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Economics > econ > Flashcards

econ Flashcards

1
Q

Which is the best example of specialization?

A

An assistant in a tailoring shop only replaces zippers

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2
Q

How does the division of labor increase productivity?

A

Workers become expert at one task

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3
Q

What is the main reason Americans specialize more today than the early pioneers did?

A

We have more access to markets

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4
Q

In a voluntary exchange; why do people give something up?

A

To get something they want more

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5
Q

How does the commerce clause promote economic interdependence?

A

It keeps states from creating trade barriers

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6
Q

What does it mean to say that Jen has a comparative advantage over Julian for weeding peoples gardens?

A

Jen’s opportunity cost for weeding is lower than Julian’s

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7
Q

Which of these is the main reason for national differences in comparative advantage in producing raw materials?

A

Differences in allocations of natural resources

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8
Q

Why has much clothing manufacturing moved from the U.S. to other countries ?

A

Nations with large low skilled workforces have a comparative advantage for assembly line production.

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9
Q

How does trade increase the value of an item?

A

It transfers the item to someone who values it more

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10
Q

Which term best describes the fact that we depend on others to produce most of the goods and services we want?

A

Economic interdependence

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11
Q

People’s wants are unlimited. This fact means that which of the following is always present?

A

Scarcity

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12
Q

What are the factors of production?

A

land; labor; and capital

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13
Q

which of the following is a major reason the standard of living iin japan is much higher than in nigeria?

A

greater human capital

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14
Q

risk taker

A

entrepreneur

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15
Q

why are tradeoffs necessary?

A

resources are limited

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16
Q

what does it mean to maximize utility

A

to gain the most satisfaction possible

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17
Q

Which scenario best illustrates the law of diminishing marginal utility ?

A

a new toy is less exciting to a child with many toys than to a child with just a few

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18
Q

Why might some historians consider Adam Smith one of the most influential people in history?

A

he introduced a way of thinking about economic ideas

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19
Q

which of these statements is an ex of normative economics

A

taxes ought to be lowered

20
Q

which of these terms is most closely related to tradeoffs

A

scarcity

21
Q

economists assume people choose something when its expected costs are less than its

A

anticipated benefits

22
Q

A limitation of using graphs to represent relationships is that they

A

omit factors other than those being graphed

23
Q

which statement is the best ex of thinking at the margin

A

john has six shirts and is trying to decide whether to buy a seventh

24
Q

what is the best test of an economic model

A

it is useful for both explaining past events and predictiong future ones

25
Q

which of the following is not a market

A

a high school classroom

26
Q

what does it mean to say that free markets are efficient

A

buyers and sellers trade until both are satisfied

27
Q

what is the law of unintended consequences

A

actions often have unforeseen effects

28
Q

The law of demand states that as quantity demanded decreses

A

prices increases

29
Q

in the summer picnic season; a sharp rise in the price of burgers may lead to an increase in demand for

A

chicken

30
Q

quantity demanded moves along the demand curve in response to changes in

A

price

31
Q

which of these is most likely to happen to demand for clothes in a clothing store when blizzards keep customers at home?

A

the demand curve shifts to the left

32
Q

supply depends on the willingness and ability of

A

producers to produce

33
Q

according to the law of supply what happens when price increases

A

the quantity supplied increases

34
Q

which of these would most likely increase the supple of soccer balls

A

a decrease in the price of raw materials

35
Q

the degree to which quantity demanded responds to changes in price is called

A

elasticity

36
Q

which of these is most likely to quickly become avaliable in larger quantities as a result of a price increase?

A

babysitters

37
Q

which of these is the best example of diminishing marginal utility

A

someone who has one bicylcle will have less use for another

38
Q

Which of these situations best illustrates market equilibrium

A

the amount of soap made matches the amount of soap that people want to buy

39
Q

how is the market clearing price determined

A

it is reached through trial and error

40
Q

the equilibruium price is the price at which

A

demand and supply curves intersect

41
Q

if a manufacturer introduced a new product with a successful advertising campaign and an artificually low introductory price which of these will most likely result

A

shortage

42
Q

which event in florida and cali would most likely shift the supply curve for orange juice to the left

A

an early frost accompanied by ice storms

43
Q

which of these might est signal furniture makers to cut back production

A

a drop in the price consumers are willing to pay

44
Q

what is the usual result of setting a price ceiling on rents

A

more people want to rent aparments than are avaliable to rent

45
Q

new deal jobs programs offered employment during the great depression. in economic terms ; such programs were designed to respond to

A

a surplus of workers

46
Q

the purpose of rationing during ww2 was to ensure that

A

everone could get essential scarce goods

47
Q

the most important argument many economists make against price controls is that they are

A

inefficient

Economics (11 decks)

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