The economy stagnates & enters a recession. The gov't helps the economy thru infrastructure investment...

This is an example of Keynesian Economics

A business has the option to allocate resources into making Shoes or Microwaves & decides that Shoes are more profitable

This an example of Comparative Advantage

An Economic Input is considered which of the following?

Any resource that was utilized to prduce a certain good/service

The point X on the Production Possibility Frontier shown represents...

A possible yet inefficient use of resources for both Wine & Cotton

After seeing a very catchy Burger King jingle that will NEVER LEAVE MY HEAD, I decide to purchase a Whopper.

This an example of being a Consumer

Which of the following demonstrates the idea of the "Invisible Hand Theory" in action?

A new small business invests in quality materials to undercut competitors

Which of the following would be considered in the field of Microeconomics?

A large firm decides to lay off 5% of its workforce in order to cut costs

Which of the following is considered a WANT instead of a NEED?

Clothing after watching the latest fashion influencer's video

FREE QUESTION! Select RED this time!

Hope you’re ready for this Exam!

Which of the following shows A NEED and A WANT?

All of the options are examples (Hope you didnt go too fast!)

Laissez-Faire economics concerns itself with a "hands-off" approach to the economy and government. What does this mean?

Gov't shouldnt interfere in economy, it'll resolve itself thru competition

I couldve gotten a job right out of high school, but I decided 2 bury myself in thousands of $$$ in debt for a degree...

This is an example of Opportunity Cost

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Econ Unit 1 Basics of Economics

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Questions 20

Answers

1
Economics is the study of limited resources and their implementation in production, consumption, and transfer of wealth.
True
False
2
The economy stagnates & enters a recession. The gov't helps the economy thru infrastructure investment...
This is an example of Keynesian Economics
This is an example of [INSERT 4TH HUMOROUS OPTION HERE, ALL LAUGH]
This is an example of Scarcity
This is an example of Comparative Advantage
3
A business has the option to allocate resources into making Shoes or Microwaves & decides that Shoes are more profitable
This an example of Needs vs Wants
This an example of Comparative Advantage
This an example of Incentives
This an example of Absolute Advantage
4
An Economic Input is considered which of the following?
Any resource that was utilized to prduce a certain good/service
The Scarcity of PS5s after their initial launch
The Negative Incentive of rolling through a stop sign
Weighing the Costs vs Benefits of getting an energy drink on the way home
5
The point X on the Production Possibility Frontier shown represents...
An impossible allocation of resources
A possible yet inefficient use of resources for both Wine & Cotton
An efficient use of resources to produce both Wine and Cotton
Hmm, yes... I know some of these words.
6
After seeing a very catchy Burger King jingle that will NEVER LEAVE MY HEAD, I decide to purchase a Whopper.
This an example of Trade
This an example of being a Consumer
This an example of being a Supplier
GET OUT OF MY HEAD GET OUT OF MY HEAD GET OUT OF MY HEAD GET OUT OF MY HEAD
7
Which of the following demonstrates the idea of the "Invisible Hand Theory" in action?
A new small business invests in quality materials to undercut competitors
A literal invisible hand descends from the heavens. Flee, for it is the End
McDonald's corporate manager decides to hold a pizza party for an employee
The government guides a small business with a loan
8
Which of the following would be considered in the field of Microeconomics?
A large firm decides to lay off 5% of its workforce in order to cut costs
The calculation of the U.S.'s GDP (Gross Domestic Product)
The Federal Reserve decides to raise interest rates to lower inflation
A teacher uses a microscope to determine how much patience he has left.
9
Which of the following is considered a WANT instead of a NEED?
Clothing after watching the latest fashion influencer's video
Food after not being able to eat all day
Water after walking 5 miles
Housing after moving out from Mom and Dad's place
10
Who is considered the Father of Economics, coined the phrase "invisible hand" and wrote the Wealth of Nations?
Hingle McCringleberry
Andrew Smith
Aaron Smith
Adam Smith
11
FREE QUESTION! Select RED this time!
I hope you enjoyed my attempts at Humor (TM). I are is very funny maybe
Hope you’re ready for this Exam!
...I never had your attention, did I? If you are reading this, Thanks!
...you still reading this? Or has your phone recaptured your attention?
12
Which of the following shows A NEED and A WANT?
All of the options are examples (Hope you didnt go too fast!)
Clothing and Balenciaga scandals
Food and an In-n-Out Burger (im currently hungry while writing this)
Shelter and a nice big mansion
13
Laissez-Faire economics concerns itself with a "hands-off" approach to the economy and government. What does this mean?
The economy should not involve itself with gov't affairs, like elections
The government should regulate company CEOs by removing their hands
Gov't shouldnt interfere in economy, it'll resolve itself thru competition
The economy should only be regulated by the government through competition
14
Incentives are strong motivating factors that influence you to behave in a certain way thru exclusively positive means
False
True
15
During our most recent Financial Literacy Friday, we looked at colleges and repayment. What was the name of that site?
Planning Your Progress
Time For Payback
How to College
College Journeys
16
Little Susie has decided to sell lemonade with lemons from her lemon tree that she squeezed with her own hands! She is..
A Supplier!
bRUTALLY AND RUTHLESSLY UNDERCUTTING THE LEMONADE BUSINESS
A Consumer!
A Traitor!
17
I couldve gotten a job right out of high school, but I decided 2 bury myself in thousands of $$$ in debt for a degree...
This is an example of Opportunity Cost
This is an example of a cry for help.
This is an example of Scarcity
This is an example of Incentives
18
I LOVE collecting Pokemon Cards. Which economic concept describes my satisfaction of buying one more booster pack?
The Law of Diminishing Returns
The desire to be the very best, like no one ever was
Marginal Utility
Specialization
19
Which of the following is NOT an example of an Entrepreneur we looked at in class?
Mark Zuckerberg
Henry Ford
Walt Disney
Jack Dorsey
20
A Printer, A Fax Machine, and A Desk that holds up a Work PC are all examples of which Factor of Production?
You aren't going in order on the Quizlet anymore! How am I supposed to know
Labor
Land
Capital

Econ Unit 1 Basics of Economics Flashcards | StudBud