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Fundamental Concepts Part A Flashcards | StudBud
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Fundamental Concepts Part A
Fundamental Concepts Part A
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Answers
1
What would cause this curve to shift to the right?
New Technology
Rise in unemployoment
U.S. government fails
A tornado hitting both factories
2
Mrs. Hale is an economics teacher. What does this refer to?
allocation
smartness
specialization
distribution
3
What do you know about marginal cost and marginal benefit?
benefits < costs
benefits > costs
4
What is an incentive?
a motivation to get better
a demotivation
it smells good
it looks good
5
What does point A represent?
Efficient
allocatively efficient
Inefficient
unattainable
6
What is the purpose of government regulation?
Ensure quality and safety of products
to keep people from buying goods
to impose taxes
7
What is human capital?
a human pyramid
ability to increase one's body mass
physical money
ability to increase one's knowledge
8
Economics is the study of...
the economy
America
businesses
choices
9
Brayden is a farmer. What factor of production does he represent?
land
labor
capital
entrepreneur
10
Joey gave up a good grade on his test because he went to the movies.
trade off
opportunity cost
11
What is productivity?
costs > benefits
measuring inputs
measuring inputs to outputs
measuring outputs
12
Which of the following would be an example of land?
chickens
humans
computers
telephone
13
All of the following are examples of capital,
EXCEPT
:
sewing machine
telephone
tractor
Bill Gates
14
What does the word allocate mean?
distribute
change
distort
take care of
15
A PPC represents...
opportunity cost
Investment
marginal benefit
marginal cost
16
Trees, oil, chickens, and cows are which of the four factors of production?
entrepreneur
capital
land
labor
17
How does the government redistribute income?
the government doesn't get money
taxes money funds walmart
tax money funds servies (welfare, ss, disability)
they take money from their paychecks to pay the people
18
What is a trade-off?
the other choice you didn't choose
stopping trade
trade
opportunity cost
19
Unlimited wants, but limited resources
marginal benefit
opportunity cost
marginal cost
scarcity
20
What are the four factors of production?
capital, labor, chairs, tables
land, labor, capital, entrepreneurship
land, money, capital, entrepreneurship
land, labor, capital, business
21
How can someone increase their human capital?
learn a new skill
Eat potato chips
be a couch potato
go to college
22
What is an opportunity cost?
what you give up, when you give up
a scarce good
the cost you pay for a good
what you give up, to gain something else
23
What do points B, D, and C represent?
Unattainable
Inefficient
Goal
Efficient
24
What does the term "efficient" mean?
using all resources
unattainable
using non of your resources
goal
