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Economics End of Course Review II Flashcards | StudBud
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Economics End of Course Review II
Economics End of Course Review II
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#economics
Flashcards
45 cards
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Questions
45
Answers
1
Which of the following is not a principle of economics?
cost vs benefit
first come first serve
incentives matter
scarcity forces tradeoffs
2
What results when prices are too low?
Surpluses
Shortages
3
What affects the elasticity of supply?
Availability of inputs
Availability of income
Mobility of inputs
Availability of complimentary goods
4
The Circular Flow Model has _____ flow(s).
4
2
3
1
5
What does the diagram illustrate?
elastic demand curve
elastic supply curve
inelastic demand curve
inelastic supply curve
6
What is the diagram illustrating?
elastic demand
inelastic supply
elastic supply
inelastic demand
7
Which of the following is one of the six economic goals?
economic input
economic expansion
economic growth
economic motivation
8
T/F: The PPC shows how an economy might use its resources to produce TWO goods.
True
False
9
'We depend on others to produce g & s we need' represents which principle?
markets coordinate trade
scarcity forces trade-offs
costs vs benefits
trade makes people better
10
What is the diagram illustrating?
equilibrium
supply
surplus
demand
11
T/F: 5% or less is considered a stable inflation rate?
True
False
12
T/F: Seasonal unemployment results when technology eliminates jobs.
False
True
13
Headline: Fastfood chain raises prices on all of its menu items. Shifter?
Changes in technology
Changes in consumer tastes and preferences
No change in curve, movement along the curve
Changes in availability of substitutes
14
Can you diagram the Circular Flow Model of economics?
YES!
What's a circular flow?
Maybe????
Nooooooooo
15
Which factor affects the elasticity of demand?
Price relative to income
Availability of substitutes
Necessity vs luxury
Mobility of inputs
16
Which of the following is a demand shifter?
Change in government policy.
Change in the price of substitute goods.
Change in technology.
Change in the number of producers.
17
The largest percentage of nonprofits support which of the following entities?
Hospitals
Education
Businesses
The Arts
18
What unemployment rate is considered 'healthy'?
4 to 6 %
1 to 2 %
3 to 4 %
10 to 12 %
19
T/F: Rationing is the controlled distribution of an unlimited supply of a good or service.
True
False
20
Which of the following is NOT part of the GDP formula?
Household consumption
Exports
Inflation
Government spending
21
Which of the following is a supply shifter?
Changes in conditions due to natural disasters.
Changes in the price of complementary goods.
Changes in income.
Changes in consumer tastes and preferences.
22
Which of the following is not a characteristic of an entrepreneur?
cautious
strategist
decisive
risk taker
23
Which is the most true about the meaning of opportunity cost?
the next best thing we give up for something else
simply a lost opportunity
best thing given up to have the second best thing we want
something we give up
24
T/F: Shortages are temporary while scarcity is forever.
False
True
25
Which of the following are illegal?
Rationing
Collusion
Cartel
Black market
26
A point within the PPC curve means that
resources are being used wisely and conservatively.
resources are being used in an inefficient way.
resources are scarce and cannot be obtained.
something impossible is happening.
27
What happens when prices are too high?
Surpluses
Low demand
Shortages
High demand
28
Which of the following is not included in determining the labor force?
retirees
unemployed not looking for work
members of the military
full time students
29
Which market structure does not face any difficulty in controlling prices?
oligopoly
monopoly
monopolistic competition
perfect competition
30
Black markets arise when there are
shortages
surpluses
31
T/F: In economics, a model is a simplified representation of reality.
True
False
32
Which of the following is the best meaning of 'Ceteris paribus'?
buyer beware
all things being unequal
other relevant factors remaining unchanged
the customer is king
33
Ocean Spray and Land O' Lakes are examples of
franchises
nonprofit organizations
sole proprietorships
cooperatives
34
The wheat industry is an example of which market structure?
monopoly
perfect competition
oligopoly
monopolistic competition
35
Which market structure faces no competition?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
36
Headline: Unexpected drought in Calif. kills avocado crop. Shift in supply?
to the left
to the right
37
The money made from owning shares of stock is called
wages.
interest.
capital gains.
dividends.
38
The Law of Diminishing Marginal Utility states that
increased consumption means less satisfaction with each unit
less consumption results in increased satisfaction
none are correct
increased consumption means increased satisfaction
39
Which of the following is not a factor of production?
Productivity
Labor
Capital
Land
40
What happens when demand meets supply?
equilibrium
a collision
the buyer and seller agree
supplier is undercharging
41
Which demand does medicine have?
Elastic
Inelastic
42
Which of the following is NOT one of the economic questions?
Who will do the producing?
How will it be produced?
For whom will it be produced?
What will be produced?
43
Which of the following is an example of a public good?
Airplanes
Phone service
Ubers
Street lights
44
Which of the following represents a market failure?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
45
Which of the following in NOT a characteristic of a market structure?
control over prices
ease of entry
qualities of the consumer
number of producers
