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Basic Economic Concepts Review Flashcards | StudBud
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Basic Economic Concepts Review
Basic Economic Concepts Review
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Questions
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Answers
1
The most common rationing device is
Educational Level
Intelligence
Money
Capital Assets
2
The following is an example of what Factor of Production?
Land
Labor
Entrepreneurship
Captial
3
Resources are the things needed to produce the products we want.
True
False
4
Which point below shows the efficient level of production?
A
D
B
C
5
The following is an example of what Factor of Production?
Land
Entrepreneurship
Labor
Captial
6
Which point below shows the non-efficient level of production?
B
A
D
C
7
Opportunity cost is
none of the above
The same choice from perviously
The alternative choice that you did not give up
The alternative choice you gave up
8
Which point below shows the unobtainable level of production?
D
A & B
C & D
C
9
Capital is anything that comes from nature.
True
False
10
Entrepreneurship is someone who has new ideas, starts a business, and/or creates an invention.
True
False
11
The opportunity cost of going to the movies instead of going to help your brother with homework
not helping your brother with homework
helping your brother with homework
going to the movies
not going to the movies
12
Labor is any physical or mental work.
True
False
13
The condition that exists when unlimited wants meet limited resources.
rationing device
Economics
Factors of Production
Scarcity
14
The following is an example of what Factor of Production?
Labor
Land
Entrepreneurship
Captial
15
The following is an example of what Factor of Production?
Captial
Entrepreneurship
Labor
Land
16
The factor of production of Land is resources that come from nature.
False
True
17
Trade-off is getting more of one good, by getting the same of another.
False
True
18
Economics is the sciences that studies the choices people make to satisfy...
their needs in a world of plentitude
their wants in a world of scarcity
their desires in a world of plentitude
their passions in a world of scarcity
19
Which of the following is NOT a factor of production?
Land
Entrepreneurship
Capital
Technology
20
What are the three levels of production in a production possibilities curve?
dependent, non-dependent, unobtainable
realistic, non-realistic, unrealistic
efficient, not efficient, unobtainable
efficient, not efficient, unrealistic
