Using the image, how does using more capital change the amount produced and the need for labor?

Decreases the amount of labor and increases the amount of wheat produced

Which of the following describes a traditional economy?

people make economic decisions based on their groups' customs and values

Which of the following is one of the three basic economic questions?

How should goods and services be produced?

How do people incomes compare to their needs?

Income is limited while needs are unlimited

The ability to supply a good or service

How do companies make a profit?

they try tp decrease expenses and increase revenue

Which of the following describes a market economy?

Individual consumers and producers make economic decisions

People or businesses that make and sell goods

Which of the following describes a mixed economy?

varying degrees of government control, a mix of three different economies

What problems might inflation cause for consumers?

increasing prices make it hard for consumers to get what they need

Why would a producer offer a quality product at a lower price than another producer?

To pull consumers away from another competitor

Which of the following describes a command economy?

An economy in which the central government makes all economic descions

The desire for a certain good or service

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Economics Basics Review

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Questions 24

Answers

1
Using the image, how does using more capital change the amount produced and the need for labor?
Increases the amount of labor and increases the amount of wheat produced
Decreases the amount of labor and decreases the amount of wheat produced
Increases the amount of labor and decreases the amount of wheat produced
Decreases the amount of labor and increases the amount of wheat produced
2
What incentive may persuade people to deposit their money?
They will pay interest
They would incerase fees
Interest rates would increase
They would charge more to have a bank account
3
Which of the following describes a traditional economy?
people make economic decisions based on their groups' customs and values
Individual consumers and producers make economic decisions
An economy in which the central government makes all economic descions
varying degrees of government control, a mix of three different economies
4
When there is a supply of 25 apples, what would the price of apples be?
$2.00
$0.50
$2.50
$1.00
5
Which of the following is one of the three basic economic questions?
How is a budget created?
How can income be shared?
What price should be set for goods and services?
How should goods and services be produced?
6
What type of economic system is most common?
Traditional Ecnomy
Command Economy
Market Economy
Mixed Economy
7
How do people incomes compare to their needs?
Income is limited while needs are limited
Income is unlimited while needs are limited
Income is unlimited while needs are unlimited
Income is limited while needs are unlimited
8
Which of the following is a feature of a good budget?
income that is less than its expenses
money reserved for spending
economic incentives
money reserved for saving
9
Which is an example of the flow of money from households to firms?
Leaving the house to go to work
Supplying bread for consumers
Creating flowers to hold larger amounts of flowers
Developing a car that holds more than 8 passangers
10
What is supply?
People or businesses that buy
The desire for a certain good or service
The ability to supply a good or service
People or businesses that make and sell goods
11
How do companies make a profit?
they try tp decrease expenses and increase revenue
they try to increase expenses and decrease revenue
they try to decrease expenses and decrease revenue
they try to increase expenses and increase revenue
12
When there is a demand for 10 apples what would the price of apples be?
$1.00
$0.50
$1.50
$2.00
13
What price will match both the supply and demand for apples?
$2.50
$3.00
$0.50
$1.50
14
Which of the following is a way companies can compete with each other
decreasing prices
increasing prices
discontinuing the product
lowering the quality of products
15
Which of the following describes a market economy?
people make economic decisions based on their groups' customs and values
Individual consumers and producers make economic decisions
An economy in which the central government makes all economic descions
varying degrees of government control, a mix of three different economies
16
What is a producer?
the ability to supply a good or service
the desire for a certain good or service
People or businesses that buy
People or businesses that make and sell goods
17
Which of the following describes a mixed economy?
An economy in which the central government makes all economic descions
people make economic decisions based on their groups' customs and values
varying degrees of government control, a mix of three different economies
Individual consumers and producers make economic decisions
18
Increased competition between producers of a good may lead to
a decrease in profit.
a drop in demand.
a rise in taxes.
an increase in price.
19
What does an increase in demand do to price?
Keep the Price the same
Increase the price
Drop the price to zero
Decrease the price
20
What problems might inflation cause for consumers?
lowering prices make it easy for consumers to get what they need
increasing prices make it hard for consumers to get what they need
products will not be available at all
the prices stay the same and do not affect consumers
21
Why would a producer offer a quality product at a lower price than another producer?
To change consumer interest
To pull consumers away from another competitor
The consumer would not be affected at all
To push consumers to another competitor
22
Which of the following describes a command economy?
An economy in which the central government makes all economic descions
Individual consumers and producers make economic decisions
varying degrees of government control, a mix of three different economies
people make economic decisions based on their groups' customs and values
23
Which type of economic system has the highest level of government control?
command economy
mixed economy
market economy
traditional economy
24
What is demand?
The ability to supply a good or service
The desire for a certain good or service
People or businesses that buy
People or businesses that make and sell goods

Economics Basics Review Flashcards | StudBud