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Intro to Econ Warm Up Flashcards | StudBud

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Intro to Econ Warm Up

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Introduction to Economics Quiz

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Questions 9

Answers

1
Which best represents an opportunity cost?
the next best alternative to a given choice
all alternatives to a given choice
any random alternative to a given choice
equal alternatives to a given choice
2
Do you think the following meme is....
huh?
uninteresting
funny
annoying
3
Which answer best represents the correct labels for a Production Possibilities Curve? (sorry)
Choice 1; Choice 2
Price; Quantity
Choice 1; Quantity
Choice 1; Price
4
The Latin phrase "ceteris paribus" means...
focus on one variable
assume all other options remain constant
forget everything else
assume all the other variables are equal
5
A trade off is...
the easiest alternative to a given choice
any alternative to a given choice
the best alternative to a given choice
the most expensive option to a given choice
6
Which factor of production best matches with the ingenuity of Steve Jobs?
labor
entrepreneurship
capital
land
7
On the PPC below, what does point B represent?
underproduction
maximum production
potential output
overproduction
8
Which of these items would be considered a need for humans?
nutritious food
single family home
personal bodyguards
bottled water
9
A SmartBoard best represents which factor of productionfor teaching at STEM?
land
labor
entrepreneurship
capital