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Econ Review
Econ Review
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#Econ quiz
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A situation where supply is greater than demand.
Recession
Waste
Shortage
Surplus
2
It focuses on equality instead of individuals when distributing goods and services.
MARKET ECONOMY
TRADITIONAL ECONOMY
COMMAND ECONOMY
MIXED ECONOMY
3
It is the price at which quantity demanded is equal to quantity supplied.
Normative Price
Exact Price
Equal Price
Equilibrium Price
4
The key economic functions of what, how, and what for, are determined by the central authority.
CAPITALISM
SOCIALISM
PRESIDENT
COMMAND
5
This type of economic structure has no economic policy.
CAPITALIST ECONOMY
SOCIALIST ECONOMY
MARKET ECONOMY
TRADITIONAL ECONOMY
6
Events like Christmas and New Year affects Supply and Demand
False
True
7
It tries to balance social welfare and political freedom, and individual liberties.
CAPITALIST
MIXED ECONOMY
MARKET ECONOMY
SOCIALIST
8
Entrepreneurship is not necessary in the factors of production
True
False
9
It is when the country sells its goods to other countries.
Business
Export
Governance
Import
10
In this economic system, change is discouraged because of status quo.
CAPITALIST ECONOMY
TRADITIONAL ECONOMY
COMMAND ECONOMY
MIXED ECONOMY
