quiz show game - weeblyquiz show game. which term means “making decisions based on what you...
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Quiz Show Game
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Which term means “making decisions based on what you believe to be the best combination of costs and benefits?”
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Which term means “making decisions based on what you believe to be the best combination of costs and benefits?”
Economizing
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In the US, what 2 groups of people decide what goods and services to produce?
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In the US, what 2 groups of people decide what goods and services to produce?
Producers and consumers
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The satisfaction received from using a good or service is called….
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The satisfaction received from using a good or service is called….
Utility
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Producing fewer guns and butter than an economy is capable of is called…….
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Producing fewer guns and butter than an economy is capable of is called…….
underutilization
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Studying the general rise of prices in an economy would be done by a microeconomist or a macroeconomist?
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Studying the general rise of prices in an economy would be done by a microeconomist or a macroeconomist?
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“Unlimited and everchanging” describes what?
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“Unlimited and everchanging” describes what?
Wants
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Give an example of capital.
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Give an example of capital.
Machinery, tools, warehouse, factory
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Benefits offered to encourage people to act in certain ways are…
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Benefits offered to encourage people to act in certain ways are…
Incentives
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The value of what you give up by choosing one alternative over another is called…..
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The value of what you give up by choosing one alternative over another is called…..
Opportunity cost
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PPC stands for….
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PPC stands for….
Production possibilities curve
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What 2 things are fixed with regard to the assumptions we make about a PPC?
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What 2 thing are fixed with regard to the assumptions we make about a PPC?
Resources and technology
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What economy involves making economic choices based on customs handed down from previous generations?
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What economy involves making economic choices based on customs?
Traditional
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What economic system involved government making most of the economic decisions? (One of the big three)
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What economic system involves government making most of the economic decisions? (One of the big three)
Command
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The economy attempts to provide for everyone is a characteristic of what type of economy?
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The economy attempts to provide for everyone is a characteristic of what type of economy?
Command (or traditional)
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The process of changing from private to government ownership is called…
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The process of changing from private to government ownership is called…
Nationalization
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What did Milton Friedman believe the role of the government should be in the economy?
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What did Milton Friedman believe the role of the government should be in the economy?
Control the money supply and leave everything else alone
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In the circular flow model, what are the two markets in which households and businesses meet?
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Product market and factor market
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An externality is a side effect of a transaction that affects whom?
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An externality is a side effect of a transaction that affects whom?
Someone other than the buyer or seller
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A person who does not pay for a service but benefits from it is called….
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A person who does not pay for a service but benefits from it is called….
Free rider
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What are public goods funded by?
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What are public goods funded by?
Taxes
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Give an example of a positive externality.
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Give an example of a positive externality.
Inoculations, education, my neighbor taking care of his yard, a field next to a honey farm
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Give an example of a negative externality.
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Give an example of a negative externality.
Pollution, secondhand smoke, littering
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What is the producer’s goal in the marketplace?
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What is the producer’s goal in the marketplace?
Maximize profit
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Government paying a healthcare facility so that they can provide vaccines for free is an example of what?
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Government paying a healthcare facility so that they can provide vaccines for free is an example of what?
Subsidy
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What law gives the PPC its bowed-out shape?
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What law gives the PPC its bowed-out shape?
Law of increasing opportunity costs
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How are negative externalities discouraged?
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How are negative externalities discouraged?
taxes
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How are positive externalities encouraged?
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How are positive externalities encouraged?
subsidies
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Question 1
What 3 economic questions need to be answered?
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Answer 1
What to produce
How to produce it
For whom should it be produced
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Question 2
What is the basic economic problem?
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Answer 2
Scarcity
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Question 9
What is TANSTAAFL?
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Answer 9
There’s no such thing as a free lunch.
Every choice involves giving something else up.
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Question 12
Note the PPC on the board. Name the point at which the economy is producing all guns and no butter. Is this level of production efficient?
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Answer 12
Point D
Yes, this point is efficient
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Question 13
Suppose the population of the country’s dairy cows increases. How would the PPC shift?
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Answer 13
Pink
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Question 14
At which point is this economy not fully using all of its resources?
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Answer 14
C
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Question 15
A population increase due to better medical care occurs. How will the PPC shift?
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Answer 15
Blue
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Name all of the efficient points on the PPC.
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D, B, F, E
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Question 16
“We should have nationalized healthcare in this country.” Is this a positive or normative statement?
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Answer 16
Normative
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Question 22
What does the phrase “laissez-faire” mean?
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Answer 22
Hands off, leave things alone
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Question 24
What is consumer sovereignty?
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Answer 24
The consumer reigns supreme, the consumer has the ultimate power in a market economy.
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Question 27
Changing from public ownership to private ownership is called….
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Answer 27
Privatization
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Question 36
Payments made to a group of people by collecting from society in general is called…..
Hint: social security, unemployment are examples
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Answer 36
Public transfer payments
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What is the opportunity cost of producing the first unit of
cheese?
Cheese Milk
0 20
1 18
2 14
3 9
4 3
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What is the opportunity cost of producing the first unit of
cheese? 2 units of milk
Cheese Milk
0 20
1 18
2 14
3 9
4 3
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What is the opportunity cost of producing the 3rd unit of
cheese?
Cheese Milk
0 20
1 18
2 14
3 9
4 3
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What is the opportunity cost of producing the 3rd unit of
cheese? 5 units of milk
Cheese Milk
0 20
1 18
2 14
3 9
4 3
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What type of opportunity cost does this PPC illustrate?
Cheese Milk
0 20
1 18
2 14
3 9
4 3
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What type of opportunity cost does this PPC illustrate?
Increasing Opportunity Costs
Cheese Milk
0 20
1 18
2 14
3 9
4 3