Jonhson NLC
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| An economy is the set of social arrangments that answer three fundamental questions: 1. What is produced? 2. How is it produced, 3....? | show 🗑
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| Economies of Scale | show 🗑
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| show | International Trade
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| show | Market-oriented economy
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| In the first chapter of the wealth of nation, Smith introduces the idea of the ...., which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers | show 🗑
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| Command Economy | show 🗑
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| show | When workers or firm focus on particular tasks in the overall production process for which they are well-suited
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| Globalization | show 🗑
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| show | Goods and services produced abroad and sold domestically.
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| show | Business buy resources from the goverment and households buy goods and service from buisnesses.
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| show | Central Planning
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| Market-Oriented economy | show 🗑
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| show | Libya and North Korea
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| The financial Capital Market | show 🗑
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| Opportunity Set | show 🗑
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| What name is given to rise in the overall level of prices> | show 🗑
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| show | It is necessary to give up some of one good to gain more od the other good.
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| show | Comparing the benefit and costs of choosing a little more or a little less of a good.
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| show | Given to a person who revives more of a good, the marginal utility from each additonal unit of the good is smaller than the previous unit.
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| show | Inflation
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| show | The benefit to his grade from studying for an hour.
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| Alpha can produce either 18 orange or 9 apples an hour, while Beta can produce either 16 irange or 4 apple an hour, Which of the following statements is true. | show 🗑
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| show | An absoulte advantage in coffee production
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| The idea behind comparative advantage reflects the possibilty that one party | show 🗑
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| show | Learning and innovation
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| If a nation has a comparative disadvantage in the production of some commodity | show 🗑
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| Jethro has a in all aspects of camping : he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tent, making a meal, and washing up. | show 🗑
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| show | There is a direct relationship between price and the quantity supplied.
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| A change in price of a good or service typically causes .... for that specific good or services | show 🗑
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| show | Andy's demand for beer to increase
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| What term is used to describe the total number of units of a good or service purchased at a certain price. | show 🗑
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| show | All variables except those specifed are constant
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| After widespread press report about the danger of contraction "Mad cow disease by consuming beef from Canda the likely economic effect on the U.S demand curve for beed from Candad is: | show 🗑
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| What name is given to goods where the quanity demanded rises as income rises | show 🗑
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| show | Price floor
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| Deadweight loss | show 🗑
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| show | Goods X and Y are complement goods.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
gawil
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