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Introductory Concepts in Economics 101 Flashcards | StudBud
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Introductory Concepts in Economics 101
Introductory Concepts in Economics 101
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Introductory Concepts from the initial chapters common to Micro- and Macroeconomics.
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Questions
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Answers
1
What fallacy deals with granting causality simply due to one event preceding another?
biases
loaded terminology
post hoc ergo propter hoc
fallacy of composition
2
Economics assumes that human behavior reflects
unbridled greed
self-sacrifice and heroism
rational self-interest
jealousy and envy
3
Who wrote the
Wealth of Nation
s
in 1776
John Maynard Keynes
Adam Smith
Karl Marx
4
The most common negative externality produced by manufacturing is
Our county voters tend not to be for free trade
increased bar fights and hooliganism
the production of manufactured goods
our County produces higher levels of pollution
5
China may have the 2nd largest economy/GDP in the world, but its per capita GDP is less than
Congo's
Mexico's
India's
Haiti's
6
A holiday sale shopper or a coupon-user tends to be
price-inelastic
price-elastic
7
What is GDP in the equation C+I+G+X =GDP
net exports and imports
What is produced as tallied by the economy's demand side
Consumer spending
Business Investment
8
Which of the following can cause a shift in a product's demand curve?
increased number of suppliers
a rise in local area population
a change in resource pricing
increased corporate taxation
9
Which can be an advantage of totalitarian, fascist/traditionalist systems of allocation?
long decision-making process
egalitarian, emphasis on meeting social needs emphasized
celebrating and rewarding individuality emphasized
decisiveness
10
Which of the following can cause a shift in a product's demand curve?
an increase in the state's sales tax rate
increased corporate taxation
increased number of suppliers
a change in resource pricing
11
The longer into a teacher's lecture the more glazed students' eyes become demonstrates
the law of diminishing returns
the entrepreneurial skills of economics teachers
the boringness inherent in studying economics
that sleep is the true opportunity cost of taking economics
12
What is X in the equation C+I+G+X =GDP
Business Investment
Consumer spending
net exports and imports
What is produced as tallied by the economy's demand side
13
He is often called the Father of Modern Economics.
Ronald Reagan
Adam Smith
The Donald
Friedrich Hayek
14
Marginal analysis focuses on:
the effects of policy on the marginalized
comparing the cost and benefits of tiny incremental changes.
suspending the concept of scarcity
obtaining the best results for even those on the margins.
15
The production possibility curve reflects the production mix attainable given
society's optimal choice
current resources and technology
adoption of market capitalism
profit maximization
16
In Economics, elasticity simply measures
malleabiltiy
durability
price sensitivity
conductivity
17
Which of the following can cause a shift in a product's demand curve?
a change in resource pricing
new technology
a celebrity endorsement of the product
increased corporate taxation
18
Who wrote
Das Kapital
in 1867?
Adam Smith
John Maynard Keynes
Karl Marx
19
Which is not a question generally asked by economists?
Why?
What to produce?
For whom to produce?
How to Produce?
20
Which is a major disadvantage of totalitarian, fascist systems of allocation?
excessive decisiveness, no checks and balances
poor at celebrating and rewarding individuality
monopolistic tendencies, long decision-making process
non-egalitarian, meets primarily the needs of the empowered
21
Which is a major disadvantage of communist, socialistic systems of allocation?
decisiveness
egalitarian, emphasis on meeting social needs emphasized
monopolistic tendencies, long decision-making process
poor at celebrating and rewarding individuality
22
As price increases, quantity decreases; and
vice versa
Law of Demand
Law of Inversion
Law of Correlation
Law of Supply
23
Which of the following is not a common way to organize a business in the USA?
