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Section 3 Review for regular Economics Flashcards | StudBud
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Section 3 Review for regular Economics
You will study this QUIZ MULTIPLE TIMES
Point D represents
Section 3 Review for regular Economics
40 terms
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Questions
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Answers
1
Point D represents
Equilibrium
Full efficiency
A not yet obtainable point
Under utilization of resources
2
You will study this QUIZ MULTIPLE TIMES
FALSE
TRUE
I AM LAZY
I WANT TO FAIL
3
Specifically rewards hard work
Communism
Socialism
Traditional Economy
Free enterprise capitalism
4
Demand
To the Ground
Prices go up as quantity rises
To the sky
Prices go down as quantity increases
5
Which of these will hurt your credit score the most
Paying your bills on time
Getting college loans
Buying a house
Declaring Bankruptcy
6
Scarcity leads to
Unlimited resources
choices and opportunity cost
Surpluses
Everyones needs being satisfied
7
I want a good credit score so
I get better interest rates
Loans are cheaper
I don't want a credit score
I can take out higher loans to buy nice things and invest
8
Which is NOT a factor of Production
Supply
Capital
Entrepreneurship
Land
9
In order to fill our the FAFSA you must
Determine Dependency Status
Have your school codes
Gather all required documents
SIgn it electronically
10
When the market is in equilibrium
All products are sold
There is always a shortage
Prices are too high
There is always a surplus
11
When people buy less of an item because it gets more expensive this is the income effect
True
False
12
Opportunity cost is
The next best thing you could be doing in relation to what you are doing
Land Labor Capital
The cost of the supplies of your project
The absolute best thing you could be doing
13
Supply
Goes up as you move right on the graph
To the ground
Goes down as you move right on the graph
To the sky
14
This is a Demand Graph It starts High and goes down with lowering prices
False
True
15
Free enterprise fits best with
Capitalism
Communism
Socialism
Traditional Economy
16
Technology Increases productivity
False
True
17
Who has to pay the most in Insurance
A small family
A big family
18
When supply exceeds demand then you have
Equalibrium
Surplus
Higher prices
shortage
19
Increasing wealth causes a rightward shift in the Demand curve
True
False
20
How to build credit
Pay your bills on time
Get a helpful co signer
Don't go into bankruptcy
Pay off all loans ON TIME
21
Renting
Ties you to a mortgage
Allows you to build equity
Allows you to move more frequently
Is always better than buying
22
Is a non price determinant of supply
Taxes and Subsidies
Input costs
I don't know
Number of companies in the industry
23
Businesses take out more loans when
Financial institutions lower interest rates
Financial institutions raise interest rates
Credit card companies rais interest rates
Credit card companies lower interest rates
24
What is an effect of factories?
Decreased Capital
Increase staff sizes
Increased productivity
Decreased Efficiency
25
Which retirement plan does your employer possibly pay into?
Mutual Funds
Personal savings accounts
401K s
Money under the bed
26
Point E represents
Unemployment
Full Efficiency
Unobtainable
Inflation
27
Natural disasters that destroy factories
shifts demand to the right
Shifts demand to the left
Shifts supply to the left
Shifts supply to the right
28
Adam Smiths theories include
Logical self interest of workers
The invisible hand
Capitalism
Free Enterprise
29
The education of the work force is categorized as
Physical Capital
Land
Human Capital
Interest rates
30
Outsourcing
Sending jobs to other countries
Limits production
Makes things more expensive
Hurts foreign markets
31
When is a graph in Equilibrium?
Supply=Demand
Supply>Demand
There is never equilibrium
Supply<Demand
32
Books like The Jungle( the meat packing book) did what to the once free market of the USA
Increased Regulations
Put more rats in the sausage
Freed companies from government regulations
Pushed us to %100 Communism
33
If equalibrium price is 30 and the market price is 20 what will the market have?
A Surplus of supply
A Shortage of supply
34
With the open markets of the free enterprise system there comes
Less options for consumers
Full equality
More options for consumers
More government control
35
There are lots of Communist dictators left.
True
False
36
Which changes DEMAND
Government taxes on businesses
Government regulations
Natural disasters destroying capital
New and amazing products
37
If you have bad credit
You cant get credit card
You will save lots of money in the long run
You cant take out a large loan
Loans you get are high interest
38
Importing Goods lowers prices and increases variety of goods
True
False
39
Forcing people to buy health care
Excludes people with pre existing conditions.
Is fair for all
Restricts American Freedom
Is supported by all candidates
40
This is a supply graph it starts low and goes up with price
True
False
