Which of the following is NOT an example of a trade off?

Not having plans for the day and deciding to play video games

What is the basic economic problem?

How to use limited resources to fulfill unlimited wants

Suppose you owned a restaurant and decided to close down early. What would be the opportunity cost?

The money you could have made if you stayed open.

limited materials used to create goods

The equilibrium point represents...

the msot money that can be made

The amount of a good demanded by consumers for specific costs

Which of the following is not one of the basic economic questions?

How much will you sell your goods for

Economics is the study of...

how to use limited resources to fulfill unlimited wants

A Mixed Market Economy is...

A country which answers the 3 economic questions by drawing on all 3 system

The total amount of money you made

The amount of a good being produced by a producer for specific costs

Where is the equilibrium?

15 supplied and demanded for 30 dollars

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Civics and Economics Chapter 16 Review

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Answers

1
Which of the following is NOT an example of a trade off?
Not having plans for the day and deciding to play video games
Playing baseball instead of football
Reading instead of watching tv
Studying instead of napping
2
What is the basic economic problem?
how to use unlimited wants to fulfill limited resources
How to use limited resources to fulfill unlimited wants
How to use limited wants to fulfill unlimited resources
How to use unlimited resources to fulfill limited wants
3
Suppose you owned a restaurant and decided to close down early. What would be the opportunity cost?
The money you could have made if you stayed open.
There would be no opportunity cost
The time you spent playing video games when you got home.
The time you spend napping when you get home
4
What are resources?
Your limited desires
Unlimited materials used to create goods
Your unlimited desires
limited materials used to create goods
5
The equilibrium point represents...
the least money that can be made
the surplus
the shortage
the msot money that can be made
6
What is demand?
The amount of a good being demanded by a producer for specific costs.
The amount of a good being produced by a consumer for specific costs
The amount of a good demanded by consumers for specific costs
The amount of a good being produced by a producer for specific costs
7
Which of the following countries have a mixed market economy?
The USSR
The United States
North Korea
China
8
Which of the following is not one of the basic economic questions?
Which goods you will produce
Who will produce your goods
How much will you sell your goods for
To whom will the goods be produced for
9
The point where the the demand line and supply line cost is called the equilibrium point.
False
True
10
Economics is the study of...
how to use limited resources to fulfill unlimited wants
people
life
how to use limited wants to fulfill unlimited resources
11
A Mixed Market Economy is...
A country that answers the 3 economic questions based on maximizing profit
A country that answers the 3 economic questions based on tradition
A country that allows the government to answer all 3 questions
A country which answers the 3 economic questions by drawing on all 3 system
12
What are wants?
Your unlimited desires
Your limited desires
limited materials used to create goods
Unlimited materials used to create goods
13
What is a fixed cost?
The total cost of all fixed and variable costs
A cost that changes regularly
The cost of producing one additional product
A cost that never changes
14
If more consumers enter the market, how would the graph change?
demand would go to the left
Supply would go to the right
Supply would go to the left
demand would go to the right
15
When the price of the demand line goes down, what happens the quantity demanded?
It stays the same
It goes up
It goes down
16
If consumers are willing to pay more than what a product is worth, producers will overcharge. What then happens to suppl
It decrease
It increases
It stays the same
17
When supply and the min. price of producers increases, how does this affect the price of the demand line?
It stays the same
It goes down
It goes up
18
Revenue is...
The money you make by selling one additional unit
The total cost
The toal amount of money you made minues your cost
The total amount of money you made
19
If some suppliers leave the market, how would this graph be affected?
demand would go to the right
Supply would go to the right
demand would go to the left
Supply would go to the left
20
Which of the following is NOT one of the three basic economic systems?
Government Economy
Traditional Economy
Command Economy
Market Economy
21
What is supply?
The amount of a good being produced by a producer for specific costs
The amount of a good being produced by a consumer for specific costs
The amount of a good demanded by consumers for specific costs
The amount of a good being demanded by a producer for specific costs.
22
Where is the equilibrium?
15 supplied and demanded for 30 dollars
20 supplied and demanded for 50 dollars
10 supplied and demanded for 10 dollars
30 supplied and demanded for 15 dollars
23
When answering the three basic economic questions and problem, you create an economic system.
False
True

Civics and Economics Chapter 16 Review Flashcards | StudBud