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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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Questions
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Answers
1
Limited role of government
Mixed
Traditional
Command
Socialist
2
People establish new businesses or close old ones
Equity
Security
Freedom
Growth
3
Cotton is an example of
Capital
Labor
Entrepreneurship
Land
4
A deep sea fisherman working for a large fishing industry company
Labor
Land
Entrepreneurship
Capital
5
People chosen to fight in the Vietnam War were selected through this process
Physical Characteristics
Willingness to Pay
Performance
Lottery
6
Ticketmaster sells tickets to a show using this allocating method
Lottery
Physical Apperance
First Come First Serve
Fiat
7
Computers in an office building are examples of
Capital
Entrepreneurship
Land
Labor
8
How many basic economics questions are there?
4
2
1
3
9
The condition of not having enough of something to satisfy what is needed or wanted
Scarcity
Cost
Benefit
Opportunity
10
Refersto the highest valued alternative that was forgone when a choice is made.
Market Choice
Profit
Trade off
Opportunity Cost
11
Government owns/controls productive resources and answers the three basiceconomic questions
Traditional
Market
Command
Socialist
12
This economic goal believes in fairness
Equity
Growth
Security
Freedom
13
Economists examine the effects of government policy on economic growth and stability...
Micro
Macro
Cost
Scarcity
14
Social responsibility is paramount to improving the quality of life for all, not just some
Traditional
Mixed
Socialism
Market
15
The "A" in the PACED model stands for ...
Access
After
Alternatives
Almost
16
The Pig Principle can be shown by...
n=1
n+1
n
n+n
17
How many steps are in the PACED decision making process?
3
4
6
5
