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AmHer Econ Review Flashcards | StudBud
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AmHer Econ Review
AmHer Econ Review
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Flashcards
17 cards
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Questions
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Answers
1
Adam Smith is known...
for redefining the way to measure a nation's wealth
As the author of The Wealth of Nations
for first describing the basics of capitalism
As the father of modern economics
2
What has been your favorite Patterwitz moment to date?
Sally's dating adventure
Patterwitz becoming cheerleaders
The Twilight sesh
Seeing Landon paying $100 for donuts (ft. the kid in the towel)
3
Mercantilism is an example of... (economic system)
Communism
A command system
A market economy
Capitalism
4
Dr. Patterson is a fashion ICON
False
True
5
This image best represents:
Law of Supply
Law of Demand
Specialization
Coincidence of wants
6
According to Adam Smith, what is the regulating force of the economy?
The magic foot
The sentient head
The invisible hand
The blind eye
7
Should Drs. Patterson & Karpowitz be given the titles of official BYU Cheerleaders?
YES
Aristotelian justice is both teleological and honorific... so absolutely
No (this answer is, in fact, wrong)
Heck yes
8
What is a sign of the economic development in a country?
Shortage
Division of Labor
Collusion
Specialization
9
This image best represents:
Law of Comparative Advantage
Monopoly
The Law of Demand
Equilibrium Price
10
What is opportunity cost?
The value of all unavailable goods in the perspective market
The value of my personal net gains from trade
The combined value of all the opportunities I give up
The value of the most valuable opportunity I give up
11
How do you feel about American Heritage? (NO wrong answers)
It feels manageable & I like it!
It's pretty challenging, but it's interesting/I like it
It's hard and I'm just trying to get through it
Honestly not a fan
12
This image best represents:
Command system
Equilibrium point
Opportunity Costs
Division of labor
13
What was the solution to when we do NOT have a coincidence of wants?
Surplus
Money
Shortage
Jail
14
Capitalism is an example of... (economic system)
A command economy
A market economy
Communism
Mercantilism
15
What is needed for me to directly trade cheese for cloth?
Perfect competition
Prices
Monopoly
Coincidence of wants
16
The Navigation Acts
were the enforcement of Mercantilist principles in the American colonies.
True
False
17
Doing/specializing in the thing that you will lose out on the least by doing = what law?
The Law of Demand
The Law of Comparative Advantage
The Law of Supply
The Law of Perfect Competition
