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Economics Topic 1,2,3 Flashcards | StudBud
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Economics Topic 1,2,3
Economics Topic 1,2,3
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1
What occurs when quanity demanded equals quanity supplied?
The demand curve us elastic
There is a shortage
The market is in equalibrium
The demand curve is inelastic
2
Government programs that protect people for economic hardship, such as unemployment, are called…
Free rides
Positive externalities
Public subsidies
Public safety nets
3
What is not considered a need?
Television
Food
Clothing
Shelter
4
The money left after production costs are subtracted from revenue is called…
Scarcity
Subsidy
Opportunity cost
Profit
5
One fundamental principal of a market economy is...
High taxes
National healthcare
Consumer sovereignty
Government subsidies
6
The incentive to Improve material well-being by seeking to gain from economic activities is called …
Marginal Benefit
Legal equality
Open opportunity
Profit motive
7
The term for the value of the next best alternative in an economic decision is..
Profit Trade off
Opportunity Cost
CBA
Cost Benefit Analysis
8
What element is part of a market economy but not part of a command economy?
Profit motive
International trade
Division of labor
Central planning
9
What factors of production involves human resources?
Resources and land
Labor and entreneurship
Land and machinery
Labor and technology
10
A public transfer payment happens when the government transfers income from…
Donors to recipients who provide services in return
Taxpayers to recipients who do not provide anything in return
Donors to recipients who do not provide anything in return
Taxpayers to recipients who provide something in return
11
When a nations economy privatizes, it changes from…
Government ownership to private ownership
Private ownership to public ownership
Public ownership to government ownership
Private ownership to government ownership
12
In a market economy the real power is held by the....
Producer
Government
Seller
Consumer
13
The government owns some, but not all, factors of production in a(n)…
Authoritarian system
Pure market system
Socialist system
Communist system
14
What occurs when the price of a good is above the equalibrium price?
Shortage
Deficit
Surplus
Rationning
15
Adam Smith's "invisible hand" only works in a ...
Traditional Economy
Planned Economy
Command Economy
Market Economy
16
Adam Smith said that the marketplace would be guided by what?
Government guidance
An Invisible hand
Commercialization
Government purchases
17
With Capitalism, investment is driven by …
Government controlled cooperatives
Private parties following government policies
Private parties seeking profits
Government seeking profits
18
Scarcity is a problem because of the tension between limited resources and unlimited…
Needs
Goods
Wants
Choices
19
What factor of production brings the other three factors together?
Labor
Labor
Land
Entrepreneurship
20
A person who does not pay for a service, yet benefits from it, is called a(n)…
Free rider
Free consumer
Investment risk
Menace
21
The U.S. economy can best be characterized as a …
Mixed economy
Traditional economy
Market economy
Command economy
