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Econ 201 Exam 1 Flashcards | StudBud
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Econ 201 Exam 1
Econ 201 Exam 1
23 terms
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StudBud Administration
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835 plays
Spring 2021
Flashcards
23 cards
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Practice quiz
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Questions
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Answers
1
Which of the following sources of knowledge is NOT part of the scientific method?
Testimony/Authority
Logic/Reasoning
Observation/Perception
2
According to the Heritage Index of Economic Freedom, which of these 'socialist' countries is ranked higher than the US?
All of the above
Finland
Norway
Sweden
Canada
Denmark
3
Which of the following is the expected effect when price of X increases?
Quantity demanded of X increases
Demand for X decreases
Demand for X increases
Quantity demanded of X decreases
4
Which of the following is a reason why it is difficult to obtain certainty of knowledge in economics?
All three are correct
It is difficult to measure all the variables that economists want to test
It is difficult to control for all the non-tested variables
It is difficult to perform experiments on people's economic behavior
5
Foregoing the next best alternative is known by what term?
Replacement cost
Lost alternative
Substitution outlay
Opportunity cost
6
Which of the following is NOT a reason the demand curve slopes downward?
Diminishing utility
Income effect
Increasing unit cost of production
Substitution effect
7
Economists collapse all human goals into one goal known by what term?
Satisfaction
Utility
Pleasure
Happiness
8
The point where quantity supplied equals quantity demanded is known by what term?
Equilibrium
Equality
Stasis
Balance
9
Richard Thaler & behavioral economists are known for their concept of the _____--the manipulation of people's behavior?
Prod
Influence
Sludge
Nudge
10
In the competitive S&D model, what happens to equilibrium price and quantity when demand decreases and supply increases?
P is indeterminate, Q increases
P is indeterminate, Q decreases
P increases, Q is indeterminate
P decreases, Q is indeterminate
11
What is the substantivist definition of 'economics'?
Social science studying how humans provide for their survival and thrival
Social science studying how humans demand and supply goods and services
Social science studying how humans make choices under scarcity
Natural science studying how humans and animals provide for their survival
12
Which of the following is NOT a primary characteristic of capitalist economic systems?
Class of workers who do not own productive property
Universal healthcare and education
Class of productive-property owners
Freedom of enterprise
13
What do economists theorize about people's tastes and preferences?
Tastes and preferences are largely formed by society
Tastes and preferences are unlimited in number (humans are insatiable)
All three are correct
Tastes and preferences are largely explained by genes
14
According to standard economics, which of the following is NOT among the problems people face when making decisions?
Too many alternatives
Too much information
Unknown preferences
Not enough information
15
Which of the following is a primary consideration for businesses with pricing power for changing the price?
Costs of producing their product
Demand for their product
All of the above
Competitors’ behavior, especially the price of their product
16
Which of the following countries most closely approximates an autocratic communist economic system?
North Korea
Turkey
Norway
Canada
17
Which branch of philosophy studies questions concerning the nature of knowledge?
Axiology
Ontology
Epistemology
Soteriology
18
In the competitive S&D model, what happens to price NOW if buyers and sellers EXPECT the price to go up in the future?
P is indeterminate
P decreases
P increases
19
In the competitive S&D model, what happens to equilibrium price and quantity when the supply increases?
P increases, Q decreases
P decreases, Q increases
P decreases, Q decreases
P increases, Q increases
20
What historical event came before the creation of governments, writing, money, and markets?
Protest Reformation
First Agricultural revolution
Socialist Revolutions
Industrial Revolution
21
Where do economists get most of their information to build knowledge of cause-effect in the science of economics?
Theories
Surveys
Experiments
Assumptions
22
Under what condition is the supply curve horizontal?
The business needs the price to go up in order to be willing to sell more
The business is willing to sell more at higher prices
The business has to sell at that price because it is a price taker
The business has pricing power
23
What modifications did most countries with capitalist economic systems make in the late 19th and early 20th centuries?
Welfare programs providing an income for the poor and unemployed
Laws limiting the working day and improving working conditions
Universal education and healthcare provision by the government
Red and Blue are both correct
