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PFL+Eco Unit 1 Basics of Economics ET Flashcards | StudBud
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PFL+Eco Unit 1 Basics of Economics ET
PFL+Eco Unit 1 Basics of Economics ET
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Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
If you buy 9 pizzas, how many tacos can you buy?
6
3
12
0
2
Look at the monetary flow. Identify the market.
Resource
Product
3
Sarah works at HEB as a cashier. Which arrow represents her labor?
D
B
C
A
4
Which arrow represents goods and services provided by firms to households?
A
B
D
C
5
An increase in resources or new technology will cause the production possibilities curve...
to shift left
to flatten
to shift right
to stay the same, just move to a higher point
6
Which of the the following interaction takes place in the resource market?
Households buy labor from firms
Firms buy goods and services from households
Firms buy labor from houseolds
Household sells goods and services to firms
7
When an economy maximizes the goods and services it can produce, that economy is operating...
unattainably
efficiently
freely
inefficiently
8
What is the opportunity cost of moving from E to D?
2 computers
6 bicycles
8 bicycles
6 computers
9
What is the opportunity cost of moving from point B to D?
2 burgers
8 bus tickets
1 burger
6 bus tickets
10
Look at the monetary flow. Identify the market
Resource
Product
11
What is the equilibrium price?
$4
$3
$2
$1
12
Mark went to work right after high school but quit to go to college. What is the opportunity cost of this decision?
Cost of college
Cost of uniform he wore at his job.
The time it takes to graduate
The income from his job
13
In this production possibilities graph, what does point F represent?
The country is trying to produce more goods and services
The economic is using resources efficiently.
New technology has been discovered.
The economy is not using resources efficiently.
14
Choose the statement that is true...
As price goes up, quantity supplied goes down.
As price goes down, quantity demanded goes down.
As price goes down, quantity supplied goes up.
As the price goes up, quantity demanded goes down.
15
Which point is impossible, given current resources?
E
G
F
D
16
Which letter in the circle flow model represents wages paid to a household for labor?
C
A
D
B
17
Opportunity cost is...
the item you choose to make the most of
all of the alternatives given up for a decision
the product with the least impact on resources
the most desirable alternative given up for a decision
18
What is the opportunity cost of moving from B to C?
2 bicycles
4 computers
2 computers
12 bicycles
19
An increase in the price of houses will probably result in...
decrease in quantity houses demanded
shift to the right of the supply curve for houses
decrease in supply of houses demanded
increase in quantity of houses demanded
20
What price reflects where gas consumers will buy exactly as much gas as sellers will provide?
$1.40
$1.00
$2.00
$1.60
21
When the price goes up, the quantity supplied will...
increase
stay the same
decrease
22
Which arrow represents firms providing money to households for land, labor, and capital?
C
A
B
D
23
David goes to Gamestop to buy the latest video game. What arrow represents his paying for the game?
C
D
A
B
24
A product that is almost the same as another product and can be used instead is called a
substitute
surplus
shortage
scarcity
25
People's desires (wants & needs) often exceed their resources, which leads to the problems of
scarcity and choice
feast or famine
change in quantity supplied
demand shift
26
Can you buy 9 tacos and 10 pizzas?
No, it requires more money than you have.
Yes, you have enough money
27
In a circle flow model, households provide ___________ to firms in the product market.
money for goods and services
factors of production
money for resources
labor
28
As price increases, quantity demanded will increase.
False
True
29
If the price of wood goes up, the equilibrium price of wooden desks will
decrease
not change
increase
