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Unit 3 Economics Flashcards | StudBud
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Unit 3 Economics
Unit 3 Economics
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Questions
36
Answers
1
If machines are invented that increase the efficiency of car manufacturing...
demand for cars shifts left
Demand for cars shifts right
Market Supply of cars shifts right
Market Supply of cars shifts left
2
If the government sets a price floor for corn above equilibrium price...
there will be a shortage of corn
there will be a surplus of corn
3
If consumers expect the price of a good to increase tomorrow...
Supply today shifts right
Demand today shifts right
supply today shifts left
Demand today shifts left
4
Definition: Natural resources are transformed by labor and capital into goods and services
Resources
Production
Demand
Goods
5
If the price of Toyota Trucks increases, what happens to the market demand for Ford Trucks?
Shifts left
Price goes down
Price goes up
Shifts right
6
In the resource market, who is the buyer?
Households
Goods
Businesses
Services
7
Which of the following would be the result of car buyers beginning to earn more income?
Demand for cars would shift left
Demand for cars would shift right
Supply of cars would shift right
Supply of cars would shift left
8
The Law of Supply states that...
As prices fall, quantity supplied falls
As prices rise, quantity supplied rises
as prices rise, quantity supplied falls
As prices fall, quantity supplied rises
9
Land, Labor, and Capital are bought and sold in the...
Services Market
Product Market
Goods Market
Resource Market
10
If when incomes fall the market demand for a good increases...
It must be a normal good
this is would never happen
than you watch me whip and you watch me nae nae
it must be an inferior good
11
Businesses earn revenue by...
Selling Productive Resources
Selling Goods and Services
Buying outputs
Reducing input costs
12
In the product market who is the buyer?
Businesses
None of these
Households
Banks
13
Which of the following is an example of a good?
a basketball
snow removal
a haircut
an untouched diamond
14
If the government sets a price ceiling below the market equilibrium price...
Hayden will increase supply to confuse things
You do the stanky leg
there will be a surplus
there will be a shortage
15
If the price of hamburger buns increased what would happen to the demand for hamburger patties?
Shift Left
Shift right
Supply would increase
Price would increase
16
Which of the following sells a service?
Body guard
Beauty Salon
Finacial advisor
All of them
17
If the number of car dealerships increases...
The supply curve for cars shifts right
Demand for cars increase
Demand for cars decreases
Supply of cars increases
18
Which of the following is an example of Capital?
A tractor on a farm
All of these
A grill at a diner
A Skid-Loader at a construction site
19
If consumers became aware of the health risks of smoking...
Demand for cigarettes would shift left
Demand for cigarettes would shift right
Supply of cigarettes would shift left
Supply of cigarettes would shift right
20
If grain traders expect prices to fall tomorrow...
Supply of grain today shifts left
They are more likely to sell today
They are less likely to sell today
Supply of grain today shifts right
21
In the resource market, who is the seller?
Services
Goods
Households
Businesses
22
The Law of Demand states that...
as prices rise, quantity demanded falls
As prices fall, quantity demanded rises
As prices fall, quantity demanded falls
As prices rise, quantity demanded rises
23
If selling small trucks becomes less profitable than selling big trucks...
Supply of small trucks shifts left
Supply of small trucks shifts right
Supply of big trucks shifts right
Supply of big trucks shifts left
24
The money paid to an employee by a Diner is an exmple of which of the following?
Income
Service
Good
Input Cost
25
If car factory workers agree to a pay cut...
Income increases
Market Supply of cars shifts right
Market demand for trucks increases
Market Supply of cars shifts left
26
A sandwich purchased as a diner is an example of which of...
a good
a service
Labor
Capital
27
If the population of elderly people increase...
Market Supply of nursing homes increase
Market Supply of nursing homes decreases
Market demand for nursing homes increase
Market demand for nursing homes decreases
28
In the product market, who is the seller?
Households
Services
Goods
Businesses
29
Households recieve income by...
earning profit
earning revenue
Selling productive resources
Selling goods and services
30
Which of the following is a human resource?
Labor
Tractor
Coal
Corn
31
Businesses earn a profit when...
Income exceeds spending
households save income
Revenue exceeds cost of production
Input exceeds output
32
Land, Labor, and Capital are all examples of...
Taxes
Productive Resources
Services
Goods
33
The Supply Curve is upward-sloping because...
As the price increases, so do costs.
As the price increases, suppliers can earn more profit
None of These
As the price increases, consumers demand less.
34
What is the sum of all inputs called?
Cost of Production
Revenue
Income
Expenditure
35
If the government decreases taxes coal plants...
Demand for coal shifts right
Supply of coal power shifts left
Supply of coal power shifts right
Demand for coal shifts left
36
Which of the following is a natural resource?
Coal
Labor
Solar Panel
Water
