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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Test your knowledge of Economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Law of Supply: When price goes down...
I go shopping
supply goes down
supply goes up
demand goes up
2
What is economics really about?
Money
Wants and Needs
Getting rich!
The decisions that people make
3
Microeconomics is the study of economic decisions made by ...
Everyday people and business
Microsoft Corporation
The Government
The Central Bank
4
When supply is greater than demand, this is called...
Surplus
Opportunity Cost
equilibrium point
Needs and Wants
5
Goods or services are the combination of 4 factors of production. These are...
Labour, Money, Entrepreneurship and land
Money, Business, technology, natural resources and
Land, Labour, technology and money
Land, Labour, Capital and Entrepreneurship
6
Law of Demand: When price goes up....
Demand goes down
Pretty much nothing happens
Demand goes up
Supply goes up
7
Which of the following 3 answers are characteristics of a good money?
Durable
Beautiful
Portable
Divisable
8
What is a mortgage?
a loan to buy a house
inflation
a credit card
collateral
9
Which of the following is not true about credit cards?
You can buy things without having money
The charge high interest
You don't really have to pay them back
There are late fees
10
How does inflation impact an economy?
People make more money
It slows down an economy
It gets people to buy things
It doesn't really have an impact
11
Which of the following is an early form of money?
salt
all of the above
cows
huge stone disks
12
Which is not a type of tax?
income
CIS school fees
property
sales
13
What is the basic economic problem that people have to solve?
How can I save my money?
I have limited resources but unlimited wants!
How can I get rich?
How can I pay my debts?
14
When demand is more than supply, this is called...
opportunity cost
limited resources
credit
scarcity
15
Inflation occurs when...
when people buy lots of things
supply is high
demand is low
new money enters an economy
