In a free trade zone:

Specialization is valued, instead of protecting domestic industies

the cost of producing one or more good

Unlimited wants, limited resources

What is an example of the Law of Diminishing marginal utility?

The more you eat at your favorite restaurant, the less you like it

Ideally in free markets...

Prices are self-regulated by the seller and buyer

Which item would provide you with the least marginal utility?

a second copy of the daily newspaper

One of the advantages to free trade agreements is that it

allows consumers access to cheaper goods.

What is Marginal Utility?

The benefit gained from consuming one additional unit

Diminishing marginal utility means that, as you

consume more, the additional satisfaction from each unit tends to fall

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NAI Principles of Economics 1

26 termsStudBud Administration392 plays

8 basic principles

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Questions 26

Answers

1
Trivia! Median (50% above / 50% below) Household Income in the US is approxmately:
$38,000
$91,000
$22,000
$72,000
2
In a free trade zone:
Specialization is valued, instead of protecting domestic industies
tariffs are imposed on foreign goods to protect domestic industry
Import taxes are increased on goods from other countries
Export taxes are imposed
3
Land, labor, capital and entrepreneurship are known as:
Four economic systems
Four scarce resources
Four sources of revenue
Four opportunity costs
4
If the United States put a tariff on automobiles from Country X, who would be most likely to benefit?
Auto workers in the U.S.
Auto workers in Country X
Consumers in the United States.
Automobile manufacturers in Country X.
5
What is the opportunity cost of 1 machine in Ashna?
4 machines
3 units of food
4 Lunas
Math hurts my head
6
Marginal Cost
the cost of producing one or more good
the cost of selling one or more good
7
Of the four factors of production - land, labor, capital, and entrepreneurship - which number is pointing to CAPITAL?
1
2
3
4
8
Trivia! What is this medieval siege weapon called?
Rock Tosser
Trebuchet
Crossbow
Catapult
9
Random Trivia: Where would you find the Sea of Tranquility?
The Amazon
The Moon
China
The Sahara Desert
10
Trivia: What country has the longest coastline?
Argentina
China
Canada
United States
11
Trivia! What was the net worth of Elon Musk, founder of Tesla (before he bought Twitter!)
$2 Trillion
$2 Billion
$28 Billion
$242 Billion
12
What is scarcity?
Unlimited wants, limited resources
Limited resources
Unlimited wants
Unlimited resources, limited wants
13
What is an example of the Law of Diminishing marginal utility?
The more you eat at your favorite restaurant, the less you like it
The last hour at an amusement park is just as fun as the first hour
The more you watch a movie the more you like it
The less you eat your favorite food the less you like it
14
What is NOT a cause of Opportunity Cost?
Limited Money
Limited Utility
Limited Resources
Limited Time
15
What is a Tariff?
Tax on exports
Payment to a company
Tax on imports
Ban on imports
16
What's the Opportunity Cost of going to the cinema instead of going to the park?
Eating popcorn
Seeing a movie
Learning a new language
Relaxing on a bench
17
Trivia! The richest 26 people in the world are as wealthy as:
the poorest 100 million people
the poorest 500 million people
The poorest 100,000 people
the poorest 3.8 billion people
18
Ideally in free markets...
Sellers decide the production and the government decides the prices
Tariffs protect domestic jobs
Prices are self-regulated by the seller and buyer
The laws of supply and demand are set by government intervention
19
Trivia! Which country has a higher GDP per person (standard of living) than the United States?
Ireland
All of the above
Singapore
Norway
20
Which item would provide you with the least marginal utility?
a second drink of water when you’re thirsty
a second copy of the daily newspaper
a second car
a second pair of sneakers
21
SpongeBob trivia: What is the name of SpongeBob's pet snail?
Nancy
Dennis
Kenny
Gary
22
One of the advantages to free trade agreements is that it
Provides fewer choices / options in the market
allows consumers access to cheaper goods.
Encourages a nation to be self-sufficient and produce everything at home
creates a loss of jobs.
23
What is Marginal Utility?
The opportunity cost of consuming one more unit
The benefit gained from consuming one additional unit
The benefit gained from consuming all options
The cost of proucing one more unit of a good
24
What is Opportunity Cost?
What you are going to get
What happened in the past
What you gave up
What you recieved
25
If the marginal utility exceeds the marginal cost...
Marginal utility cannot fall below marginal cost
You should sell all units on Ebay
You should not buy any more of this product
you should buy another unit
26
Diminishing marginal utility means that, as you
consume more, the total satisfaction you obtain tends to fall
consume, you are willing to pay more for each additional item
consume more, the additional satisfaction from each unit tends to fall
consume more, each unit is equally satisfying

NAI Principles of Economics 1 Flashcards | StudBud