A Confederation
A Limited Partnership
A Sole Proprietorship
A Corporation
24
Often used in media and advertising, these words and phrases can obscure objective analysis.
biases
post hoc ergo propter hoc
loaded terminology
fallacy of composition
25
Ceteris paribus
(other things being equal)
is used in the analysis of complex, multivariate systems
is used to level the playing field for all entrepreneurs
is used to promote egalitarian systems
reflects real world behavior and outcomes
26
Which can be an advantage of democratic, capitalist systems of allocation?
decisiveness
egalitarian, emphasis on meeting social needs emphasized
long decision-making process
celebrating and rewarding individuality emphasized
27
The drug heroin is an example of a(n)
elastic good
inelastic good
a no good
28
Which is a major advantage of communist, socialistic systems of allocation?
egalitarian, emphasis on meeting social needs emphasized
decisiveness
monopolistic tendencies, long decision-making process
celebrating and rewarding individuality emphasized
29
Affordable clothing is generallly an example of a(n)
elastic good
a no good
inelastic good
30
If it's good enough for America, it's good enough for the world may be an example of
fallacy of composition
correlation not causation
post hoc ergo propter hoc
loaded terminology
31
Why is Economics sometimes referred to as the 'Dismal Science'?
There's no free lunch.
You don't always get what you wanted.
Manifesting wealth and riches has its limits
Scarcity restricts options and demands choice.
32
Which of the following can cause a shift in a product's demand curve?
new technology
a tax subsidy to producers
increased corporate taxation
the discovery that it causes cancer
33
Economics is a term given to us by the great Greek thinkers. It derives from
oikonomia
law/rule of the household
law/rule of the land
law/rule of the city-state
34
Which is a major disadvantage of democratic, capitalist systems of allocation?
decisiveness
egalitarian, emphasis on meeting social needs emphasized
celebrating and rewarding individuality emphasized
monopolistic tendencies, long decision-making process
35
What is C in the equation C+I+G+X =GDP
Business Investment
Consumer spending
net exports and imports
What is produced as tallied by the economy's demand side
36
He expounded upon topics such as free trade, invisible hand, laissez-faire, etc.
John Maynard Keynes
Karl Marx
Adam Smith
37
What is E in the supply side statement LLEC
Elasticity
Energy
Entrepreneurship
Externality
38
He advocated some government involvement, 'priming the pump', 'in the long run we are all dead'
John Maynard Keynes
Karl Marx
Adam Smith
39
Price floors create
shortages
surpluses
market equilibrium
demand for price ceilings
40
What is I in the equation C+I+G+X =GDP
What is produced as tallied by the economy's demand side
Consumer spending
net exports and imports
Business Investment
41
The latest, greatest fashions generallly tend to be
elastic goods
inelastic goods
42
Outdated preconceptions or unsubstantiated opinions lead to what fallacy of reasoning?
fallacy of composition
post hoc ergo propter hoc
loaded terminology
biases
43
Which of the following is
untrue
about entrepreneurship?
They innovate and commercialize products
They work in government, Think Tanks, and Universities
They take risks, but reap large rewards when successful
they combine resources in ways to produce goods and services
44
He noted 'the rich get richer, the poor poorer', and 'the tendency toward monopolization'.
John Maynard Keynes
Karl Marx
Adam Smith
45
Who wrote
the General Theory of Employment, Interest, and Money
in 1936?
Adam Smith
Karl Marx
John Maynard Keynes
46
Natural catastrophes, crop failures, war, and trade embargoes can all cause
demand side market failures
supply side market failures
near side market failures
far side market failures
47
As price increases, quantity increases; and
vice versa
Law of Inversion
Law of Demand
Law of Supply
Law of Correlation
48
Positive economics explains
how we can make the most our of scarce goods
how just a spoonful of sugar makes the medicine go down
just the observable facts about the economy
the economic development of the human race
49
Price ceilings create
market equilibrium
demand for price flooring
shortages
surpluses
50
Natural catastrophes, war, and large scale irrational consumer behavior can all cause
supply side market failures
demand side market failures
near side market failures
far side market failures
