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Economics: Unit I Review Flashcards | StudBud
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Economics: Unit I Review
Economics: Unit I Review
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Terms and concepts for beginning level economics. #economics
Flashcards
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Questions
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Answers
1
According to Adam Smith what concept illust. the benefits of man's econ. self-interest?
Laissez-faire concept
Invisible hand concept
Murphy's Law concept
Certeris paribus concept
2
Economic goal: Stability and security
Command
Mixed Market
Market
Traditional
3
An economic enigma refers to a mystery that can not be explained thru economic analysis.
False
True
4
An arrangement that brings buyers and sellers together to do business with each other
a market
a dating service
a meeting
a mall
5
Which of the following is a good example of an economic enigma?
Why is milk in square containers and soda in round ones?
Gamestop having a 50% off sale at Christmas time.
Why are gas $ higher now than a month and a half ago?
Starbucks raising the price of its citrus tea drinks.
6
Which factor of production does the picture represent?
Human Capital
Labor
Land
Physical Capital
7
Which of the following is characteristic of a market economy?
revolves around family
government control of factors
low standard of living
encourages innovation
8
The extra cost of making one additional unit.
utility
marginal cost
marginal benefit
production possibilities
9
If production is at point E, it is said to be?
impossible
bad
good
underutilization
10
Which of the following is not a goal of economics?
Equity
Wealth
Efficiency
Freedom
11
The picture below represents which factor of production?
Labor
Entrepreneurship
Land
Captial
12
Why are goods and services scarce?
Resources used to produce them are limited.
Greedy people want too many goods.
Some goods cost more than others.
People want more than they can have.
13
Which factor of production does the picture represent?
Land
Physical Capital
Labor
Human Capital
14
Which would a company do to increase its human capital?
hire more part-time workers
build a company cafeteria
provide training
lease cars for employees
15
The term used in economics that refers to variables that remain the same is
ceterus paribus
semper fi
sic semper tyrannus
caveat emptor
16
Which factor of production does the picture represent?
Land
Labor
Human Capital
Physical Capital
17
Ceterus Paribus helps economists better understand the workings of
The invisible hand
The Law of Diminishing Utility
Production Possibilities Curves
The Circular Flow Model
18
The picture below represents which factor of production?
Entrepreneurship
Labor
Land
Captial
19
Macroeconomics refers to the everyday economics of individuals and business.
True
False
20
Which of the following is characteristic of a traditional economy?
revolves around family
industrial production
high standard of living
encourages innovation
21
If production is at point D, it is said to be operating ______?
perfectly
at a good rate
at marginal productivity
inefficiently
22
Where was Adam Smith born?
Scotland
England
Wales
Ireland
23
The production possibilites curve always measures two goods or services.
False
True
24
Using resources in the
best
way is known as
efficient
effective
egalitarian
energetic
25
Three questions that every economic system must answer before production may begin?
Why, What, and how to produce
What, How, For whom to produce
all of the above
When, Where, How many to produce
26
What you give up to get something else...
entrepreneurship
underutilization
opportunity cost
trade off
27
Which of the following is not a principle of economics?
Goods over services
Cost vs benefits
Scarcity forces tradeoffs
Thinking at the margin
28
Which of the following best describes the U.S. economy?
free market
mixed
centrally planned
traditional
29
Pro: High degree of individual freedom
Traditional economy
Command economy
Mixed market economy
30
The picture below represents which factor of production?
Entrepreneurship
Labor
Land
Captial
31
Which of the following is not one of the 6 economic goals?
Economic education
Economic freedom
Economic equity
Economic security
32
Anything a consumer desires that is not food, water, or shelter?
technology
want
human capital
need
33
T/F: Any point on the PPC means the most efficient use of resources.
False
True
34
The major problem that the study of economics tries to address is?
money
trade offs
graphing
scarcity
35
The study of how people make choices when supplies are limited...
Sociology
Philosophy
Economics
Sociology
36
If production of trucks moves from point B to point C what is the Opportunity Cost?
2 trucks
I am confused
nothing
3 boats
37
Pro: Everyone knows what their role is
Traditional economy
Mixed market economy
Command economy
38
Which of the following is a perpetual resource?
Christmas trees and cows
Diamonds and rubies
Wind and water
Crude oil
39
Which economic system? Bhutan
Mixed Market economy
Command
Traditional
40
Food, water, shelter, and clothing (sometimes) are considered?
Needs
Wants
Labor
Land
41
Which factor of production does the cash register in the picture represent?
Labor
Physical Capital
Land
Human Capital
42
Choosing one product over several others is an example of a(n)?
Going green
Opportunity Cost
Monopoly
Trade off
43
The picture below represents which factor of production?
Labor
Land
Entrepreneurship
Captial
44
Which of the following best describes the 'Law of Diminishing Marginal Utility'?
with each bite of ice cream the more delicious it tastes
the more you drive a car the more repairs are needed
a new pair of shoes is less exciting when you have many
the more money you have the less your friends will like you
45
Which of the following is not a factor of production?
Land
Scarcity
Capital
Labor
46
Pro: Does not provide for the basic needs of everyone.
Mixed market economy
Traditional economy
Command economy
47
The picture below represents which factor of production?
Labor
Captial
Entrepreneurship
Land
48
Con: Lack of progress leads to lower standard of living.
Mixed market economy
Command economy
Traditional economy
49
The father of economics?
Samual Adams
Adam Smith
Adam Levine
John Adams
50
Con: No rewards for individual performance
traditional economy
command economy
mixed market economy
