Economics Unit 1

Front 1

Labor is a type of human resource

Back 1

True

Front 2

Goods and services are scarce

Back 2

True

Front 3

A good is free if it involves no apparent cost to you

Back 3

False

Front 4

Tutoring is an example of a service, not a good.

Back 4

True

Front 5

A bus station is an example of a capital good

Back 5

True

Front 6

An exhaustible resource can be drawm upon indefinitely as long as it is used wisely

Back 6

False

Front 7

Productive resources are defined as the inputs used to produce the goods and services that people want

Back 7

True

Front 8

The majority of young people in the United States believe that they will likely become wealthy

Back 8

True

Front 9

A productive resource may only be considered scarce if its price is greater than zero

Back 9

True

Front 10

Depending on the situation, an entrepreneut does not always need to assume the rist of success or failure in a business venture

Back 10

False

Front 11

In order to be accurate, theories should be detailed in nature

Back 11

False

Front 12

According to the circular flow model, the flows of resources and products are supported by the flows of income and expenditure

Back 12

True

Front 13

Although it is assumed that people are driven by rational self-interest this does not mean that people are not concerned for others

Back 13

True

Front 14

Making rational consumer choices can be done without time and information

Back 14

False

Front 15

In the context of economics, marginal is defined as incremental or additional

Back 15

True

Front 16

All circular flow models focuse on interactions between households and firms

Back 16

False

Front 17

Households both demand services and supply resources in the economy

Back 17

True

Front 18

Market econmics might focus on the shoe industry

Back 18

True

Front 19

Economists agree on most theoretical principles based on the positive economic analysis

Back 19

True

Front 20

Economic theories are directly responsible for causing future economic trends

Back 20

False

Front 21

Because acquiring information about alternatives is costly and time consuming you usually make choices based on limited or even faulty information

Back 21

True

Front 22

Accoding to recent studies, the number of female corporate officers at Fortune 500 companies has decreased over the past two years

Back 22

False

Front 23

Sunk costs should be carefully considered when making economic decisions

Back 23

False

Front 24

With every choice comes an opportunity cost

Back 24

True

Front 25

Opportunity costs are always measured in dollar amounts

Back 25

False

Front 26

Even a person with unlimited wealth must deal with opportunity costs

Back 26

True

Front 27

People make decisions based upon the expected opportunity cost of a chouse

Back 27

True

Front 28

Once the opportunity cost of attending college is calculated, it is clear that it is more useful for every young person to go to college instead of entering the work force

Back 28

False

Front 29

Sunk costs are usually small and they don't affect personal financial status a lot

Back 29

False

Front 30

It is not wise to spend your time and effort figuring out how to avoid sunk costs

Back 30

True

Front 31

economics

Back 31

the study of how people use scarce resources to satisfy unlimited wants

Front 32

Entrepreneur

Back 32

a person who tries to earn a profit, who develops a new product, or who improves an existing product

Front 33

Anything that is free

Back 33

not a subject of economics

Front 34

Deli meat

Back 34

A good

Front 35

Writing

Back 35

A service

Front 36

Wildlife

Back 36

A renewable source if handeled properly

Front 37

Not a productive resource

Back 37

unatural resource

Front 38

Water

Back 38

natural resource

Front 39

A screwdriver

Back 39

capital resource

Front 40

Scarcity

Back 40

main economic problem