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Economic Test Review Flashcards | StudBud
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Economic Test Review
Economic Test Review
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Supply and Demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Minimal government intervention is most commonly associated with which of the following economic systems?
Communism
Socialism
Capitalism
Fascism
2
C is _______?
Underutilization
Impossible
Equilibrium
3
___________ states that production increases at high prices and decreases at low prices.
Law of Gravity
Law of Demand
Law of Efficiency
Law of Supply
4
A is __________
Equilibrium
Impossible
Underutilization
5
Who has the greatest economic power in a market economy?
Laborers
Consumers
Corporations
Governments
6
In supply, price and quantity are ___________________, while price and quantity move in opposite directions in demand.
Causative
Equal
Positively Correlated
Negatively Correlated
7
Which of the following is not a factor that results in changing demand?
Change in consumer taste
Change in price of similar goods
Change in Consumer income
Change in Government Regulations
8
_____ is the increased usefulness or satisfaction one gets from acquiring or using more than one unit of a product
Marginal Supply
Demand Schedule
Demand Elasticity
Marginal Utility
9
_____________ is making decisions based on limited resources.
Opportunity Cost
Supply
Scarcity
Demand
10
A __ economy is usually centered around a central authority that makes all economic decisions.
Socialist
Capitalist
Market
Communist
11
Which of the following is not a direct cause of a change in the supply of a good?
Change in consumer income
Change in Cost
Change in Technology
Change in Government regulations
12
A good that is produced in order to make other goods is a ________________ good.
Capital
Consumer
Consumable
Durable
13
B is _____?
Impossible
Underutilization
Equilibrium
14
Which of the following is not required for economists to consider consumer wants to become demand?
Ability to pay for the product
Desire for a product
Access to the product
Specific use for products
15
When a single company controls all or most of the market for a single item this is called
Monopoly
Scarcity
Vertical Intergration
Efficiency
16
? economy is one that combines both private and public businesses to assure citizens have access to necessary products.
Capitalist
Communist
Traditional
Socialist
17
Not using resources or goods to the fullest capacity is called ____________________.
Underutilization
Scarcity
Shortage
Efficiency
18
Which of the following is not one of the four key factors of production in an economy?
Labor
Technology
Capital
Land
19
You fill out a FAFSA form in order to receive federal aid for ____________.
Subsidized housing
College / Post-secondary Education
Food Stamps
Health Care
20
In a capitalist economy, competition in the production of goods is
Banned
Encouraged
Required
Discouraged
