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Economics and Money Flashcards | StudBud
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Economics and Money
Economics and Money
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1
Which of the following could good financial planning help you do?
Plan for retirement
Cheat on your taxes
Spend more money than you earn
Understand how money is printed
2
Which one of the following is a sign of a Strong Economy?
Inflation
A decreasing GDP
Fluctuating Prices
A low unemployment rate
3
which of the following is not a function of money?
Measure the value of commodoties
Store of Value
Avoid Inflation
Unit of exchange
4
Joe spends his money on a concert ticket instead of an SAT prep course. What is his opportunity cost?
None of the above
Both the Concert Ticket and the SAT course
The SAT course
The Concert Ticket
5
Which of the following would typically be considered the most scarce resource?
Sunlight
Oil
Water
Air
6
In what type of Economic System does the government control the prices of commodities and the way they are produced?
Market
Planned
Mixed
Traditional
7
Spartanburg Auto Market is best categorized in which way?
By Location
By both Location and Commodity
By Consumer
By Commodity
8
Which of the following is not true for economies of scale
It gives larger busiesses an edge in production costs over smaller ones
It gives small companies an edge in production costs over larger companies
It makes it easier for big companies to charge lower prices
The more of a product a company produces, the less it costs per unit
9
As the price of a good or service goes up in a market, what typically happens to amount demanded?
It goes up
It goes down
It doesn't channge
10
As the price of a good or service in a market goes up, what typically happens to the amount suppliers produce?
It goes Up
It stays the same
It goes down
