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Fundamentals of Economics Flashcards | StudBud
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Fundamentals of Economics
Fundamentals of Economics
25 terms
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Review of the first unit of Economic Policy
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Point B on this graph
is invisible
represents underutilization
represents economic expansion
represents a recession
2
Which of the following is a benefit that a business is likely to attain from hiring more workers?
Better entrepreneurial knowledge
Lower costs
Fewer natural resources required
increased productivity
3
What are human made objects used to create other goods and services?
Entrepreneurship
Labor
Physical Capital
Human Capital
4
Which is a good?
a Linda Ronstadt album
root canal
lawn care services
a haircut
5
A closed economy
is one with great restrictions on private business
is likely to experience patriotism at home
does not trade with others
only trades in certain items
6
According to Adam Smith, what is the source of prosperity?
war
government corruption
inheritance
specialization
7
Micro economics
studies the impact of Apple
studies very specific elements of the economy
studies the economy as a whole
deals with the quantam world
8
Why are entrepreneurs important?
They invest their profits
They have imagination
theyare willing to take risks
they promote economic growth
9
What is the line of the graph showing how combinations of two goods can be produced?
the equation of the line
walk the line
the prodcution possibilities frontier
the line of best fit
10
What is true as a firm proceeds with increased production of one good over another?
the item being produced is more expensive
the opportunity costs increase
quality will be sacrificed
there will be lots of grumbling
11
A simplified version of reality is
dumbing down
a model
a hallucination
simple
12
What is the ratio of output per worker per unit of time?
math
work
force
productivity
13
What is the general term for natural resources used in the production of other goods and services?
labor
entrepreneurship
capital
land
14
"Choosing is refusing" is a phrase that well illustrates which fundamental economic concept?
trade-offs
economic expansion
microeconomics
production possibilities
15
If Capeland switches from producing 0 shoes to producing 12 million pairs of shoes, what does it give up?
12 million tons of watermelon
7 million tons of watermelon
18 million tons of watermelon
14 million tons of watermelon
16
An actor in a major motion picture production is
replaceable
labor
a star
Tom Cruise
17
every choice involves
marginal thinking
trade offs
stress
indecision
18
An old myth says that Joe Dimaggio missed out on big payday, coming up 1 hit short. Who allegedly offered this incentive
Heinz 57
715 International
Five Guys
Phillips 66
19
Which a service?
an airline ticket
the wedding band's performance (the band is itself is not for sale)
Wedding cake
Billy Idol concert tickets
20
REVIEW THE GRAPH, WHICH IS TRUE?
F is impossible
F represents economic growth
E indicates economic expansion
E is impossible
21
What are the three factors of production?
Human capital, physical capital, intellectual capital
Land, Labor, capital
Workers, management, entrepreneurs
Needs, wants, choices
22
Unlimited wants and needs, limited resources is
a shortage.
a bummer.
scarcity.
the way it is.
23
According to the Econ Isle video series, what two things can shift the frontier outward?
changes in productivity and technological change
scarcity and opportunity costs
marginal costs and marginal benefits
needs and wants
24
Macro economics is the study of the
tax code
economy as a whole
trade offs
impact of single decisions
25
A, B, C and D all
are variables
represent an underutilization of resources
are impossible
represent effecient use of resources
