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Economics Basics Weavers Flashcards | StudBud
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Economics Basics Weavers
Economics Basics Weavers
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Economics Review #economics9thgrade
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What is NOT true of consequences...
Can be good or bad
happen in the future
They are a result of our choices
Are the only the bad things that happen as result of choices
2
Opportunity cost is most closely associated with which other economic term?
Surplus
Trade offs
supply
Demand
3
The BEST example of a COST would be which of the following?
Fines
Buy one, get one free (BOGO)
Sales
Coupons
4
Profit margins best match with
Law of Diminishing Returns
Direct and indirect costs
PPCs
Law of Diminishing Utility
5
The picture below is an example of which economic principle?
Economic systems using incentive for influence
foot in door technique
negative incentives
scarcity forces tradeoffs
6
Marginal opportunity cost...
gives the cost of producing 1 more/less of something
shows the total opportunity cost lost
is another name for specialization
represents inefficiency
7
What would be an example of an POSITIVE "economic system"?
Students who do test corrections get a grade bump
Parents who pick up kids late from daycare get a fine.
3 tardies = 1 detention
The US raises tariffs (tax on imports) to promote US goods.
8
Which of the following does not relate to scarcity/shortage?
limited resources, unlimited wants
Demand is GREATER than SUPPLY
anything that has more than 1 use
unlimited resources and wants
9
A DMG would best be used for...
Choosing what career path you want
Choosing the best car for yourself/family
Picking the right apartment to rent
Choosing what schooling to attend
10
Economics is most similar to what other subject?
math
psychology
philosophy
science
11
Which is NOT a factor of prodution
Natural
Production
Capital
Human
12
Freakonomics primarily tries to _________________.
easily identifiable problems/solutions
answer unanswerable economic questions
solve economic questions with economic analysis
influence people to cheat in life for economic benefits
13
Which of the following is a consequence?
Econ students study for test and all get 4's
People who eat junk food are prone to diabetes.
Mr. Weavers gets a fine for speeding.
All of these
14
I could see a bear, snake, or cow at the zoo. I choose in that order...my opportunity cost is?
the snake
Seeing the bear climb a tree
the cost of zoo admission
the snake and cow
15
How many of the 6 steps do you have currently memorized? (survey-- no points)
0-1
4-5
ALL 6 (because I KNOW they will show up on the test.
2-3
16
The main problem in Economics is...
communism
supply
money/inflation
scarcity
17
Which of the following is NOT one of the six steps of economic thinking?
people trade voluntarily
People choose (due to scarcity)
incentives matter
supply vs demand create shortages
18
There is a review for the test in on classroom and some in your packet?
False
True
