Economics Midterm

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?

Back

True

Front

What is the fundamental problem of economics?

Back

How to fulfill our unlimited wants and needs with limited resources?

Front

Which of the following is NOT a basic question of Economics?
WHAT to produce?
HOW to produce?
For WHOM to produce?
WHY am I asking YOU all these questions?

Back

WHY am I asking YOU all these questions?

Front

Which of these are factors of production? Land, Labor, Capital, All of the Above

Back

All of the Above

Front

Which phrases BEST completes the list above? Consumer Demand, Entrepreneurship, Regulation, Urban Growth

Back

Entrepreneurship

Front

Who wrote about the ‘Water and Diamonds’ paradox of value?

Back

Adam Smith

Front

What is the above diagram known as? Options: The Square, The Limit Does Not Exist, The Circular Flow Model, Laissez Faire

Back

The Circular Flow Model

Front

What is Human Capital?

Back

A worker's skill, knowledge, and experience

Front

Every decision we make has its ______________, or alternative choices.

Back

trade-offs

Front

Opportunity cost is

Back

the cost of the next-best alternative