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Chapter 1 Review Flashcards | StudBud
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Chapter 1 Review
Chapter 1 Review
22 terms
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StudBud Administration
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#economics #scarcity #factorsofproduction
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
What does point X represent?
Efficiency
Impossibility
Laziness
Nothing
2
Consumers are responsible for reading the full information about a product before they buy it.
True
False
3
A nation's wealth is determined by:
GDP Per Capita
GDP
PPC
PCP
4
What is the difference between a durable and a nondurable good?
A durable good is quickly disposable
There is no difference
A durable good lasts a few years minimum
A nondurable good lasts a few years minimum
5
The most comprehensive measure of a nation's wealth is provided by its...
PPC
GNC
GNP
GDP Per Capita
6
Which factor of production combines risk with resources to make a product or service?
Entrepreneurship
Capital
Land
Labor
7
If Jim has a job and gets paid a wage, he is participating in?
Entrepreneurship
The Factor Market
The Product Market
Capital Goods
8
Where is underutilization represented on the PPC?
Under the curve
Above the curve
Now cha-cha real slow...
To the Left of the curve
9
What is the opportunity cost of moving from point D to point B?
Guns
None
Butter
Point A
10
The ____is apparent though water is more useful than diamonds, diamonds command a higher price.
Paradigm of Cost
Paradox of Value
Paradox of Diamonds
Paradox of Cost
11
Usefulness
Utility
GDP
Scarcity
Underutilization
12
What are the three economic questions?
What, Where, When
What, Where, How
When, What, For Whom
What, How, For Whom
13
What does the PPC represent?
None of the possibilities available with given resources
Future possibilities available with given resources
Some of the possibilities available with given resources
All production possibilities available with given resources
14
The loss of potential gain from other alternatives when one alternative is chosen is?
Shortage
Trade Offs
Scarcity
Opportunity Cost
15
What is the study of the economy as a whole?
Economics
Your mom
Macroeconomics
Microeconomics
16
The problem all economies concern themselves with is...
scarcity
capital
shortages
labor disputes
17
Something you can touch is ...
intangible
loveable
touchable
tangible
18
What does point A represent?
max production
unemployment
overutilization
minimum production
19
How do you find the maximum amount of a good that can be produced on a PPC?
Below the Curve
Above the curve
On the Line
On the curve
20
An increase in goods and services shows ______ in an economy.
Stagnation
Growth
Efficiency
Utility
21
Which factor of production is represented by things like trucks, machinery, and computers?
Entrepreneurship
Land
Labor
Capital
22
What helps determine something's value?
Its elasticity
Its appearance
Its usefulness
If it took a long time to make
