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Unit 1 Economics Flashcards | StudBud
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Unit 1 Economics
Unit 1 Economics
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A quiz that covers the basics of Economics for high schoolers
Flashcards
22 cards
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Questions
22
Answers
1
If your consumption of a good doesn't prevent another from consuming the same good, it is a(n)
High-Demand Good
Non-Rival Good
Rival Good
Scarce Good
2
When prices go UP, demand for that item goes...
Doesn't Change
Down
Up
None of these
3
In which economic system does the government make all the economic decisions for you?
Market
Traditional
Command
Mixed
4
All of the following are factors of production except...
Land
Labor
Money
Entrepreneurship
5
In the traditional economic system, who or what makes most of the economic decisions?
A mix of people and things
Individuals
Customs
Government
6
In economics, pizza and hamburgers would be considered these type of goods.
Non-Rival Goods
Delicious Goods
Rival Goods
Scarce Goods
7
Watching a movie in a movie theater, or subscribing to Netflix are examples of...
Common Goods
Quasi-Public Goods
Private Goods
Public Goods
8
What is an Economist's way to say "the average cost of a good"?
Per-Unit Cost
Total Cost
Revenue
Normal Good
9
Because of scarcity, if you buy more candy at the store, you buy less meat. This is called...
Demand
Supply
A trade-off
A sale
10
If a price for a good is higher than the price at equilibrium, what is likely to happen?
Perfect use of the good
Shortage of the good
Surplus of the good
None of these
11
When a good has INELASTIC demand, we can say that it does not have any...
Normal Goods
Complements
Inferior Goods
Substitutes
12
Gasoline and prescription drugs are examples of this type of good.
Normal Goods
Inferior Goods
Neutral Goods
None of these
13
What does the circular flow model in Economics show?
The flow of services in the economy
The flow of money in our economy
The flow of goods in the economy
The flow of jobs in our economy
14
When you make a choice, the most valuable thing you didn't choose is the...
Resource
Demand
Scarcity
Opportunity Cost
15
If consuming a good or service makes you unhappy, you received this...
Trade-Off
Utility
Disutility
Exposure
16
This is the study of choices which affect individuals or a single business or industry.
Microeconomics
Freakanomics
Macroeconomics
Reaganomics
17
Something that can be touched, or felt, is called...
An object
Intangible
Tangible
Present
18
A complementary good for Crest Toothpaste would be...
A hamburger
Aim Toothpaste
A toothbrush
Coca-Cola
19
Goods that you want to buy more of when you have a lot of money are called...
None of these
Neutral Goods
Inferior Goods
Normal Goods
20
What is something that is limited, but is used to produce goods or services.
Money
Resources
Goods
Services
21
These types of goods are
RIVAL
and
EXCLUDABLE.
Public Goods
Quasi-Public Goods
Private Goods
Common Goods
22
When demand changes a lot with price, we can say that its demand is...
Normal
Neutral
Inelastic
Elastic
