how does supply and demand determine equilibrium price and quantity

price makes quantity demanded equal to quantity supplied

the study of goods and services

Anything in economics involves the following sectors:

households, firms, financial government, international

what is economics about

Economics is the study that the production, distribution and consumption

Laissez-faire economics....

supports free markets and private property

In economics resources are...

used to create goods and services

In Economics a producer is...

A company or person who creates goods and services to sell

what would happen on a supply and demand curve if a tax was put on materials?

the supply curve would shift to the left

how much people are willing and able to buy a good

Macroeconomics is the branch of economics that concerns itself with...

the overall ups and downs of the economy

main factors of economics

Land, Labour, Capital, Entreprise

In Economics a 'good' is defined as:

An item that consumers purchase for a set price

Sustainable production or growth in economics means

future generations will be at least as well off as present

What is Classical Economics?

Adam Smith said Gov't shouldn't be involved in the Economy

how much of a product the market has to offer

Study of how people meet their wants and needs

How did Laissez Faire affect economics during the Industrial Revolution?

Maximized economic growth which would benefit everyone.

Which of the following is the best definition for economics?

how to satisfy unlimited wants with limited resources

What is the contraction of demand?

the fall in the quantity demanded due to a rise in price

In economics a service is:

A task someone completes for a consumer at a set price

Supply and demand are:

fundamental forces in a free market economy

What is a resource in economics?

Land, Labour, Capital, Enterprise

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Pre-test Introduction to economics

