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Economics Flashcards | StudBud
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Economics
Economics
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Questions
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Answers
1
In Texas, the demand for cattle was...
Low
High
2
_________________ is the act of buyers and sellers freely and willingly engaging in market transactions.
Voluntary Exchange
Opportunity Cost
Specialization
Price Incentives
3
Businesses provide ______________ and ______________ needed by people.
resources and taxes
loans and checking accounts
goods and services
time and money
4
The region shown in the photograph would be most likely to specialize in which of these industries?
Mining
Agriculture
Tourism
Manufacturing
5
Which president promised the American people a “New Deal” during The Great Depression?
Franklin Roosevelt
Theodore Roosevelt
Harry Truman
William McKinley
6
Who was the 25th President of the United States that declared war against Spain in 1898, partly over the sinking of
William McKinley
Herbert Hoover
Theodore Roosevelt
Harry Truman
7
In Texas, the supply of cattle was...
High
Low
8
Which types of goods and services do countries usually specialize in?
goods and services their citizens most need
goods and services that sell for the highest prices
goods and services that cost the most to produce
goods and services they can produce most efficiently
9
Who was the President of the United States at the beginning of the Great Depression?
Harry Truman
William McKinley
Theodore Roosevelt
Herbert Hoover
10
In the Northeast, the demand for cattle was...
High
Low
11
The next-best option you give up when you choose something else is
Opportunity Cost
Price Incentive
Specialization
Productivity
12
Banks provide _______ and _______ needed by the people
resources and taxes
goods and services
time and money
loans and checking accounts
13
In Northeast, the supply of cattle was...
High
Low
14
Which of the following best describes Scarcity?
wants are unlimited and resources are limited
wants and resources are balanced
wants and resources are both unlimited
wants are limited and resources are unlimited
15
Henry Ford’s use of the assembly line ____________ the cost of manufacturing automobiles.
increased
decreased
