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Basic Economics for Today's Consumers Flashcards | StudBud
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Basic Economics for Today's Consumers
Basic Economics for Today's Consumers
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This quiz reviews basic economic terms and concepts for an introductory high school civics course.
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Which of the following is the best example of a COLLECTIVE NEED?
police protection
eyeglasses
water
video arcade
2
Which of the following statements about scarcity is NOT true?
Scarcity exists when wants are greater than needs.
Scarcity requires consumers and producers to make choices.
Consumers don't have everything they want due to scarcity.
What is scare is different from place to place.
3
Price _______________ when supply is high and demand is low.
doesn't change
goes up
goes down
stays the same
4
Which of the following is NOT considered money?
credit card
debit card
currency
gold
5
the term used to describe goods used with other goods and whose demand changes together
market share
substitutes
input costs
complements
6
The value of the single best alternative not chosen in an economic decision is called the:
loss
opportunity cost
deficiency
trade-off
7
"Consumers will buy more goods and services at a low price than they will at a high price."
The Market Price
Market Equilibrium
The Law of Supply
The Law of Demand
8
Which of the following terms deals with the use of goods and services?
production
distribution
capitulation
consumption
9
All the things given up when an economic decision is made are called:
a deficiency
opportunity cost
losses
trade-offs
10
All of the following are goods EXCEPT:
frozen foods
shoes
auto repairs
books
11
Who/What is responsible for making most economic decisions in a command economy?
producers
government
workers
consumers
12
Which of the following factors does NOT influence supply of a good or service?
government action
technology
input costs
consumer expectations
13
When the supply of a good or a service meets its consumer demand, then it will sell at:
the level consumers want to pay.
the equilibrium price.
the set price.
the level producers want to charge.
14
Eating at a cheaper fast food joint instead of your favorite restaurant is an example of the:
substitution effect
complements effect
income effect
excise tax
15
Which of the following is most likely to cause a producer to DECREASE the supply of a good?
an excise tax on the good
increased labor productivity
government subsidies
technology
16
Which of the following is NOT one of the three basic economic questions?
For whom will it be produced?
What will be produced?
Why should it be produced?
How will it be produced?
17
What is fiat money?
Money that stands for something else.
Money that has value because the government says so.
Money that is provided as government assistance.
Money that has value in and of itself.
18
Which of the following is an attempt by the government to control business behavior?
regulation
consumer tastes
the income effect
demand manipulation
19
Which of the following is NOT a factor that influences economic activities with a culture?
ethnicity
topography
natural resources
climate
20
process whereby workers perform only a single or very few steps in the production of a good
specialization
efficiency
division of labor
productivity
21
Which of the following is NOT a type of production found in most cultures?
service
agriculture
industry
genetics
22
Which of the following does NOT describe an entrepreneur?
takes the intitiative to create a product
takes risks to purchases productive resources
uses skill to produce goods and services consumers will buy
is subsidized by the government
23
Which of the following is an example of financial capital?
investments
tractor
banker
ideas
24
Which of the following does NOT influence the price of a good or service?
the producer's cost of making the good or service
supply of the good or service
the price of completely different goods or services
demand for the good or service
25
Which of the following factors does NOT influence demand for a good or service?
the number of producers in the market
consumer tastes
consumer income
substitute products
26
All of the following are examples of technology EXCEPT:
tools
machines
money
plan
27
the lack of enough resources to produce all of the goods and services people want
distribution
scarcity
economics
barter
28
Who does scarcity affect?
consumers
producers
everyone
the government
29
In general, which political party favors MORE government involvement in the economy?
Tea Party
Republican Party
Libertarian Party
Democratic Party
30
What happens to the demand for inferior goods when consumer income rises?
Demand for inferior goods isn't affected by consumer income.
It goes up.
It goes down.
It stays the same.
31
nonphysical results of production that must be consumed as soon as they are produced
needs
services
wants
goods
32
The Affordable Care Act (a.k.a. Obamacare) is an example of:
a government subsidy.
a tax.
a regulation.
a subsidy, a tax, and a regulation.
33
another term used to describe people-made resources
financial capital
capital
labor
land
34
People are _______________ and rely on each other for different goods and services.
productive
efficient
dependent
interdependent
35
things that make people happy and provide greater comfort of mind and body
needs
collective needs
wants
collective wants
