sensible
13
Which are the 2 fields of economics?
Life and Death economics.
Poli and Bio economics.
Macro and Micro economics.
Big and Small economics.
14
Marginal utility refers to...
The utility obtained from ''one more of'' a good or service
functional rather than attractive
A plant that grows in water
Edge of something
15
Law of demand refers to...
Cheese
Decreasing the amount consumed
Corn
the inverse relationship between price and quantity demanded
16
Production Possibilities Frontier...
Whole economy
potatoes and corn
Individuals differ in their interests and resources
Summarize an economy’s production options
17
Comparative advantage...
Compares money
Really gud at comparing
Compares corn
It measures efficiency based on opportunity costs
18
How are micro and macro economics related?
Different scales emphasize different aspects of behavior
Both share common assumptions about human behavior
Models typically use aggregated variables
Economy-wide fluctuations
19
A market consists of
Selling things
Food and clothes
Great Depression
All of the buyers and sellers of a particular good
20
Who established economics?
Will Smith
Adam Smith
Tsai Jones
Thomas Edison
21
Microeconomics centers on...
Positive analysis
Supply and demand
Economic decisions of individual agents
Determining prices
22
What are the effects of Pareto Efficiency?
No one benefits without hurting someone else
You git rewarded
A good economy
It does gud stuff
23
Define ''Scarcity''
Is the finite nature of resources to which we have access
A statue placed by a grave in memory of the dead
A firm decision to do or not to do something.
The action of leading a group of people or an organization.
