What causes a demand curve to SHIFT?

A change in something other than price

What causes a supply curve to SHIFT?

A change in something other than price

What is opportunity cost?

The thing that is given up when we make a decision

What is the law of demand?

The higher the price, the lower the demand

What are public goods and services?

Goods and services provided by the government

The desire to own something the ability to pay for it

What are the four economic systems?

Traditional, Centrally Planned, Free Market, Mixed

What is the study of economics?

The study of choices that people make

What is a centrally planned economy?

one in which the government makes the decisions

What is Gross Domestic Product?

The total value of all final goods and services produced in an economy

What are public disclosure laws?

They provide consumers with information about products

What is the law of supply?

The higher the price, the higher the supply

The price where demand and supply are equal

What is a mixed economy?

A combination of a free market and centrally planned economy

What is a business cycle?

Aperiod of economic expansion of contraction rather thanday to day movement

What is an economic system?

a method of producing and distributing goods and services

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Econ Final Review

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Questions 25

Answers

1
What will raising the minimum wage cause?
More jobs
Decreased unemployment
Increased unemployment
Better trained employees
2
What causes a demand curve to SHIFT?
A rising price
A falling price
A change in price
A change in something other than price
3
What causes a supply curve to SHIFT?
A change in price
A change in the House of Representatives
A change in something other than price
4
What does a production possibilities curve show?
the production possibilities in a small business
only underutilization
only trade offs
economic growth and decline
5
What is opportunity cost?
The opportunity to start a business
The thing that is given up when we make a decision
The price of attending college
The price of starting a business
6
What is supply?
The number of people that want a good
All of the above are considered supply
The amount of goods available
The amount of goods sold
7
What is the law of demand?
The higher the price, the higher the supply and demand
The higher the price, the higher the demand
The lower the price, the lower the supply and demand
The higher the price, the lower the demand
8
What are public goods and services?
Goods and services from farmers
Goods and services provided by businesses
Goods and services provided by the government
Goods and services produced by the Senate
9
Which of the following is NOT a key economic system?
How should goods and services be produced?
What goods and services should be produced?
What goods should be imported?
Who consumes goods and services?
10
What is demand?
The desire to own something
The desire to produce a product
The desire to supply and sell something
The desire to own something the ability to pay for it
11
What are the four economic systems?
Traditional, Centrally Planned, Free Market, Mixed
Communist, Democratic, Social Democratic, Free Market
Socialist, Communist, Democratic, Centrally Planned
Socialist, Communist, Democratic, Traditional
12
What is the study of economics?
The study of choices that people make
The study of business resources
The study of capital resources
The study of peoples finances
13
What is a centrally planned economy?
one in which the people make the decision
one in which the central business committee makes the decisions
one in which the government makes the decisions
one in which the Senate makes the decisions
14
What is Gross Domestic Product?
The total value of grocery products
The total value of all final goods and services produced in an economy
All of the above
The total value of department store products
15
What are two government interventions in the market?
Minimum wage and supply
Demand and supply
Rent control and minimum wage
Rent control and demand
16
What causes MOVEMENT ALONG the supply curve?
A change in the Senate
A change in something other than price
A change in price
17
What are public disclosure laws?
They provide consumers with information about public expenditures
They provide consumers with information about products
All of the above
They provide consumers with information about businesses
18
What is the law of supply?
The more goods made, the more money made
The lower the price, the higher the supply
If goods are made people want to buy them
The higher the price, the higher the supply
19
What causes MOVEMENT ALONG the demand curve?
A change in advertising
A change in price
A change in something other than price
A change in population
20
What is equilibrium?
The price where demand is greater than supply
The price where demand and supply are equal
The price where demand and supply are unequal
The price where supply is greater than demand
21
What is a desirable unemployment rate?
1 to 2 percent
0 opercent
4 to 6 percent
1 percent
22
What do the 5th and 14th Amendments protect?
The right to own firearms
The right to a lawyer
The right to own property
The right to vote
23
What is a mixed economy?
None of the above
A combination of a free market and centrally planned economy
A combination of a free market and traditional economy
A combination of a traditional, free market, and centrally planned economy
24
What is a business cycle?
A businesses quarterly cycle
A businesses monthly cycle
Aperiod of economic expansion of contraction rather thanday to day movement
A businesses yearly cycle
25
What is an economic system?
a method that creates economic underutilization
a method of producing and distributing goods and services
a system used in business to increase profits
a system used in business to decrease profit

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