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First bites of Economics Flashcards | StudBud
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First bites of Economics
First bites of Economics
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Questions
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Answers
1
The fact that, in modern societies, no one entirely produces most of the items we use is called
Career goals
Work incentives
Division of powers
Division of labour
2
Which of the following determines a inward shift of the PPC?
Erosion of infrastructures
Increased birth rate
Conquest of new land
Shooting stars
3
Division of labour is always a good thing
True
False
4
"Hospitals are too expensive" is an example of positive Economics
True
False
5
Which of the following is NOT an example of positive Economics
The European Union is made of 28 states
Trump's latest policies are negative
German economy is stronger than Croatian's
Birth rate has fallen in the UK
6
Which of the following is NOT a factor of production?
Labour
Marketing
Capital
Entrepreneurship
7
The whole idea of opportunity cost is based upon
Money ,money MONEY!
Greed
Limited resources
Personal preferences
8
A point within the PPC implies that
That combination of output is not possible
A natural disaster is about to happen
The allocation of resources is totally efficient
Economy has not reached its full potential
9
Entrepreneurship is a factor of production as provides money for the company to start its activity
True
False
10
An outward shift in the PPC determines an economic development
False
True
11
The expression "ceteris paribus" explains the idea that while an element changes, the others
determine the uselessness of the model
are kept variable
change just slightly
are kept constant
12
The concept of opportunity cost takes into account only monetary elements
True
False
13
Which day will the first progress test take place?
Tomorrow
THIS IS THE TEST!
next Monday 19th
Monday 19th, 2020
14
Any point within the PPC is not achievable by the economy
True
False
15
Which is NOT an economic question?
Should I take the SAT?
What's the expected income for doctors in Argentina?
Will the cost of housing rise next year?
Where is a cheeseburger more expensive: Europe or the US?
16
Scarcity as economic concept is peculiar of poor and underdeveloped nations
False
True
17
"I always enjoy having more holidays" is a trivial example of
scarcity
plagiarism
unlimited wants
efficiency
18
Which of the following is an economic question?
What will make you happy?
What's the average cost of gas in Israel?
How can we make school cooler?
Who likes candies in the class?
19
An increasing opportunity cost determines
A straight PPC
A shift in PPC
A bowed-out PPC
A bowed-in PPC
20
A point along the Production Possibility Curve is:
fully efficient
achievable but inefficient
none of the others
impossible to achieve
21
Which of the following is NOT a consequence of division of labour?
Pollution
Increase workers' skills
Saving time
Higher efficiency
22
What of the following is a need?
Shield
Shelter
Shower
Shopping
23
Marginal utility is:
What makes you happy
The benefit of an additional unit of consumption
The limit to which consumption can be pushed
The additional opportunity cost individuals face
24
Which of the following does NOT explain a shift in the PPC?
division of labour
new raw materials
politics
better technology
