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Economics Chapter 1 Flashcards | StudBud
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Economics Chapter 1
Economics Chapter 1
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Chapter 1
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What does the saying "no free lunch" mean?
most things cost something
everything costs something
some things cost nothing
most things cost nothing
2
Which of the following best describes wants?
limited and never changes
unlimited and never changes
limited and ever changing
unlimited and ever changing
3
Which of the following shows underutilization?
Point 4
Point 6
Point 7
Point 1
4
Economically speaking, what does UTILITY mean?
Under Production
Benefit and Margin
Benefit and Satisfaction
Benefit and Cost
5
Which of these involves using resources to produce the maximum amount of goods and services?
utilization
efficiency
overefficiency
underutilization
6
What are the 3 Key Economic Questions that every society must ask?
What, How and for Whom to produce?
What, Where and Why to Produce?
When, Where and Why to produce?
What, Where and When to Produce?
7
Who would win in a cross country race between administrators?
Dr. Sparger
Mr. Hallett
Mr. Clark
Mr. Troutman
8
How many trucks are being produced at point 3?
1,000
2,000
3,000
4,000
9
Who wrote "The Wealth of Nations?"
Adam Smith
Alexander Hamilton
Thomas Malthus
Karl Marx
10
Who will win the football game on Friday?
I go to watch the band
Creek
IDK
Seabreeze
11
Who is the coolest teacher at Creek?
Brink
Brink
Brink
Brink
12
Making decisions based on what you believe is the best combination of costs and benefits.
cutting back
budgeting
economizing
motivating
13
Which of the following describes economics as it SHOULD be?
Microeconomics
Normative Economics
Macroeconomics
Positive Economics
14
Which of the following represents production that is impossible to attain?
point 7
point 6
point 4
point 2
15
What does a point inside the curve of a PPC indicate?
more resources are required
less resources are required
not all resources are fully employed
all resources are fully employed
16
Economically speaking, what is "Marginal Cost?"
Items gained in a transaction
Items exchanged in a transaction
The amount gained by utilizing capital
The amount lost of a product when you make more of another.
17
Who is the coolest administrator?
Mr. Hallett
Mr Troutman
Dr. Sparger
Mr. Clark
18
What is especially useful for comparing data?
circle graph
line graph
pie graph
bar graph
19
Which of the following examines the costs and expected benefits of a choice?
cost-profit analysis
choice-benefit analysis
cost-benefit analysis
choice-profit analysis
20
What is another name for the Production Possibilities Curve?
Production Possibilities Edge
Production Possibilities Frontier
Production Possibilities Perimeter
Production Possibilities Border
21
Into what four categories do economists divide factors of production
land, labor, capital and entrepreneurship
resources, labor, capital and entrepreneurship
resources, labor, money and entrepreneurship
land, labor, money and entrepreneurship
22
Which is not considered a need?
food
television
clothing
shelter
23
Which of the following would macroeconomics study?
a general rise in prices
the success rate of sandwich shops
a decline in coffee prices
the work habits of students
24
Which of the following describes economics as IT IS, not as it should be?
Microeconomics
Macroeconomics
Positive Economics
Normative Economics
25
Economically speaking, INCENTIVE means what?
To marginalize consumers
To reduce benifits
To discourage buyers
To encourage and motivate consumers to buy
26
Where is the best place to skip at Creek?
Back of Auditorium
Another teacher's class
Crooked Hallway
Bathrooms
27
Which of the following shows the production of 4,000 TVs and 3000 trucks?
Point 6
Point 3
Point 4
Point 2
28
What did Adam Smith say moved the market and society in a positive direction?
The Invisible Hand
Limited Trade
Mercantilism
No Free Lunch
29
How many TVs are being produced at point 2?
9,000
3,000
5,000
7,000
30
Which of the following buys goods for personal use?
client
advocate
consumer
producer
