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Basic 1-4 Econ Review Flashcards | StudBud
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Basic 1-4 Econ Review
What is human capital?
Which of these is a capital goods?
Basic 1-4 Econ Review
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1
Which of these is a capital goods?
d. water bottle
a. Oven
c. t-shirt
b. cookies
2
What is human capital?
b. The machines or equipment needed to produce something.
d. The work required to complete a task.
a. The unexpected effects of an action.
c. The knowledge or skills of people.
3
Which of the following is a reason why trade makes us wealthier?
Trade increases the quantity and variety of goods available.
d. All of the above.
c. Trade moves goods to people who value them.
b. Trade lowers the cost of goods.
4
What is an incentive?
a. Something that influences people to make a certain choice.
a. A trend or pattern in consumer behavior.
a. A limit on the number of choices people have.
a. The value of the item you given up when making a choice.
5
In a market economy, _____________ dictate(s) what to produce, how to produce it, and for whom.
a. the decisions of individual producers and consumers.
c. a powerful ruler or central government.
b. random chance.
d. tradition or custom.
6
What is opportunity cost?
a. The value of the thing you keep when given a choice.
b. The cost of a product in a store.
c. The total value of both options in a choice.
d. The value of the thing you give up when given a choice.
7
Who was Adam Smith?
b. A Harvard economics professor who challenged the free market.
c. A philosopher who wrote important initial theories of economics.
a. A founding father of the United States who wrote the constitution.
d. An advocate for traditional economies.
8
What type of economy collapsed in the communist bloc countries of Eastern Europe and the former Soviet Union?
b. a command economy.
d. a free enterprise economy.
a. a traditional economy.
c. a market economy.
9
Which of these is a durable good?
a. dishwasher
c. tractor
d. all of the above
b. refrigerator
10
What is this figure called
division of labor
cain of production
mixed circular flow
circular flow model
11
What tool do economists use to decide which will be the better of two choices?
b. Production possibilities frontier (PPF)
d. The production equation
a. Cost-benefit analysis
c. Graphs
12
What would government do in a model free enterprise economy?
d. support entrepreneurs to encourage innovation.
b. stay out of economic activity altogether.
a. ensure that prices remain reasonable.
c. protect property rights and enforce contracts.
13
Which scenario best illustrates the law of diminishing marginal utility?
b. A collector of china figurines is eager to get a new one.
a. A car breaks down more often as it gets older.
The more pizza you eat the worst you feel
Someone who feels better after eating an entire pizza
14
When someone can produce a good or service at a lower opportunity cost than someone else, they are said to have
c. a trade-off
a. an absolute advantage.
b. a comparative advantage.
d. a division of labor.
15
What is an incentive?
a. Something that influences people to make a certain choice.
c.The value of the item you given up when making a choice.
d. A trend or pattern in consumer behavior.
b. A limit on the number of choices people have.
