The study of people and the choices they make in a world of scarcity.
What is the definition of economics?
#1
100
According to the textbook, this adage is used to illustrate the principle that 'people face tradeoffs'.
What is "There's no such thing as a free lunch?"
100
What you sacrifice to obtain something else.
What is opportunity cost?
100
What happens if you have a funeral, wedding, or get sick on the day of the test.
What is a drop test?
100
A belief prevalent in the 18th century that trade is a zero-sum game, and that imports are bad.
What is mercantilism?
#19
200
People will make the choices that will, at the time and with the information they have at their disposal, give them the greatest amount of satisfaction for the effort or money they spend. This is an example of [insert answer here.]
What is rational self interest.
200
The rate of growth of German prices in the early 1920s.
What is tripling monthly?
200
The reason that people are willing to pay more for a diamond than a bottle of water.
Something along the lines of:
What is the higher marginal benefit from one additional diamond, compared with the lower marginal benefit of one additional drink of water?
200
This basic economic model incorporates two types of decision makers, households and businesses, while representing the flows of inputs, outputs, and dollars.
What is a (most basic) circular flow model?
200
The fallacy that "what is best for the individual is necessarily best for the group."
What is the fallacy of composition?
#20
300
A statement about what IS the case, (such as the current unemployment rate in Utah).
What is a normative economic statement?
#10
300
Tariffs and import quotas usually reduce general economic welfare, a large federal budget deficit has an adverse effect on the economy, minimum wage increases unemployment among young and unskilled workers.
What are statements that over 3/4 of economists agree with?
#12
300
Regarding Production Possibilities Frontiers:
This represents the possible combinations of two goods that an economy can produce using all its available resources and technology.
What are points ON the production possibilities frontier?
(Or on line, on the curve, etc)
#8
300
The term that means a resource is not being used to its full ability.
What is "underemployed"?
#9
300
The amount of something that buyers will purchase at any given price, provided that enough is available.
What is quantity demanded?
400
"Intentions are not results!"
[The question is associated with one of the clips we watched in class.]
What is Don Bodreaux's statement?
#11
400
As price increases, quantity supplied increases, as price decreases, quantity increases. This is a direct or positive relationship (as opposed to inverse or negative).
What is supply?
400
This shows all combinations of output that an economy can produce.
What is a production possibilities frontier?
#13
400
This allows us to consume more goods and services than we would otherwise be able to.
What is specialization and trade?
#14
400
Income, tastes, season, prices of related goods, etc are examples of things you hold constant in order to determine [insert answer here].
What is demand?
500
Tariffs and import quotas usually reduce general economic welfare, a large federal budget deficit has an adverse effect on the economy, and minimum wage increases unemployment among young and unskilled workers.
What are statements that more than 3/4 of economists agree with?
500
The demand indicates the [insert answer here] buyers are willing to pay for any quantity demanded over a given period of time, all other influences of buyers remain constant.
What is the maximum price?
500
Shawn can produce more donuts in one day than Sue can.
What is Shawn has an absolute advantage in the production of donuts?
#15
500
What the production possibilities model tells us about opportunity cost.
What is "We live in a world of increasing opportunity cost."
#16
500
Because the law of supply and the law of demand give you the the quantity demanded and quantity supplied for a whole host of prices, this word in the in-class definition of supply or demand is important.