Econ Quiz 2

What economic system(s) can capitalism be?

If DVDs are more profitable than VHS tapes, the supply of DVDs will ________

The point at which the supply and demand curves meet is called the ______

If a good cannot change supply quickly, then that good's supply is _____

In a capitalist system, who owns the factors of production?

Which country below could be considered Communist?

The demand for necessary goods (medicine, food, etc.) is

The man who invented socialism and communism was:

Countries are either entirely capitalist, or entirely socialist.

Which economic system(s) can socialism be?

The equilibrium is the point where the market is most ________

In a communist system, who owns the factors of production

What are some possible downsides of capitalism?

What non-price factors can effect supply?

The demand for luxury goods (Lamborghinis, Yachts, etc.) is

The man who invented Capitalism was:

What are some possible downsides of socialism?

If the price of butter increases, the price of margarine will ________

The Law of Demand: As price goes up, demand ________

If DVDs are more profitable than VHS tapes, the supply of VHS tapes will ________

Which of the countries below would be considered capitalist?

Which of these are an example of complementary goods?

As income increases, demand decreases

Do boycotts increase or decrease supply?

If demand is sensitive to changes in price, then the demand for that good is ______

What is the motivation for businesses to supply goods?

In a socialist system, who owns the factors of production?

The Law of Supply: As price increases, supply _______

Which of the countries below would be considered socialist?