Econ 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| economics is the study of how society allocates its unlimited resources | show 🗑
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| most economists believe that an increase in the quantity of money results in | show 🗑
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| show | charge $15 not $10
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| show | only the amount by which your room and board expenses exceed the expenses for rent and food if you were not in college
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| economists use the word equality to describe a situation in which | show 🗑
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| the fact that different countries experience different standards of living is largely explained by different ___ | show 🗑
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| trade allows people to buy a greater variety of goods and services at lower cost, bulgaria can potentially benefit from trade with any other country, trade increases competition | show 🗑
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| show | takes an action only if the marginal benefit of that action exceeds the marginal cost of the action
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| when the productivity level of a country decreases what happens | show 🗑
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| show | cost of rent for your off campus apartment
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| John is an athlete and debating whether to buy running shoes or a heart rate monitor and both cost 120$, what principle does this illustrate | show 🗑
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| show | true
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| show | what you give up to get tht item
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| show | decrease in quantity demanded and increase in quantity supplied
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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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| air pollution from burning fossil fuels causes damage to crops and public health, this is an example of | show 🗑
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| one advantage market economies have over centrally planned economies is that market economies | show 🗑
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| worker in India can produce 32 units in 8 hour day, and worker in Bangladesh can produce 30 units in 10 hour day, we can conclude that | show 🗑
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| show | false
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| show | false
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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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| in considering how to allocate its scarce resources among various members, a household considers | show 🗑
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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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| something that induces a person to act | show 🗑
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| show | false
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| when single person (or small group) has ability to influence market prices there is | show 🗑
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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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| example of activity that will most likely impose an external cost | show 🗑
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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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| an individual deciding how to allocate her limited time is dealing with both scarcity and trade offs | show 🗑
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| show | are well aware that their opportunity cost of attending college is very high
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| show | individuals pursuit of self interest
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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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| in the US, incomes historically have grown about 2 percent per year, at this rate average income doubles every | show 🗑
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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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| John Maynard Keynes referred to economics as an easy subject | show 🗑
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| show | department of treasury
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| show | dollars spent on goods and services
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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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| who said "the whole of science is nothing more than the refinement of everyday thinking" | show 🗑
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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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| show | congressional budget office
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| show | increases as more of the good is produced
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Created by:
sngibbons