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Economics Flashcards | StudBud

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Economics

10 terms·StudBud Administration·79 plays

They want us to eat them

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Questions 10

Answers

1
Which is NOT a factor of production?
Entrepreneurship
Scarcity
Land
Labor
2
What is the slope of a Demand curve?
Positive
Negative
3
Who coined the term invisible hand?
Auguste Gusteau
Vilfredo Pareto
Adam Smith
Thomas Malthus
4
What does the Law of Supply say?
When P increases Q decreases
When P decreases Q decreases
When P increases Q increases
When P decreases Q increases
5
When calculating elasticity, if p<1, then the product is
Elastic
Unitary
Inelastic
Scarce
6
What is Laissez Faire?
Work shall be given to any who want it maximizing efficiency
The government should not interfere with the marketplace.
The government will be included in the market place.
All people should work hard so efficiency is maximum
7
What economist studies free-markets?
Vilfredo Pareto
Adam Smith
Thomas Malthus
Auguste Gusteau
8
When calculating elasticity, if p>1, then the product is
Elastic
Scarce
Unitary
Inelastic
9
What does the Law of Demand say?
When P increases Q increases
When P increases Q decreases
When P decreases Q decreases
When P decreases Q increases
10
When calculating elasticity, if p=1, then the product is
Unitary
Scarce
Elastic
Inelastic