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16 Cards in this Set

  • Front
  • Back
The study of economics focuses on which of the following :
a. the reasons that people want more rather than less
b. how to eliminate scarcity
c. how to produce more resources
d. how to use scarce resources for limited wants
e. how to make choices with scarce resources
E. How to make choices with scarce resources.
--every nation deals with the problem of scarcity relative to the demand.
The production possibility frontier (PPC's) or curve shows the choices open to a society with its unlimited resources. True or False?
False. PPC's show societies with limited resources.
Consumers are the sellers in factor markets. True or False?
True. Consumers sell their labor in a factor market. Factors market is where our skills are valued.
If an economy increased their investment in capital spending, their production possibility curve (PPC) should shift to the ____. This illustrates a ____ relationship capital spending and between economic growth.
Right/Direct
In a market economy, the profit motive is most important in determining what gets produced. True or False?
False.
Jason has a comparative advantage over the others students in science, but an absolute advantage in both science and psychology. Jason should major in:
a.psychology
b.math
c.science
d.hanging out
C.Science
If the marginal cost of working extra hours at your present job is____ than the marginal benefits you gain, being a rational person you would_____ to work the extra hours.
a.less/choose not
b.greater/choose not
c.greater/choose
B. greater/choose not
The more important sector of the three sector U.S. economy in terms of generating economic activity (GDP) is
____, the sector that intervenes when markets fail is_____.
A. gov/business
B. business/gov
C. consumer(household)/gov
d. bill gate/mr.rodgers
e. consumer(hh)/ business
C. consumer(household)/ gov
In the u.s. economy "what goods will be produced" is determined solely by the demand of consumers. True or False.
False.
A nation's production possibllity curve (PPC) will shift___ when there are increases in ____.
a. right/technology
b.right/consumer wants
c.left/capital spending
d. right/researh and development
e. a and d
E. a and d
Which of the following illustrates labor as a factor of production?
A. basketball fan eats a bag of popcorn
b. you ride your bike to the bball game
c. you volunteer to organize a bball rally
d. a basketball coach draws game plays
d. a basketball coach draws game plays
International trade
a. allows a country to avoid tradeoffs
b. makes a country more secure
c. increases the scarcity of resources
d. allows a country to have a greater selection but at higher costs because of the import fees
e. allows a country to have greater selection at lower cost than if it tries to produce everything at home
e. allows a country to have greater selection at lower costs than if it tries to produce everything at home
When firms strive to be efficient, they seek the greatest useful input from the least available output. True or False?
False.
The cost of sugar has risen significantly recently. For all organizations that use sugar this situation would be an example ____ economics.
A. macro
B. micro
Macro economics
Over the past three years, as the average price for gasoline in the u.s. rose from 1.67 to 4.00.
a. all consumers bought less
b. most consumers bught about the same
c. all consumers bought abut the same
d. each consumer decided how important the purchase of gas was tto them an acted accordingly
d. each consumer decided how important the purchase of gas was to them and acted accordingly
Investment in a new plant and equitment creates which of the following:
a. more capital
b. greater productive capacity
c. economic growth
d. all of he above
d. all of the above