The economic problem that every country, person and entity faces is

there are a limited # of resources and unlimited human wants

What are the two assumptions that economists make regarding consumption

People are rational and use money to grow their satisfaction

If the general education level within a country rises significantly over time, its likely that

The countries production possibilities curve will shift out

The opportunity cost of an action is

value of best opportunity sacrificed in order to take action

Due to law of diminishing marginal utility, ________.

first unit of product offers more satisfaction than the last

Which is most likely to cause an increase in demand for personal computers

requirement by universities that all students buy computers

A decrease in the price of melons will cause

The quantity demanded of melons to increase

Why does scarcity exist?

there are not enough resources to produce goods people want

Due to law of diminishing marginal utility, _________.

first unit of a product, offers more satisfaction than last

An unattainable point on a production possibilities curve can be illustrated by

A point on the outside of the production possibility curve

Which of the following would be considered human capital in the production of computers?

Knowledge to build and put together computers

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8th grade economics

23 termsStudBud Administration3 plays

8th grade economics

Flashcards23 cardsFPractice quizPHost liveL

Questions 23

Answers

1
The economic problem that every country, person and entity faces is
Any government that obtains too much power
there are a limited # of resources and unlimited human wants
The level of unemployment for the poor
Tax changes that lead to a worse economy
2
What are the two assumptions that economists make regarding consumption
People use money in a less costly way and act irrational
People love money and presents
People are rational and use money to grow their satisfaction
People are irrational and love money
3
Which type of economic system would Adam Smith and Milton Friedman support if they could choose
Command
Traditional
Market
Mixed
4
If the general education level within a country rises significantly over time, its likely that
The countries production possibilities curve will not change
The countries (PPC) will become convex to the origin
The countries production possibilities curve will shift out
The countries production possibilities curve will shift in
5
Which of the following would be considered a service?
Chalk board
Dry cleaning business
Vampire
Ruler
6
All of the following are included in computing the opportunity cost of attending college EXCEPT
Money spent on college tuition
interest paid on student loans
Money spent on books required for college
Money spent on food
7
A budget can be used to increase efficiency, by which of the following entities?
The state of government
The federal government
Businesses
All of the above
8
Consumers maximize their utility where
MU=TU
TU=P
MU=P
MU=CS
9
The opportunity cost of an action is
cost of alternative actions that couldve been taken, added
value of best opportunity sacrificed in order to take action
The time spent by all parties in carrying out the action
The monetary payment the action required
10
Due to law of diminishing marginal utility, ________.
The marginal utility curve is upward sloping
first unit of product offers more satisfaction than the last
There is more satisfaction with each unit of consumed goods
When marginal utility becomes positive, utility declines
11
If the average household income rises and the demand for steak increases, steak is
A bummy good
A superior good
A griffin good
a normal good
12
When someone has increase in disposable income what are the two options for what they can do?
consumption and disjunction
Borrow or save
consumption and saving
Savings and investments
13
Which of the following is not one of the "Five Fingers" of Adam Smith's economic philosophy
Trade is good
Humans are greedy
The invisible hand
Competition keeps prices in check
14
Which is most likely to cause an increase in demand for personal computers
A reduction in the price of personal computers
An increase in the cost of computer printing ink
An increase in the number of computer manufacturers
requirement by universities that all students buy computers
15
A decrease in the price of melons will cause
The supply of melons to increase
The demand of melons to decrease
The quantity supplied of melons to increase
The quantity demanded of melons to increase
16
Why does scarcity exist?
Each year workers often produce less than in previous years
Machines wear out with time
There is a limit to peoples wants
there are not enough resources to produce goods people want
17
Due to law of diminishing marginal utility, _________.
first unit of a product, offers more satisfaction than last
The marginal utility curve is upward sloping
There is more satisfaction with each unit of good consumed
When marginal utility becomes negative, utility increases
18
An unattainable point on a production possibilities curve can be illustrated by
A point on the outside of the production possibility curve
Any point on the production possibility curve
A shift in the production possibilities curve inwards
Any point on the left side of the graph
19
Which of the following economists is considered the founder of modern day macroeconomic policy?
David Ricardo
John Kaynes
Mr. Smart
Mr. Smart
20
Which of the following would be considered human capital in the production of computers?
trucks that drive the computers to the store
workers that put together the materials
The computers themselves
Knowledge to build and put together computers
21
An automobile lift used by a mechanic is an example of
Productivity
Entrepreneurship
Physical Capital
Human capital
22
A marginal change usually is a
large, significant adjustmant
Change that involves little, if anything, that is important
Change for the worse, usually a sort-term change
Small, incremental adjustment
23
Margarine and butter can both be used as a spread on toast, this means they are
Indapendant goods
Inferior goods
Complements in consumption
Substitutes in consumption

