Why do we eventually stop eating slices of pizza?

The law of diminishing marginal utility

In a mixed market economy, competition results in...

lower prices and increased choices for consumers

What does it mean to maximize utility?

To gain the most satisfaction or useflullness possible

What is the common purpose of all types of a economies (or economic systems)?

To determine societies use of scarce resources

The purpose of government in a command economy is

make the major economic decisions

The concept of voluntary exchange is...

people will freely engage is transactions

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Unit 1 Introduction to Economics

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Questions 20

Answers

1
Why do we eventually stop eating slices of pizza?
The Equilibrium coefficient
The law of diminishing marginal utility
Creative destruction
The law of increasing marginal utility
2
In a mixed market economy, competition results in...
lower prices and increased choices for consumers
Higher prices and decreased choices for consumers
Brown shoes and nothing else
3
What does it mean to maximize utility?
To waste valuable resources
to strengthen national infrastructure
To gain the most satisfaction or useflullness possible
To be as efficient as possible
4
Scarcity exists when...
Production exceeds consumption
Wants exceed limited resources
prices are not stable
5
The value of the next best alternative is the ___________________ of that decision.
Trade off
Opportunity cost
Marginal utility
Resource allocator
6
Economics is primarily concerned with...
The way people use resources
the weather
the training of bankers
consumer prices
7
In a market economy the basic questions are answered by...
Tribal leaders
Ned
Individuals
The government
8
The basic problem in economics is...
low productivity
answering moral questions
Lack of useful models
Scarcity
9
What is the common purpose of all types of a economies (or economic systems)?
To feed the poor
To find homes for puppies and kittens
To equally distribute wealth
To determine societies use of scarce resources
10
The purpose of government in a command economy is
encourage entreprenuers
promote economic freedom
ensure the availiability of consumer goods
make the major economic decisions
11
A teenager has the most choices in a
mixed market economy
Command Economy
Traditional economy
12
An example of a command economy is...
Germany
USA
France
North Korea
13
Why do people and societies have to make trade offs
Resources are unlimited
Wants are limited
scarcity is an illusion
Resources are limited
14
The concept of voluntary exchange is...
people will freely engage is transactions
the barter system is used
that only workers benefit
that no money changes hands.
15
In a mixed market economy, the factors of production are owned by
individuals
the government
tribal leaders
non of these
16
Which of the following is not a characteristic of the US economy?
Equal opportunity
Competition
Total government control
Economic freedom
17
Who organizes land labor and capital in pursuit of profit?
The goverment
Entrepreneurs
Workers
Teachers
18
The United States has a
Market economy
Command Economy
Traditional economy
Mixed economy
19
Who determines that products that a market economy produces?
Consumers
Land owners
The President
Congress
20
A basic requirement for survival is a ...
need
paradox of value
want
opportunity cost

Unit 1 Introduction to Economics Flashcards | StudBud