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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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Questions
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Answers
1
Point C in this graph represents...
An increase in production
Maximum efficiency
Under utilization
Impossible to reach with given resources
2
Which team has the absolute advantage in both categories of players?
Yankees
Cubs have AA in Pitchers but Yankees have AA in Hitters
Cubs have AA in Hitters but Yankees have AA in Pitchers
Cubs
3
A factory's warehouse would be considered which of the following types of resources
Capital
Labor
Land
Entrepreneurship
4
What should the 2 teams do?
Trade, Cubs should specialize in hitters, Yankees in pitchers
Trade, Cubs should specialize in pitchers, Yankees in hitters
Don't trade because the cubs have absolute advantage in both
5
This picture is a representation of a...
Efficiency Calculator
Supply and Demand Graph
Production Possibilities Frontier
Market Comparison
6
Which of the following describes an economic system with no government involvement?
Traditional
Mixed
Command
Market
7
Natural resources like wheat, water, and iron ore would be considered which type of resource?
Labor
None of the above
Capital
Land
8
The study of how individuals, businesses, and societies allocate its scarce resources is called...
Economics
Societal Analysis
Entrepreneurship
Sociology
9
The next best thing given up when making a decision is called...
Scarcity
Trade
Marginal Benefit
Opportunity Cost
10
Which of the following describes a command economy?
There is no government intervention
There is some government intervention
The government makes all economic decisions
People and private businesses decide what to produce
11
Which of the following is an example of a public good or service?
An Amusement Park
A National Highway
A Zoo
A Movie Theater
12
Unlimited wants and desires met with limited resources is the definition of...
Demand
Opportunity Cost
Supply
Scarcity
