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Basic Economics Flashcards | StudBud
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Basic Economics
Basic Economics
20 terms
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Basic questions about economics and a few random trivia questions.
Flashcards
20 cards
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Questions
20
Answers
1
_____ is the branch of economics that deals with the economy as a whole.
Microeconomics
Big business
Economics
Macroeconomics
2
Someone who suffers from oneirophobia is scared of what?
The number '1'
Cyclops
Being alone
Dreams
3
Which system is focused on the freedom of choice?
Market
Supermarket
Command
Traditional
4
Which of the following is NOT a factor of production?
Money
Entrpreneurship
Capital
Labor
5
___________ is the study of how limited resources are used to satisfy unlimited wants
Economics
Supply and Demand
Macroeconomics
Microeconomics
6
The maximum combinations of goods and services that can be produced with limited resources.
Supply possibilities curve
Production possibilities curve
Supply and demand curve
Possibilities flow model
7
The value of the next best alternative given up for what was chosen is the _________.
Opportunity cost
Cost of production
Trade-off
Choice
8
Which is NOT one of the three basic questions of economic systems?
Why should the product be produced?
For whom should the product be produced?
How should the product be produced?
What should be produced?
9
Which of the following is NOT a want?
A house
iPhone 6+
2015 Toyota 4Runner
Gibson Les Paul guitar
10
What is taphephobia?
Fear of being tapped on the shoulder from behind.
Fear of being buried alive.
Fear of guns.
Fear of whales.
11
Which of the following is NOT a type of economic system?
Command
Traditional
Supermarket
Market
12
Who first mentioned the idea of a capitalist economy?
Donald Trump
Thomas Paine
Scrooge McDuck
Adam Smith
13
Which of the following is not a characteristic of the American economy?
Government control of resources
Competition
Profit incentive
Freedom of enterprise
14
Which of the following is NOT a need?
Tent
Cell phone
H2O
Pizza
15
Which system is centered around doing things the way they have always been done?
Market
Traditional
Command
Mixed
16
Laissez-faire means __________.
Let people do as they choose.
Lassie and Free Willy
Lazy and free
Less fair
17
What is the basic problem of economics?
Unemployment is rising.
Debt
Not enough money.
Scarcity
18
________ is the branch of economics that deals with the behavior and decisions of individuals.
Freedom of Choice
Economics
Microeconomics
Macroeconomics
19
What film is "Hello, my name is Inigo Montoya. You killed my father. Prepare to die." from?
The Princess Bride
The Sword in the Stone
Harry Potter
Pirates of the Caribbean
20
Sacrificing one product for another is called a(n) _________.
Economic rule
Economic problem
Trade-off
Fish stick
