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Duplicate of Intro to Economics Flashcards | StudBud
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Duplicate of Intro to Economics
Duplicate of Intro to Economics
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Answers
1
Which of the basic economic questions best relates to the issue of how we
use
scarce resources?
What to produce?
How to produce it?
Who gets whats produced?
Who deserves to have the most?
2
Which of the following is NOT one of the 6 basic economic principles?
People will always respond to more money in desired ways
People's choices involve costs
People respond to incentives in predictable ways.
People gain when they trade voluntarily
3
Computers in an office building are examples of
Labor
Capital
Land
Entrepreneurship
4
Government owns/controls productive resources and answers the three basic economic questions.
Socialist
Market
Command
Traditional
5
How many basic economics questions are there?
3
1
4
2
6
The "A" in the PACED model stands for ...
Alternatives
Almost
After
Access
7
People make choices because of scarcity and when making choices people act
in their self interest
totally and completely rational
totally and complete irrational
in their best behavior
8
Cotton is an example of
Entrepreneurship
Labor
Capital
Land
9
Economists examine the effects of government policy on economic growth and stability...
Scarcity
Cost
Macro
Micro
10
Limited role of government valuing growth and stability over equity and security.
Traditional
Command
Mixed
Socialist
11
Refers to the highest valued alternative that was forgone when a choice is made.
Market Choice
Opportunity Cost
Profit
Trade off
12
The condition of not having enough of something to satisfy what is needed or wanted
Scarcity
Opportunity
Benefit
Cost
13
This economic goal believes in fairness for everyone
Equity
Growth
Freedom
Security
14
At its core, economics is...
the study of the flow of money from one person to another
governments and how it intervenes in business
making choices to address scarcity
the study of supply vs. demand
15
Ticketmaster sells tickets to a show using this allocating method for a show in high-demand?
Lottery
First Come First Serve
Physical Apperance
Fiat
16
What is human capital?
Skills, knowledge, experience possessed by humans/population
Capital invested in land and labor
The capital of the country Human
Capital invested in human beings
17
Why is the PPF curved ?
Curved lines are more economic
Factors of production cause the curve
Law of increasing costs, so does opportunity cost
Law of decreasing costs
18
A deep sea fisherman working for a large fishing industry company
Capital
Land
Entrepreneurship
Labor
19
Which distribution method is random?
Lottery
Physical Characteristics
Performance
Willingness to Pay
20
How many steps are in the PACED decision making process?
4
5
6
3
21
What economic social goal values people being allowed to buy and sell without regulation?
Growth
Security
Freedom
Equity
22
The Pig Principle can be shown by which equation?
n
n+n
n=1
n+1
