When is market equilibrium reached?

When supply and demand are equal

What is the fundamental economic question?

How to manage unlimited wants and limited resources

How is the supply curve drawn on a graph?

From the lower left to the top of the graph

What is a mixed economy?

an economic system combining private and state enterprise

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Econ Class Revision Quiz!

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Answers

1
When is market equilibrium reached?
when demand is more than supply
when there is no demand
when supply is more than demand
When supply and demand are equal
2
What is the fundamental economic question?
Unemployment
How to manage unlimited wants and limited resources
Higher demand of goods
Lower demand of goods
3
Which country most represents a command economy?
Australia
Japan
North Korea
Germany
4
How is the supply curve drawn on a graph?
From top left to top right
From lower right to top
From top right to bottom
From the lower left to the top of the graph
5
What is a factor that shifts the supply curve?
Consumer expectations
Income of consumers
Input prices
Number of buyers
6
Which is not an example of a natural resource?
Land
Forests
Dairy farm
Water
7
What are three economic systems we studied?
Ponzi, Mafia, Cartel
Systemic, Efficient, Equitable
Mixed, Command, Free Market
Top down, Trickle down, Mixed up
8
What is one determinant of demand?
Number of sellers
Prices of related goods
Producer expectations
Technology
9
What is a mixed economy?
an economic system combining private and state enterprise
agriculture and manufacturing both contribute to the economy
people have the opportunity to work in a variety of jobs
one that has good and bad economic cycles
10
The amount that remains when needs are satisfied.
Shortage
Surplus
11
The PPC is used as a tool to determine efficient use of resources.
False
True
12
A condition or state in which economic forces are balanced.
Equity
Equilibrium
Equality
Equalizer
13
The below graph is a sample of...
Supply Graph
Production Possibilities Curve
Price Rationalization Graph
Revenue by Sector
14
Name the three types of resources.
Natural, Machinery, Labour
Natural, Factories, Oil
Oceans, Land, Farming
Natural, Capital, Labour

Econ Class Revision Quiz! Flashcards | StudBud