stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 3 Review Flashcards | StudBud
Explore
/
Unit 3 Review
Unit 3 Review
20 terms
·
StudBud Administration
·
724 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
The most common rationing device is
Intelligence
Money
Capital Assets
Education Level
2
The government cuts taxes to the middle class. Does this cause an affect on Demand or Supply?
Demand
Supply
3
The Law of Supply states as price of a product decreases, quantity increases
True
False
4
Which of the following is NOT a cause for Demand to increase or decrease?
Popularity
Income
Weather
Complement
5
What is happening in the graph below?
None of the above
Equilibrium is decreasing
Supply is decreasing
Equilibrium is increasing
6
Which of the following is NOT a factor of production?
Technology
Entrepreneurship
Land
Capital
7
The condition that exists when unlimited wants meet limited resources.
economics
rationing device
factors of production
scarcity
8
In the goods/production market, what do households supply firms with?
Labor
Goods and Services
Money
Capital
9
What is happening in the graph below?
Supply is increasing
Supply is decreasing
Demand is decreasing
Demand is increasing
10
Which of the following is not a cause for Supply to increase or decrease?
Substitute
Technology
Change of Resource Price
Taxes
11
Law of Demand states when price falls, demand increases and vice-versa.
False
True
12
What are the three levels of production in a production possibilities curve?
dependent, non-dependent, unobtainable
efficient, not efficient, unrealistic
realistic, non realistic, unrealistic
efficient, not efficient, unobtainable
13
Blu-ray discs are on sale. What happens to the DEMAND of DVD players?
Increase
None of the above
Decrease
14
What is happening in the graph below?
Demanding is increasing
Supply is increasing
Supply is decreasing
Demand is decreasing
15
A major drought has affected the growth of avocados. Is this a cause of Demand or Supply?
Supply
Demand
16
When a consumer is able and willing to buy a good or service they create which of the following
Elasticity
Consumption
Allocation
Demand
17
Trade-off is getting more of one good, by getting the same of another.
False
True
18
In the factors market, what do households supply firms with?
Labor
Money
Good and Services
Capital
19
Economics is the sciences that studies the choices people make to satisify...
their wants in a world of scarcity
their desires in a world of plentitude
their passions in a world of scarcity
their needs in a world of plentitude
20
Which point below shows the unobtainable level of production?
C & D
A & B
C
D
