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Economics - Unit 1 Flashcards | StudBud
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Economics - Unit 1
Economics - Unit 1
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An #economics #review test for the foundations of economics in #cia4u
Flashcards
25 cards
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Questions
25
Answers
1
Knowledge, entrepreneurship, and environmental factors are examples of the following:
Requirements for starting a business
Tangible Resources
Productive resources
Intangible Resources
2
Supply-side economics promotes tax cuts for...
middle and upper classes
the rich
the rich & businesses
businesses
3
A production possibilities curve is used to explain which of the following economic scenarios
opportunity cost
family matters
supply and demand
distribution of labour
4
The Joker's actions in the Dark Knight parallel the musings of what economist?
Adam Smith
David Ricardo
John Maynard Keynes
Thomas Malthus
5
Adam Smith explained...
People are prosperous to the extent they possess money
Money will cause starving if G&S aren't around
A collective is a living, breathing entity
A dynamic economy lets industries die
6
Which of the following can shift a PPF curve inwards?
technological progress
laziness
dwindling of raw materials
broken machines
7
Which of these is not an economic goal?
income equity
maximizing private profits
economic efficiency
full employment
8
Which of the following is NOT a productive resource?
Capital
Labour
Rent
Land
9
According to game theory, why do you trust people?
Because people are inherently terrible
Because people are inherently good
Because people are self-interested
Because people want to do best for themselves and the group
10
Monetarianism is the belief that...
The money supply should fluctuate to help the economy
That money supply needs to remain stable
The money supply is dependent on the economy
The government should regulate the supply of money
11
In the Prisoner's Dilemma, should two competing companies coordinate and price match?
Yes
No
12
An economic system where businesses are free to fail
Command
Danger Zone
Market
Competition
13
Which of the following is
NOT
a question answered by an economic system?
Will products be shared equally?
When do citizens get their share?
How much automation is required?
What is worth producing?
14
Which of the following is
NOT
an assumption of the law of increasing cost?
Rational decisions lead to rational results
Economy is experiencing full employment
Production efficiency is being maximized
Best technology is being used
15
The Tony-Award winning musical,
Urinetown
is based off the population dynamics works of who?
John Maynard Keynes
Milton Freidman
John Stuart Mill
Thomas Malthus
16
Which of these is
NOT
a basic assumption of economics?
people have rational preferences
individuals maximize utility
firms maximize profits
the market will always correct itself
17
The following are Classical Economists
Smith, Malthus, Mill
Marx, Smith, Malthus
Smith, Keynes, Mill
Ricardo, Mill, Friedman
18
Which of the following can shift a PPF curve out?
technological advancements
growing pains
workers trying harder
lower expectations
19
The posthoc fallacy says...
Production exists to consume
A single person or event caused a situation to occur
Event B MUST have been caused by event A
People are prosperous to the extent they have money
20
Nash's equilibrium said that people should...
do what is best for themselves and the group
do what is best for the group
do what is best for themselves
do what is best for themselves, but not the group
21
David Ricardo was the first to suggest...
Labour value
Geometric population growth
Supply-side economics
Monetarianism
22
Marxism explains that
capitalism will destroy itself
mixed economies are superior
subsistence economies will always outgrow that system
socialism will destroy itself
23
Keynes said that...
Free markets cannot provide full employment
Free markets will provide full employment
Rent can be profit-seeking
Utilitarian approaches are superior
24
An economy designed to meet the needs of all of its people, regardless of their contribution.
Command
Mixed
Market
Marxalism
25
Hazlitt said, of the short run fallacy, that...
The bad economist sees only what immediately strikes the eye
growing industries should be allowed to grow
there is no such thing as a free lunch!
The good economist sees only what strikes the eye
