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Econ Chapter 1 Review Flashcards | StudBud
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Econ Chapter 1 Review
Econ Chapter 1 Review
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Basics of Economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
As a factor of production, capital includes:
Tools
Money
Machinery
All of the above
2
Things needed for survival are called wants.
False
True
3
A car is (typically) an example of what kind of good??
Durable and capital
Non-durable and consumer
Durable and consumer
Capital
4
In addition to: land/labor/capital/entrepreneurship, ___is considered a factor of production.
Cars
Technology
Opportunity cost
Scarcity
5
Exchanging one thing for another
never happens
only happens to consumers
always happens
only happens to businesses
6
If you choose to play video games all night instead of studying, what's the OP of your decision
Having fun playing games with your friends
Getting to the next level in the game
Getting a good grade on your test
Failing the class
7
If everyone in the world were rich, scarcity would continue to exist.
False
True
8
What branch of econ studies decision making by small units?
Nanoeconomics
Minnieconomics
Macroeconomics
Microeconomics
9
The basic problem of economics is:
Scarcity
Lack of choice
Shortages
Overabundance of resources
10
Land includes all of the following except:
animals
forests
labor
water
11
Who has the responsibility of making economic choices?
All individuals
Adults only
Businesses only
Consumers only
12
Economics will not tell you whether or not the results of ones decision making is good or bad.
True
False
13
Which branch of economics studies the economy as a whole?
Minnieconomics
Macroeconomics
Microeconomics
Nanoeconomics
14
What does economics study?
the human mind and its functions
systems of government and the analysis of political activity
human societies and cultures and their development
how people use limited sources to fulfill unlimited wants
15
If Congress spends billions on highways vs schools, what is the OC of building new highways?
Safer highways
Fewer highways
New schools
Cooler cars
16
What is another word for capacity to be useful/provide satisfaction?
Scarcity
Utility
Incentive
Trade-off
17
Capital also increases productivity which is the:
ability to obtain more natural resouces
value of the next best alternative
human effort directed toward purchasing needs
ability to produce greater quantities in faster ways
18
What is another word for: worth that can be expressed in dollars and cents?
Opportunity cost
Value
Trade-off
Utility
19
How do individuals satisfy their unlimited wants in a world of limited resources?
They don't buy wants nor needs
They make choices
They buy everything they want
They buy everything they need
20
Scarcity and shortages are the same exact thing.
True
False
