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Basics of Economics Flashcards | StudBud

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What is a monopoly?

What is opportunity cost?

Basics of Economics

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Questions 12

Answers

1
What is opportunity cost?
Extra cost
Free choice
Lost benefit
No cost
2
What is a monopoly?
Many sellers
Two sellers
Single seller
No sellers
3
How does more supply affect price?
No effect
Doubles it
Increases it
Decreases it
4
How do taxes help?
No effect
Decrease income
Fund services
Increase debt
5
Which mechanism controls a market economy?
Current trade demands
The government's fiscal policy
Policy Benefits
Supply and Demand
6
Adam Smith Pioneered which economic system?
Traditional
Socialism
Communism
Capitalism
7
What happens when inflation occurs?
Prices fall
Prices stay same
Prices rise
Prices disappear
8
When is a budget balanced?
No income
Income > expenses
Income = expenses
Income < expenses
9
Which is a scarce resource?
Sand
Air
Water
Sunlight
10
Who benefits from trade?
No one
Only sellers
Everyone
Only buyers
11
Inflation means prices fall
True
False
12
Where is Wall Street?
London
Tokyo
Paris
New York