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Academic Decathlon > economics 1-75 > Flashcards

economics 1-75 Flashcards

1
Q

A pizza oven is best described as which type of factor of production?

A

capital

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2
Q

Flashcards cost $15. Using flashcards results in your not earning $20 in income. What are the accounting, opportunity, and economic costs respectively?

A

$15. $20, and $35`

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3
Q

Coal is an example of what type of resource?

A

land resource or natural resource

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4
Q

A wage is the price paid for what type of resource?

A

Labor

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5
Q

A carpenter uses several tools to make a table out of wood. The tools are an example of what type of resource?

A

capital

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6
Q

The value that is forgone when a choice is made is what type of cost?

A

opportunity cost

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7
Q

Labor resources are sometimes called “_________ capital.”

A

human

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8
Q

What is the term for goods that are used to produce other goods?

A

capital

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9
Q

A person who starts a small business is providing what factor of production?

A

entrepreneurial resources

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10
Q

Air is best described as which type of resource?

A

land resource (or natural resource)

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11
Q

What is a free good?

A

A non-exclusive, non-limitable good: something that one has unlimited access to that everyone can have at the same time, i.e. air.

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12
Q

The term “natural resource’ is another name for which factor of production?

A

land

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13
Q

The decision-making involved in using resources is what type of factor of production?

A

entrepreneurial

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14
Q

an office building is best characterized as what type of resource

A

capital

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15
Q

mike is a farmer who wants to plant several crops but has only enough to plant one. mike is facing what economic problem

A

scarcity

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16
Q

noah decided to order a hamburger instead of a hotdog, the value of the hamburger is the _____ cost of his decision

A

opportunity

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17
Q

land, labor, capital, and entrepreneurship are the four ___ of production

A

factors

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18
Q

bill gates and demidec have this factor of production in common

A

entrepreneurship

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19
Q

the workers on an assembly line represent what factor of production

A

labor resources

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20
Q

the letters TANSTAAFL stand for what economic principle

A

there aint no such thing as a free lunch

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21
Q

which factor of production can best be said to consist of “things used to make other things”

A

capital

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22
Q

an oil reserve is what type of factor of production

A

a natural resource

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23
Q

vehicles and buildings are examples of what factor od production

A

capital

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24
Q

what are the four factors of production

A

land, labor, capital, entrepreneurship

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25
Q

which factor of production involves organizing the other three factors into production

A

entrepreneurship

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26
Q

a river is an example of which factor o production

A

land

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27
Q

humans have (unlimited/ limited) wants, but the earth has (unlimited/limited) resources

A

unlimited, limited

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28
Q

define opportunity cost

A

the value of the next best alternative

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29
Q

what is a capital good

A

a good that helps make other goods later that can be used repeatedly

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30
Q

what do you call a person who takes advantage of free public goods without paying for a them

A

a free rider

31
Q

although naturally found, coal as an intermediate good is this type of factor of production

A

capital

32
Q

what is the basic economic problem

A

scarcity

33
Q

what is the name of adams smiths most famous book

A

an inquiry into the nature and causes of the wealth of nations (or just the wealth of nations)

34
Q

this occurs when there just arent enough hours in the day

A

scarcity

35
Q

one must determine this, or the value of his next best alternative when making a decision

A

opportunity cost

36
Q

why does scarcity exist

A

people have unlimited wants and earth has limited resources

37
Q

what does a production possibilities frontier represent

A

all the efficient and attainable combinations of the production of two goods

38
Q

when a producer decides to move from one point on his ppf to another point, what type of decision is he making

A

a trade off decision

39
Q

what are two properties of every point along the production possibilities frontier

A

efficiency and attainability

40
Q

what are twi qualities of any point between a production possibilities frontier and the origin

A

all points in this region are attainable but inefficient

41
Q

what can we infer about two goods when their production possibilities frontier is nearly a straight line

A

the resources used to produce one good are close, efficient substitutes for the resources used to produce the other

42
Q

what does the economic cost of a decision include

A

the explicit costs and the implicit costs

43
Q

what is a free good

A

a resource that nonrival and non excludable

44
Q

on a ppf for guns and butter, what type of goods does butter represent

A

consumer goods

45
Q

what law explains the shape of a typical production possibilities frontier

A

the law of increasing opportunity costs

46
Q

what is the future consequence of a decision

A

the result that occurs after the present consequence

47
Q

which points on the production possibilities frontier have the highest opportunity costs

A

the endpoints, where all resources are used to produce only one good or the other

48
Q

what is the intended consequence of a decision

A

the desured result of a decision, the reason the decision is made

49
Q

what would cause an economic decision to be difficult to make

A

if there were only a very small difference between the benefits and the costs of the alternative

50
Q

what is the unintended consequence of a decision

A

the unwanted and unexpected result

51
Q

what is the present consequence of a decision

A

the result that happened when the decision is made

52
Q

what type of consequences would a president facing reelection most be concerned with in regards to his actions

A

the present consequences

53
Q

what factors of production are human resources

A

labor and entrepreneurship

54
Q

which factor of production includes human capital

A

labor

55
Q

which two factors of production are non human resource

A

land and capital

56
Q

what is a trade off

A

a decision to give up something in order ot have something else

57
Q

what is the basic economic problem

A

scarcity

58
Q

in a market economy, who or what answers the question of how to produce

A

market forces

59
Q

in a mixed market economy, who or what answers the question how to produce

A

either by a central authority or by market forces

60
Q

in a command economy, who or what answers the questions how to produce

A

a central authority

61
Q

do economists think that people act out of self interest

A

hell yea

62
Q

many production possibilties frontiers compare the production of capital and ____ goods

A

consumer

63
Q

true or false: self interest is the same as selfishness

A

nah son

64
Q

self interest is a result of the value of (public/ private) property

A

private

65
Q

when a nation moves from one point on its production possibilities curve to another, what is it doing

A

making a trade off between two equally viable and efficient production combinations

66
Q

what does it mean to produce a t a point within the production possibilities curve

A

not all resources are being used efficiently; the economy could produce more but is not doing so

67
Q

describe the shape of a production possibility curve for two goods that use the same productive inputs

A

a straight line

68
Q

why does the production possibility hcurve have a downward slope

A

any increase in the production of one good decreases the production of another

69
Q

Which country is the world’s largest exporter of corn?

A

the U.S.

70
Q

How does a market price act as a signal to producers

A

by signaling that profit can be made

71
Q

Why might two countries trade when they can each produce the same good for the same relative price?

A

They can probably benefit from trading other goods

72
Q

What is an absolute advantage

A

the position of an individual or a nation that can produce a good with the fewest inputs

73
Q

what basic concept underlies the theory of trade

A

comparative advantage

74
Q

if price elasticity of demand is equal to zero, then demand is…

A

THIS IS A TRICK QUESTION. ped can never equal zero

Academic Decathlon (35 decks)

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