
Econ. Ch 5 Exam
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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36 questions
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1.
FLASHCARD QUESTION
Front
Which statement describes entrepreneurs? Options: They do not use productive resources. They produce goods and services. They always make a profit. They rarely take risks.
Back
They produce goods and services.
2.
FLASHCARD QUESTION
Front
Economics is a _______ science.
Back
social
3.
FLASHCARD QUESTION
Front
Value is a measure of…
Back
what a person is willing to give up to acquire something.
4.
FLASHCARD QUESTION
Front
What law states that the additional benefit you get from each additional unit of something during a given time period will tend to decline as each unit is used?
Back
The law of diminishing marginal utility
5.
FLASHCARD QUESTION
Front
According to basic economic reasoning nothing is free.
Back
True
6.
FLASHCARD QUESTION
Front
This diagram is used by economists to illustrate the impact of scarcity. It is a…
Back
The production possibilities curve
7.
FLASHCARD QUESTION
Front
If the demand for in-line skates falls suddenly because of news reports about injuries to skaters, what happens to the equilibrium price?
Back
It moves to a lower point on the supply curve as the demand curve shifts left.
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