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Questions 50

Answers

1
What type of trade is regulated by the natural laws of supply and demand?
Free Market
Night Market
Sea Trade
Black Market
2
economics is only about money
True
False
3
how does supply and demand determine equilibrium price and quantity
The price is unrelated to the good in question
The price makes the quantity demanded impossible to reach
The price doesn't determine equilibrium
price makes quantity demanded equal to quantity supplied
4
Whats is economics?
the study of other countries
the study of goods and services
the study of governments
the study of electronics
5
Determines demand and suply
Market economy
Richie
Kyra
Stock
6
Considering economics of scale, a larger market results in...
more supply
a decrease in division of labor
more demand
increased scale
7
Law of supply
P up, Qs up
P up, Qs down
8
Aggregate Demand is increased by
A stronger currency
Increased consumer confidence
Increased taxes
Increased interest rates
9
Anything in economics involves the following sectors:
inflation, households, pricing, government, states
households, firms, financial government, international
demand, supply, gdp, globalisation, firms
households, businesses, superannuation, states, global
10
Refers to the degree of responsiveness in supply or demand in relation to changes in prices
Law of Supply
Scarcity
Elasticity
Need
11
what is economics about
the world within iself
money
Economics is the study that the production, distribution and consumption
work
12
Considering economics of scale, a larger market results in...
increased specilization
less demand
a decrease in division of labor
more supply
13
Laissez-faire economics....
Promotes fascism
supports free markets and private property
supports socialism and social programming
Promotes Communism
14
In economics resources are...
unlimited
types of income
used to create goods and services
infinite
15
In Economics a producer is...
A person who buys goods and services
A company or person who creates goods and services to sell
Someone who creates somethins
A person in charge of making a movie
16
What does Keynesian Economics emphasize?
Short Term Aggregate Demand
The Economics of Key Manufacturing
Long Term Aggregate Supply
Short Term Aggregate Supply
17
An assumption used in economics meaning "all else equal"
carpe diem
veni vidi vici
e pluribus unum
ceteris paribus
18
Law of demand
P up, Qd down
P up, Qd up
19
In the late 80s, which technological development led to a revolution in society and economics?
microprocessor
CDs
High-definition television
Disposable camera
20
what would happen on a supply and demand curve if a tax was put on materials?
the supply curve would shift to the right
the demand curve would shift to the left
the demand curve would shift to the right
the supply curve would shift to the left
21
Having too much supply that exceeds demand...
Demand
Surplus
Shortage
Market equilibrium
22
Where supply and demand curves meet is known as:
equilibrium
coincide
equal
connection
23
What is demand?
relationship between people and their money
how many people want to buy a good
how much people are willing and able to buy a good
when a karen demands to see the manager
24
Which of the following is NOT a characteristic of aggregate demand?
Shifts according to changes in preference
combination of all buyers in the market
Upward-sloping
Decreases with increases in price
25
Macroeconomics is the branch of economics that concerns itself with...
the overall ups and downs of the economy
how the tax code effects businesses
the individaul benefits of fiscal policy
nothing but the National Football League
26
How many basic principles of economics are there?
three
nine
ten
two
27
What are the variable(s) in Law of Supply and Demand?
No variables
Quantity and Price
Quantity
Price
28
main factors of economics
Anime
Lamd, Labor, Capital, Entreprise
Land, Labuor, Capitalism, Enterplease
Land, Labour, Capital, Entreprise
29
In Economics a 'good' is defined as:
The 'good' or right economic decision
An item that consumers purchase for a set price
A task that consumers pay someone to complete
A job done well
30
Sustainable production or growth in economics means
future generations will be at least as well off as present
firms make an economic profit in the long run
it will continue increasing without a fall or stop
firms don't go bankrupt
31
What is Classical Economics?
None of these
Adam Smith said Gov't shouldn't be involved in the Economy
Like Classical Music, only about Economics
Keynes said the Government should be involved in the Economy
32
What is supply?
how many items the buyer can purchase
how much of a product the market has to offer
the amount of money the buyer has
total amount of products that the buyer and seller have combined
33
Which form of economics are sports and entertainment marketers focused on?
revenue economics
microeconomics
macroeconomics
profit economics
34
Economics is the study of how individuals and society deal with ____
comparative advantage
choices
trade-offs
scarcity
35
What is economics?
Study of democracy
Study of money and power
Study of how people meet their wants and needs
36
economics is based on except
assumptions
research
fallacy
logic
37
In economics, money is referred to as
a means of echange
$$$$$
a mens of exchange
a means of exchange
38
How did Laissez Faire affect economics during the Industrial Revolution?
Maximized economic growth which would benefit everyone.
Government Regulations in the work place.
Increased taxes on factory made products.
Labor Unions caused wages to increase.
39
The law of demand states as the price increases
The consumers are demanding
The consumer demand decreases
The consumer demand remains the same
The consumer demand increases
40
Term that describes the interaction of the forces of supply and demand to determine marketprice
Price mechanism
Equilibrium mechanism
Suply and demand mechanism
Product mechanism
41
Which of the following is the best definition for economics?
how to satisfy limited wants with unlimited resources
how to satisfy unlimited wants with limited resources
the study of economic indicators
the study of how to complicate simple situations with math
42
When supply increases, demand also increases
False
True
43
Refer to the demand and supply schedule below. At a price of $25, the market shows
market quilibrium
excess supply
excess demand
stockpiling
44
Direction of the Demand curve:
left
up
down
right
45
What is the contraction of demand?
the fall in the quantity demanded due to a rise in price
the rise in quantity demanded due to a shift in price
the fall in quantity demanded due to a shift in price
the rise in quantity demanded due to a fall in price
46
Branch of economics that studies how individuals make decisions
Trieconomics
Macroeconomics
Betaeconomics
Microeconomics
47
In economics a service is:
A task someone completes for a consumer at a set price
A product that is tangible that consumers buy
The cost of running a business
A task someone completes for a consumer at a set price
48
Supply and demand are:
in a never changing equilibrium
a straight line with constant gradient
are factors of production
fundamental forces in a free market economy
49
What is a resource in economics?
Land, Supply, Demand, GDP
Land, Firms, Households, Labour
Land, Labour, Capital, Enterprise
Land, Demand, Government, Firms
50
Aggregate Supply increases when
Government regulations prolifera
Wages fall
Wages rise
Raw materials prices rise

Pre-test Introduction to economics Flashcards | StudBud