stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Fundamentals (Milestone) Hornet Flashcards | StudBud
Explore
/
Economic Fundamentals (Milestone) Hornet
Economic Fundamentals (Milestone) Hornet
18 terms
·
StudBud Administration
·
246 plays
Review of Fundamental Economics Concepts GPS for the Milestone Exam. #gamilestones #economics #gps
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
Which productive resource does this represent?
Firms
Labor
Human Capital
Land
2
The most desirable alternative forgone when a choice is made
Opportunity Cost
Scarcity
Rational Decision
Trade-off
3
When people are deciding how much more or less to do they are....
avoiding rational though
thinking at the margin
creating economic analysis
Thinking critically
4
What is the opportunity cost of moving from "A" to "B"
1 million coffee
2 million coffee
2 million corn
1 million corn
5
Which describes people that benefit from a public good, even if they would not pay.
Tax shelter
Tax evader
Free rider
Free loader
6
What is the opportunity cost of getting a Coke from this vending machine?
The Pepsi
$1.00
The Coke
7
A taxi cab drivers knowledge of the city streets would be considered
Entreprenuership
Land
Human Capital
Physical Capital
8
Points "B" and "D" are on the...
Frontier
Underutilization line
Supply Curve
Apex
9
The fundamental problem of economics is
Scarcity
Command Economies
Unlimited needs
The Product Market
10
Which of the following is not a productive resource
Land
Labor
Entrepreneurship
Money
11
This man started a business. He represents which productive resource?
Capital
Land
Entrepreneurship
Labor
12
Which point can not be reached without more resources or technology?
B
D
C
A
13
Which of the following WOULD NOT cause a PPC to shift right
Training people to use computers
More technology
More resources
Less population
14
Any resource made by humans and used to create other resources
services
land
capital
labor
15
Which point represents underutilization
B
D
C
A
16
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
The movie
the $10
The dinner
The $10 and the movie.
17
A warehouse building is an example of
entreprenuership
capital
Land
labor
18
How do consumers BEST make their desires known to businesses
buying goods
boycotting
lobbyists
surveys