8th grade economics Flashcards | StudBud

8th grade economics

23 termsStudBud Administration3 plays

8th grade economics

Flashcards23 cardsFPractice quizPHost liveL

Questions 23

Answers

1
The economic problem that every country, person and entity faces is
Any government that obtains too much power
there are a limited # of resources and unlimited human wants
The level of unemployment for the poor
Tax changes that lead to a worse economy
2
What are the two assumptions that economists make regarding consumption
People use money in a less costly way and act irrational
People love money and presents
People are rational and use money to grow their satisfaction
People are irrational and love money
3
Which type of economic system would Adam Smith and Milton Friedman support if they could choose
Command
Traditional
Market
Mixed
4
If the general education level within a country rises significantly over time, its likely that
The countries production possibilities curve will not change
The countries (PPC) will become convex to the origin
The countries production possibilities curve will shift out
The countries production possibilities curve will shift in
5
Which of the following would be considered a service?
Chalk board
Dry cleaning business
Vampire
Ruler
6
All of the following are included in computing the opportunity cost of attending college EXCEPT
Money spent on college tuition
interest paid on student loans
Money spent on books required for college
Money spent on food
7
A budget can be used to increase efficiency, by which of the following entities?
The state of government
The federal government
Businesses
All of the above
8
Consumers maximize their utility where
MU=TU
TU=P
MU=P
MU=CS
9
The opportunity cost of an action is
cost of alternative actions that couldve been taken, added
value of best opportunity sacrificed in order to take action
The time spent by all parties in carrying out the action
The monetary payment the action required
10
Due to law of diminishing marginal utility, ________.
The marginal utility curve is upward sloping
first unit of product offers more satisfaction than the last
There is more satisfaction with each unit of consumed goods
When marginal utility becomes positive, utility declines
11
If the average household income rises and the demand for steak increases, steak is
A bummy good
A superior good
A griffin good
a normal good
12
When someone has increase in disposable income what are the two options for what they can do?
consumption and disjunction
Borrow or save
consumption and saving
Savings and investments
13
Which of the following is not one of the "Five Fingers" of Adam Smith's economic philosophy
Trade is good
Humans are greedy
The invisible hand
Competition keeps prices in check
14
Which is most likely to cause an increase in demand for personal computers
A reduction in the price of personal computers
An increase in the cost of computer printing ink
An increase in the number of computer manufacturers
requirement by universities that all students buy computers
15
A decrease in the price of melons will cause
The supply of melons to increase
The demand of melons to decrease
The quantity supplied of melons to increase
The quantity demanded of melons to increase
16
Why does scarcity exist?
Each year workers often produce less than in previous years
Machines wear out with time
There is a limit to peoples wants
there are not enough resources to produce goods people want
17
Due to law of diminishing marginal utility, _________.
first unit of a product, offers more satisfaction than last
The marginal utility curve is upward sloping
There is more satisfaction with each unit of good consumed
When marginal utility becomes negative, utility increases
18
An unattainable point on a production possibilities curve can be illustrated by
A point on the outside of the production possibility curve
Any point on the production possibility curve
A shift in the production possibilities curve inwards
Any point on the left side of the graph
19
Which of the following economists is considered the founder of modern day macroeconomic policy?
David Ricardo
John Kaynes
Mr. Smart
Mr. Smart
20
Which of the following would be considered human capital in the production of computers?
trucks that drive the computers to the store
workers that put together the materials
The computers themselves
Knowledge to build and put together computers
21
An automobile lift used by a mechanic is an example of
Productivity
Entrepreneurship
Physical Capital
Human capital
22
A marginal change usually is a
large, significant adjustmant
Change that involves little, if anything, that is important
Change for the worse, usually a sort-term change
Small, incremental adjustment
23
Margarine and butter can both be used as a spread on toast, this means they are
Indapendant goods
Inferior goods
Complements in consumption
Substitutes in consumption