An increase in supply is caused by

Increase in the price of a good

Employees are motivated by economic incentive

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Economics Basics Midterm Review

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Questions 15

Answers

1
Which theorist believed the proletariat would overthrow the bourgeoisie?
Mrs. P
Malthus
Smith
Marx
2
Economics is the study of which of the following?
Shortages
Scarcity
Inflation
Surplus
3
Which of the following pairs of goods are most likely substitutes
Books and book shelves
Lamps and lightbulbs
Desks and chairs
Pens and pencils
4
Which theorist believed in laissez-faire?
Marx
Smith
Malthus
Mrs. P
5
The guns and butter model illustrates
Normal v Inferior goods
National Opportunity Cost
Supply and Demand
Complementary v Substitute goods
6
Production possibility curves show
supply and demand
trade-offs
invisible hand
opportunity cost
7
Which of the following is not an example of a factor of production?
Entreprenuership
Land
Services
Physical Capital
8
Which theorist believed in communism?
Malthus
Mrs. P
Smith
Marx
9
An increase in supply is caused by
Increase in resource costs
Decrease in the price of a good
Increase in the price of a good
Decrease in available technology
10
Which theorist believed in population control and the point of crisis?
Malthus
Marx
Smith
Mrs. P
11
If goods A and B are complements, a decrease in the price of good B will
Decrease supply for good A
Increase demand for good A
Decrease supply for good B
Increase demand for good B
12
Which theorist believed in Capitalism?
Mrs. P
Malthus
Marx
Smith
13
If demand for a good is highly affected by price it means the demand is
broken
low
inelastic
elastic
14
A business firm owned by one person is a
Corporation
Sole Proprietership
Franchise
Partnership
15
Adam Smith believed:
Employees are motivated by economic incentive
Employees are motivated by pride
Unemployment is unacceptable
Competition is unnacceptable

Economics Basics Midterm Review Flashcards | StudBud