The law of diminishing marginal returns means...

Utility decreases with each additional unit

What happens in the factor market?

businesses buy, consumers sell factors

What happens in the product market?

businesses sell, consumers buy products

Economics is the study of how people with ...

unlimited wants make decisions based on scarcity

Opportunity cost refers to

the value of the next best alternative

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Intro to Economics

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#market economy #command economy

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Questions 12

Answers

1
The law of diminishing marginal returns means...
Costs decrease over the short run.
Costs are equal to benefits.
Utility decreases with each additional unit
Utility increases with each additional unit
2
The employees of a hospital represent the factor of production known as..
Land
Entrerpreneurship
Labor
Human Capital
3
What happens in the factor market?
businesses sell, consumers buy products
businesses buy, consumers sell products
businesses sell, consumers buy factors
businesses buy, consumers sell factors
4
Dave gets a job which pays him an hourly wage, Dave is participating in
the product market
the factor market
entrepreneurship
human capital
5
What happens in the product market?
businesses sell, consumers buy products
businesses buy, consumers sell products
businesses sell, consumers buy factors
businesses buy, consumers sell factors
6
Utility refers to
The value of one additional unit
Happiness or benefits - costs
The cost of one additional unit
the benefits are equal to the cost
7
The cars for a traditional dying taxi cab company are examples of
Entrepreneurship
Labor
Land
Capital
8
The collective degrees and training that all the engineers for IBM have are an example of ....
Entrepreneurship
Human Capital
Land
Labor
9
Economics is the study of how people with ...
limited wants make decisions based on abundance
limited wants make decisions based on scarcity
unlimited wants make decisions based on abundance
unlimited wants make decisions based on scarcity
10
Opportunity cost refers to
the cost of not expanding production
the value of the next best alternative
the dollar amount of a good or service
the cost of labor when production is expanded or contracted
11
An employee at Burger King is an example of the factor of production known as ...
Entrepreneurship
Land
Human Capital
Labor
12
This factor of production combines the other three to start a trucking company for example
Capital
Labor
Entrepreneurship
Land

Intro to Economics Flashcards | StudBud