Econ 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | FALSE
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| show | increase in demand for goods/services, lower unemployment in the short run, higher inflation in the long run
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| if charge product $10 and 7 people buy, if charge product $15 and 5 people buy, which price should do even if doesn't affect their revenue | show 🗑
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| show | only the amount by which your room and board expenses exceed the expenses for rent and food if you were not in college
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| economists use the word equality to describe a situation in which | show 🗑
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| show | productivity levels
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| show | true
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| show | takes an action only if the marginal benefit of that action exceeds the marginal cost of the action
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| when the productivity level of a country decreases what happens | show 🗑
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| show | cost of rent for your off campus apartment
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| show | people face trade offs
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| trade can make every nation better off | show 🗑
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| the opportunity cost of an item is | show 🗑
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| if gov were to set price of dozen eggs above market price then what would happen | show 🗑
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| markets are usually a good way to organize economic activity | show 🗑
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| for markets to work there must be | show 🗑
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| show | a market failure caused by externality
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| one advantage market economies have over centrally planned economies is that market economies | show 🗑
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| show | the standard of living will likely be higher in India than in Bangladesh
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| show | false
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| economics is the study of how evenly goods and services are distributed within society | show 🗑
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| Barb has 100 bucks to spend on self and has 4 choices that all cost 100 bucks, she chooses option B- what is her opportunity cost? | show 🗑
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| show | each member's desires/abilities/efforts
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| D spent $600 purchasing/repairing old fishing boat that he wants to sell for 900$, needs to repair more 400$ to make it worth 900$ but can sell boat now for $400 what should he do | show 🗑
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| show | about 3 percent per year
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| show | incentive
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| show | false
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| show | market power
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| cost of flying a 100 seat plan for airline is $50,000 and there are 10 empty seats on flight. marginal cost of flying a passenger is | show 🗑
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| show | secretary smokes cigarette in crowded break room
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| show | false
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| show | externalities and market power
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| broken window fallacy states that when a window breaks and someones spends money to repair it- create new economic activity that would have not taken place otherwise | show 🗑
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| if frank goes to college he will spend 21,000 tuition, 11,000 room and board, 1800 books and if he doesnt will earn 16,000 and spend 7,200 on room and board, what is his cost of going to college | show 🗑
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| show | the failure of a market to produce an efficient allocation of resources
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| show | true
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| show | are well aware that their opportunity cost of attending college is very high
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| according to adam smith, the success of decentralized market economies is primarily due to | show 🗑
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| show | equality refers to the uniform distribution of those benefits and efficiecy refers to maximizing benefits from scarce resources
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| show | the lack of information, on the part of the central planners about tastes and preferences in their economies
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| show | 35 years
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| incomes of US households in 1970s and 1980s | show 🗑
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| when government implements programs such as progressive income tax rates what is likely to occur | show 🗑
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| when a production possibilities frontier is bowed outward, the opportunity cost of first good in terms of the second good increases as more of the second good is produced | show 🗑
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| normative statements are not | show 🗑
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| show | flows of inputs from ouseholds to firms
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| show | at which very few excel
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| show | department of treasury
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| in a circular flow diagram, what flows from households to firms through the markets for goods and services | show 🗑
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| show | increasing opportunity costs
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| if an economy can produce more of one good without giving up any of another good, then the economy's current production point is inefficient | show 🗑
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| positive statements are descriptive, while normative statements are prescriptive | show 🗑
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| show | adam smith
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| in a circular flow diagram, what flows from households to firms through markets for the factors of production | show 🗑
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| economists who are primarily responsible for advising congress on economic matters work in what agency | show 🗑
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| in a PPF bowed outward, opportunity cost of producing an additional unit of a good | show 🗑
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Created by:
sngibbons