Econ Ch 1 – Flashcard
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Which of the following are not a part of microeconomics?
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Unemployment
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Which of the following is not a part of microeconomics?
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Prices going up.
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Which of the following is not a part of macroeconomics?
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Unemployment in Nevada.
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Which of the following is not a part of macroeconomics?
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High rates of unemployment in Texas. Growing wheat throughout the U.S. Cotton Production. [All of the above]
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Which of the following is not a part of microeconomics?
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Recession. Unemployment. Total national income. [All of the above.]
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Which of the following is not a part of macroeconomics?
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Growing sugar throughout the U.S.
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Which of the following statements are true?
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Microeconomics deals with individual parts of the economy.
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We study economics because we have...
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scarce resources and unlimited wants.
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Which of the following belongs to factor markets (factors of production)?
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Labor
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Which of the following belongs to factor markets (factors of production)?
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Land
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Which of the following belong to product markets?
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Goods
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Land, Labor, and Capital are examples of
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resources
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Consumption is a function of income: C = f(I). 'C' is`...
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a dependent variable.
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Which of the following is an example of a normative statement?
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This classroom is too small.
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Which of the following is an example of a normative statement?
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We have a fairly big class.
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Which of the following is an example of a positive statement?
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In this nation, one child in four goes to bed hungry.
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Which of the following is an example of a positive statement?
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It is 32 degrees Celsius in that room.
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Which of the following are drawbacks in studying economics?
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No laboratory experiments. Can generalize from personal experience. Cause and cure - can jump to conclusions. [All of the above.]
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Which of the following are NOT true?
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The word "economics" is derived from a Latin word "oikonomikos".
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Economics is a...
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social science that studies how to use limited resources.
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Which of the following are NOT true?
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In economics money is considered to be capital.
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An individual who seeks to manage human and other resources for profit is called a(n)...
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entrepreneur.
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Which of the following is NOT correct?
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In economics natural deposits are considered to be capital.
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In economics, which of the following is NOT true?
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The quantity and quality of labor are not an important factor in determining rate of growth.
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In the labor market, which of the following is NOT true?
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Employers search for workers with low productivity for the wages being offered.
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Which of the following is NOT true? Over the long run, technological change...
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leads to lower wages for the work force.
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In economics, which of the following is NOT true? Capital is...
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all manmade goods that can only be used to produce more consumer goods.
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In economics, which of the following would NOT be considered as capital?
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Oil deposits.
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In economics, which of the following is considered to be capital?
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Purchase of a crane for your business.
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Which country would be better off in the future?
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A country that cuts its trees to build plows.
