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Introductory Concepts in Economics
Introductory Concepts in Economics
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Introductory Concepts from the initial chapters common to Micro- and Macroeconomics. #economics
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1
The longer into a teacher's lecture the more glazed students' eyes become demonstrates
the boringness inherent in studying economics
the entrepreneurial skills of economics teachers
the law of diminishing returns
that sleep is the true opportunity cost of taking economics
2
Price ceilings create
surpluses
demand for price flooring
market equilibrium
shortages
3
Which is a major disadvantage of totalitarian, fascist systems of allocation?
poor at celebrating and rewarding individuality
non-egalitarian, meets primarily the needs of the empowered
monopolistic tendencies, long decision-making process
excessive decisiveness, no checks and balances
4
Which is a major disadvantage of democratic, capitalist systems of allocation?
monopolistic tendencies, long decision-making process
egalitarian, emphasis on meeting social needs emphasized
decisiveness
celebrating and rewarding individuality emphasized
5
Which of the following is
untrue
about entrepreneurship?
They take risks, but reap large rewards when successful
they combine resources in ways to produce goods and services
They innovate and commercialize products
They work in government, Think Tanks, and Universities
6
What is I in the equation C+I+G+X =GDP
What is produced as tallied by the economy's demand side
Consumer spending
net exports and imports
Business Investment
7
Which is not a question generally asked by economists?
What to produce?
How to Produce?
Why?
For whom to produce?
8
Who wrote
the General Theory of Employment, Interest, and Money
in 1936?
John Maynard Keynes
Karl Marx
Adam Smith
9
Preconceptions or unsubstantiated opinions lead to what fallacy of reasoning?
fallacy of composition
post hoc ergo propter hoc
loaded terminology
biases
10
What is X in the equation C+I+G+X =GDP
net exports and imports
Business Investment
Consumer spending
What is produced as tallied by the economy's demand side
11
Which of the following is not a common way to organize a business in the USA?
A Corporation
A Sole Proprietorship
A Limited Partnership
A Confederation
12
Positive economics explains
the economic development of the human race
how we can make the most our of scarce goods
just the observable facts about the economy
how just a spoonful of sugar makes the medicine go down
13
As price increases, quantity decreases; and
vice versa
Law of Demand
Law of Correlation
Law of Inversion
Law of Supply
14
The most common negative externality produced by industrial manufacturing is
our County produces higher levels of pollution
the production of manufactured goods
increased bar fights and hooliganism
Our county voters tend not to be for free trade
15
Ceteris paribus
(other things being equal)
is used to level the playing field for all entrepreneurs
is used to promote egalitarian systems
is used in the analysis of complex, multivariate systems
reflects real world behavior and outcomes
16
He advocated some government involvement, 'priming the pump', 'in the long run we are all dead'
Adam Smith
John Maynard Keynes
Karl Marx
17
Who wrote the
Wealth of Nation
s
in 1776
Karl Marx
Adam Smith
John Maynard Keynes
18
Which of the following can cause a shift in a product's demand curve?
a celebrity endorsement of the product
a change in resource pricing
increased corporate taxation
new technology
19
A holiday sale shopper or a coupon-user tends to be
price-elastic
price-inelastic
20
Natural catastrophes, crop failures, war, and trade embargoes can all cause
near side market failures
demand side market failures
supply side market failures
far side market failures
21
Price floors create
surpluses
demand for price ceilings
market equilibrium
shortages
22
Economics assumes that human behavior reflects
self-sacrifice and heroism
jealousy and envy
rational self-interest
unbridled greed
23
What fallacy deals with granting causality simply due to one event preceding another?
biases
loaded terminology
fallacy of composition
post hoc ergo propter hoc
24
The latest, greatest fashions generallly tend to be
inelastic goods
elastic goods
25
He is often called the Father of Modern Economics.
Friedrich Hayek
Ronald Reagan
The Donald
Adam Smith
26
What is GDP in the equation C+I+G+X =GDP
net exports and imports
What is produced as tallied by the economy's demand side
Business Investment
Consumer spending
27
Which is a major advantage of communist, socialistic systems of allocation?
egalitarian, emphasis on meeting social needs emphasized
monopolistic tendencies, long decision-making process
decisiveness
celebrating and rewarding individuality emphasized
28
China may have the 2nd largest economy/GDP in the world, but its per capita GDP is less than
India's
Mexico's
Haiti's
Congo's
29
Economics is a term given to us by the great Greek thinkers. It derives from
oikonomia:
law/rule of the city-state
law/rule of the land
law/rule of the household
30
Often used in media and advertising, these words and phrases can obscure objective analysis.
post hoc ergo propter hoc
fallacy of composition
loaded terminology
biases
31
Which can be an advantage of democratic, capitalist systems of allocation?
celebrating and rewarding individuality emphasized
decisiveness
egalitarian, emphasis on meeting social needs emphasized
long decision-making process
32
If it's good enough for America, it's good enough for the world may be an example of
fallacy of composition
correlation not causation
post hoc ergo propter hoc
loaded terminology
33
Marginal analysis focuses on:
the effects of policy on the marginalized
obtaining the best results for even those on the margins.
suspending the concept of scarcity
comparing the cost and benefits of tiny incremental changes.
34
As price increases, quantity increases; and
vice versa
Law of Inversion
Law of Supply
Law of Demand
Law of Correlation
35
What is C in the equation C+I+G+X =GDP
Consumer spending
What is produced as tallied by the economy's demand side
net exports and imports
Business Investment
36
He expounded upon topics such as free trade, invisible hand, laissez-faire, etc.
Karl Marx
John Maynard Keynes
Adam Smith
37
The production possibility curve reflects the production mix attainable given
profit maximization
current resources and technology
adoption of market capitalism
society's optimal choice
38
Which can be an advantage of totalitarian, fascist/traditionalist systems of allocation?
long decision-making process
decisiveness
celebrating and rewarding individuality emphasized
egalitarian, emphasis on meeting social needs emphasized
39
Which of the following can cause a shift in a product's demand curve?
a tax subsidy to producers
new technology
increased corporate taxation
the discovery that it causes cancer
40
What is E in the supply side statement LLEC
Energy
Elasticity
Externality
Entrepreneurship
41
He noted 'the rich get richer, the poor poorer', and 'the tendency toward monopolization'.
Karl Marx
Adam Smith
John Maynard Keynes
42
Who wrote
Das Kapital
in 1867?
John Maynard Keynes
Adam Smith
Karl Marx
43
Which of the following can cause a shift in a product's demand curve?
increased corporate taxation
a change in resource pricing
a rise in local area population
increased number of suppliers
44
Why is Economics sometimes referred to as the 'Dismal Science'?
There's no free lunch.
Manifesting wealth and riches has its limits
Scarcity restricts options and demands choice.
You don't always get what you wanted.
45
Which is a major disadvantage of communist, socialistic systems of allocation?
poor at celebrating and rewarding individuality
monopolistic tendencies, long decision-making process
egalitarian, emphasis on meeting social needs emphasized
decisiveness
46
The drug heroin is an example of a(n)
a no good
inelastic good
elastic good
47
Affordable clothing is generallly an example of a(n)
a no good
inelastic good
elastic good
48
Natural catastrophes, war, and large scale irrational consumer behavior can all cause
near side market failures
demand side market failures
supply side market failures
far side market failures
49
Which of the following can cause a shift in a product's demand curve?
an increase in the state's sales tax rate
increased number of suppliers
increased corporate taxation
a change in resource pricing
50
In Economics, elasticity simply measures
conductivity
durability
price sensitivity
malleabiltiy
