What is the definition of economics?

all of the above work just fine

What are the factors of production?

Land, Labor, Capital, entrepreneurship

Which of the following would cause the PPF to shift to the right?

Cheaper Artificial Intelligence allows for industries to be more productive

North Korea choses to devote many of its resources to the development of its military and nuclear weapons.

This is an example of a guns vs butter issue

Which is an example of a positive economic statement?

The inflation has been above 5% per year for the last 5 years

Scarcity is defined as...

The kitty is cute, Unlimited wants, but limited resources

Which is a normative statement?

The best way to solve a problem is through changes in laws.

The study of macroeconomics is concerned with...

Economic theory & Economic decisions of large bodies

A Centrally Planned economy

has the government make most or all decisions about the economy

What's an opportunity cost?

When you have a choice to do or buy one thing or another

The economic concept of guns or butter means that

whether to produce more or less military or consumer goods

studbud

Economics Unit 1

19 termsStudBud Administration59 plays

Basic economics concepts

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
The study of economic behavior of small units such as individuals and businesses
business cycle
microeconomics
microbiology
macroeconomics
2
What is the definition of economics?
study of scarcity
study of resources and allocation
study of choices people make
all of the above work just fine
3
What are the factors of production?
Capital, entrepreneurship, Laziness, Nothing
Donald Trump
Land, Labor
Land, Labor, Capital, entrepreneurship
4
In this graph: point Y indicates
Efficient point
Unattainable point
Scarcity of resources
Inefficient point
5
Which of the following would cause the PPF to shift to the right?
A war happens and most of society is left without electricity
Cheaper Artificial Intelligence allows for industries to be more productive
The government choses to produce more consumer goods
None of the above
6
North Korea choses to devote many of its resources to the development of its military and nuclear weapons.
This is an example of ceteris peribis
This is an example of a guns vs butter issue
None of the above
This is an example of a negative statement
7
Point X in this graph is showing
All of the above
Unemployed resources
a production possibility that is not possible
Allocative efficiency
8
Which is an example of a positive economic statement?
The students at ULHS are the best ones in all of Lake County
Students at ULHS should not be allowed mobile phones in class
I believe that 40% of government spending should go into education
The inflation has been above 5% per year for the last 5 years
9
What is the opportunity cost of increasing production of food from 10 to 17?
1 clothing
2 clothing
B
5 food
10
What is meant by physical capital
Knowledge and skills
Equipment and tools
Money
Blood, sweat, tears
11
What is the opportunity cost of increasing production of clothing from 1 to 2?
C
5 Food
B
1 Clothing
12
Which of the following is NOT a factor of production?
Goods and Services
Land
Capital
Labor
13
The engineering knowledge that goes into the production of prosthetics is an example of
Labor
Physical Captial
Land
Human Capital
14
Scarcity is defined as...
Opportunity Cost
The kitty is cute
Wants and needs
Unlimited wants, but limited resources
15
Which is a normative statement?
The average college graduate earns more than a non-graduate.
The best way to solve a problem is through changes in laws.
There are too many students in this class.
Mark Zuckerberg is the founder of Facebook.
16
The study of macroeconomics is concerned with...
Economic theory & Economic decisions of large bodies
Behavior & decisions of smaller units (ex. individuals)
Branch of government that deals with wants and need
17
A Centrally Planned economy
uses profit as incentive for innovation
all of the above
has the government make most or all decisions about the economy
provides a great variety of options of goods and services for consumers
18
What's an opportunity cost?
Paying someone
When you have to buy one thing
When you have a choice to do or buy one thing or another
PAY DAY!
19
The economic concept of guns or butter means that
whether to produce more or less military or consumer goods
a person can spend extra money on sports equipment or food
a company must decide whether to manufacture guns or butter
a government can buy unlimited military and civilian goods

Economics Unit 1 Flashcards | StudBud