Economics Final Study Guide

Question 1

The law that sates that more will be demanded at lower prices and less at higher prices is ___?

Accepted Answer

The Law of Demand

Question 2

What is happening in the graph?

Accepted Answer

Supply is Decreasing

Question 3

Which of the below is a Determinant of Demand?

Accepted Answer

Expectations

Question 4

There is no such thing as a __________________

Accepted Answer

Free Lunch

Question 5

The former USSR is an example of a(n) _________________

Accepted Answer

Command Economy

Question 6

Which of the following is NOT a type of financial institution

Accepted Answer

Conventional Bank

Question 7

Which of the below is NOT one of the Factors of Production

Accepted Answer

Profit

Question 8

A Coffee Shop relying on a dairy farm for cream is an example of __________________?

Accepted Answer

Economic Interdependance

Question 9

A Roth 401K is a ___________________ retirement account

Accepted Answer

Post Tax

Question 10

A business where the duties, responsibilities, and liability rely on person.

Accepted Answer

Sole Proprietorship

Question 11

A mixed economy is an economy with characteristics of which economies?

Accepted Answer

Command Economy, Traditional Economy, Market Economy

Question 12

An Decease in Supply always shifts the curve ____________?

Accepted Answer

To the Left

Question 13

An Increase in Demand will always shift _______________

Accepted Answer

To the Right

Question 14

The point where quantity demanded meet quantity supplied is known as _____________?

Accepted Answer

Equillibrium

Question 15

Which of the below is one the questions all societies face?

Accepted Answer

For Whom to Produce?

Question 16

a diagram that represents various combinations of goods and services an economy can produce is

Accepted Answer

Production Possibilities Curve

Question 17

The workforce would be another way to describe which of the following factors of production?

Accepted Answer

Labor

Question 18

the loss of potential gain from other alternatives when one alternative is chosen is known as?

Accepted Answer

Opportunity Cost

Question 19

What is being represented by point M in the graph?

Accepted Answer

Underproduction

Question 20

What is happening in the graph?

Accepted Answer

All of the Above

Question 21

An Economy in which economic decisions are made by the government is known as a ______________?

Accepted Answer

Command Economy

Question 22

What is happening in the graph?

Accepted Answer

A change in quantity demanded

Question 23

A _______________ is a useful tangible item

Accepted Answer

Good

Question 24

Which of the following is a characteristic of Free Enterprise Capitalism?

Accepted Answer

Competition

Question 25

Steve Jobs is a(n) _____________________________

Accepted Answer

Entrepreneur

Question 26

What is happening in the graph?

Accepted Answer

Demand is Increasing

Question 27

Which of the following is NOT a reason we study Economics?

Accepted Answer

Production

Question 28

Simplified version of a complex concept or behavior expressed in the form of a graph or diagram

Accepted Answer

Economic Model

Question 29

An economy based on tradition, ritual, and hierarchy is known as __________________?

Accepted Answer

Traditional Economy

Question 30

_____________________ is the basic Economic Problem

Accepted Answer

Scarcity

Question 31

The paradox of value would be represented by which of the following?

Accepted Answer

Water vs Diamonds

Question 32

Which of the following is not a question all societies face?

Accepted Answer

When to produce?

Question 33

Cattle would be an example of ____________________ when discussing factors of production.

Accepted Answer

Land

Question 34

Demand Curves always slope ______________________

Accepted Answer

Downwards

Question 35

Which of the following are needed to open a bank account?

Accepted Answer

A photo ID, Social Security Card, and Money to Deposit

Question 36

When a change in price causes a relatively larger change in quantity demanded the demand is ?

Accepted Answer

Elastic

Question 37

___________ is the change in amount offered for sale in response to a change in price

Accepted Answer

Change in Quantity Supplied

Question 38

The difference between a Roth IRA and a Roth 401K is __________________?

Accepted Answer

A Roth IRA cannot be offered by your employer

Question 39

Which of the Following is NOT a basic investment consideration?

Accepted Answer

Familiarity

Question 40

The skills, abilities, and knowledge of people is known as _______________?

Accepted Answer

Human Capital

Economics Final Study Guide

Questions 40

Economics Final Study Guide

Questions 40