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Economics Marketplace (CE 11) Flashcards | StudBud
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Economics Marketplace (CE 11)
Economics Marketplace (CE 11)
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A review game for Economics Marketplace (CE 11) #vasols #economics #ce11
Flashcards
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Questions
25
Answers
1
When supply of a product is high and demand is low, what will happen to the price of the item?
decreases
stays the same
the product is free
increases
2
John owns a store and decides what he wants to do with his profits. What economic system is it?
barter
traditional
command
free market
3
Trees are an example of what type of resource?
Natural
Captial
Human
Entreprenuership
4
A bulldozer is an example of what type of resource?
Natural
Entrepreneurship
Capital
Human
5
What is a basic economic question?
Who gets it?
How will it be produced?
Can I make bank?
What will be produced?
6
"People have power and choice in what they buy." What economic term is this describing?
free market
competition
consumer sovereignty
private property
7
Government-owned businesses are also known as ______ in the US economy.
the private sector
the public sector
private property
the free market
8
Who makes decisions for the public sector in a mixed economy?
individuals and business
individuals and government
government
individuals
9
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
incentive
demand
consumption
supply
10
These two gas stations show which aspect of the US economy?
competition
consumer sovereignty
free market
Profit
11
All of the following are characteristics of a free market economy EXCEPT
individual choice
no consumer choice
private ownership
competition
12
In the US economic system, who makes decisions?
individuals, business, and government
individuals only
government only
business only
13
All of the following are considered types of resources EXCEPT
Natural
Books
Human
Capital
14
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
market price
debt
profit
price
15
Alex won the lottery and wants to invest in stock, not a new car. What is his opportunity cost?
The interest he earns on the money
The cost of the new car
The time he could spend driving
The cost of the lottery ticket
16
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
mixed
free market
traditional
command
17
In the US, people can own their means of production (stores). What does this describe?
competiton
consumer sovereignty
private property
natural resources
18
"Businesses operate with no government interference." What type of economy is this?
command
free market
traditional
mixed
19
What do you call the process of combining resources to make goods and services?
Consumption
Distribution
Demand
Production
20
There are two new shoe stores in Duc, NC. How will this benefit the people of Duc?
lower quality with lower prices
Lower quality of higher prices
better quality with lower prices
better quality with higher prices
21
Which example describes a traditional economy?
Burger House sells 1,000,000 sandwiches and invests in stock
employees at a pizza shop paid by the government
Sweet Tooth advertises BOGO deals for their cookies
Bizzy Sweets produces cupckakes and trades them for jeans
22
Scarcity refers to______ .
what is given up when a choice is made
things used to change economic behavior
the factors of production
in inability to satisfy all wants at the same time
23
What is an example of a government intervening in a mixed economy?
building a railroad
investing in education
buying out a car company
President Obama buying chili
24
Most economies today, including the US, are ______ economies.
free market
mixed
traditional
command
25
Who determines demand in a free-market economy?
businesses
producer
consumer
the government
