A shift in the supply curve results from

All three of these can shift the supply curve

Expansionary policy is designed to

stimulate the economy and raise the GDP

An individual or country that has the comparative advantage in producing a good has

The lowest opportunity cost to produce the item

The law of supply states that there is

A direct relationship between price and quantity supplied

The total amount of budget deficits of a country

The formula for unemployment rate is

number of unemployed persons/number of people in labor force

Using revenues and spending to shape the economy

a rise in the overall prices of goods and services

Stagflation occurs when

Prices rise but the real GDP does not

Act as signals to producers about what to make and sell

Elasticity of supply is determined by

How quickly producers respond to changes in price

A budget deficit is when

Expenditure > revenue over a one year period

The law of demand states that there is

An inverse relationship between price and quantity demanded

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EOCT Economics Review Units 3-5

25 termsStudBud Administration25 plays

EOCT review for #economics.

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Questions 25

Answers

1
A shift along the supply or demand curve results from changes in
Time
Production
Price
Economic regulations
2
A shift in the supply curve results from
Change in other product opportunities
Change in technology
All three of these can shift the supply curve
Changes in the number of sellers
3
Expansionary policy is designed to
shift the PPC
slow the economy and stabilize the GDP
increase taxes
stimulate the economy and raise the GDP
4
The Federal Reserve controls
Monetary policy
Fiscal policy
Taxes
The supply curve
5
An individual or country that has the comparative advantage in producing a good has
The lowest opportunity cost to produce the item
The highest production price for the item
A shift in demand of the item
No opportunity cost to produce the item
6
Who has the absolute advantage in producing cloth?
Portugal
England
7
Firm-specific ads are a characteristic of
Perfect competition
Monopoly
Monopolistic Competition
Oligopoly
8
The law of supply states that there is
An inverse relationship between price and quantity supplied
A direct relationship between price and quantity supplied
Multiple relationships between price and quantity supplied
No relationship between price and quantity supplied
9
A trade deficit is when
Imports > Exports
Exports > Imports
10
In a ____ market, prices stay near equilibrium and there is a low barrier to entry.
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
11
National debt =
The total amount of budget deficits of a country
The total amount of budget surplus of a country
12
Georgia Power is a
Geographic monopoly
Oligopoly
Technological monopoly
Non-price determinant of demand
13
The formula for unemployment rate is
number of people in labor force/number of unemployed persons
unemployed persons/nominal GDP
total supply/labor force
number of unemployed persons/number of people in labor force
14
An economy in which the government chooses what will be produced and how much it costs is
A command economy
A market economy
A traditional economy
A mixed economy
15
Fiscal policy is
Shifting the supply curve
The money supply changing
Using revenues and spending to shape the economy
When the Fed enacts policies
16
Elasticity of demand is determined by
Price
Necessity
Available substitutions
All of these factors
17
Inflation is
CPI
a decrease in the overall prices of goods and services
a rise in the overall prices of goods and services
a change in taxes
18
When a worker loses their job because it became automated, that is called
Frictional unemployment
Cyclical unemployment
Seasonal unemployment
Structural unemployment
19
An economy in which people produce what they need to survive is
Planned economy
Market economy
Command economy
Traditional economy
20
What kind of trade barrier halts trade between two countries completely?
Quota
Embargo
Tariff
Subsidy
21
Stagflation occurs when
Prices rise but the real GDP does not
Prices and the real GDP rise
The real GDP rises and prices drop
Prices and the real GDP drop
22
Prices are
Fixed
Not relevant to the economy
Determined by the Fed
Act as signals to producers about what to make and sell
23
Elasticity of supply is determined by
How quickly the Fed responds to inflation
How quickly other countries import goods
Necessity
How quickly producers respond to changes in price
24
A budget deficit is when
Expenditure < revenue over a one year period
Expenditure > revenue over a one year period
25
The law of demand states that there is
Multiple relationships between price and quantity demanded
An inverse relationship between price and quantity demanded
No relationship between price and quantity demanded
A direct relationship between price and quantity demanded

EOCT Economics Review Units 3-5 Flashcards | StudBud