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Economics Review
Economics Review
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Review of General Economic Terms
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
The discount rate is what the FED charges?
Non Member Bankls
Best Customers
Member Banks
Businesses
2
Competition is the "friendly" rivalry among business to gather more?
Profits
Money
Goods and Services
Customers
3
The Federal Government created the FDIC to ?
Protect the Government
To Regulate Banks
To Guarantee your money
To watch over Depositors
4
When Supply and Demand are equal you have reached?
Surplus
Shortage
Equilibrium
Market
5
Which curve on the supply graph represents a decrease in supply?
S2
No Movement
S1
S
6
The driving force in running a business is to reach a ?
Loss
Profit
Shortage
Surplus
7
Adam Smith is called his the "father of economics" after his book called?
Parts of a Business Cycle
The FDIC and the Federal Reserve
Profits Drive a Company
The Wealth of Nations
8
The basic problem ALL economies suffer from is?
Scarcity
Workers
Money
Demand
9
A legal maximum price you may charge for a particular good is called?
Price Elasticity
Price Ledership
Price Floor
Price Ceiling
10
The factors of production are listed below EXCEPT for:
Land
Money
Entrepreneurship
Labor
11
Which illustrates the direct relationship between price and quantity?
Demand
Supply
12
When demand is greater than supply you will have a ?
Shortage
Surplus
13
An increase in demand cause the demand curve to move?
Left
Down
Up
Right
14
A cartel is similar to what form of business competition?
Pure Competition
Oligopoly
Monopolistic Competition
Monopoly
15
Which of the following has an indirect relationship between price and quantity?
Supply
Demand
16
A complementary good is a good often used with another good (True or False)?
True
False
17
A mixed economic system means to add characteristics of more than one type of economic system?
False
True
18
A recession usually only lasts for ?
Six Months
One Year
Four Months
One Month
19
All business activity takes place in a ?
Store
Market
Business
