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Economics Basics Review Flashcards | StudBud
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Economics Basics Review
Economics Basics Review
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1
The U.S. economy begins to slow, so the U.S. prints more currency. What is the risk of this action?
The currency will be hoarded.
The currency will lose value.
The government will gain debt.
2
Use the cost-benefit table to answer the question: Should Mrs. Baxter allow her students to take an open-book test.
Students may not take sufficient notes.
Choice 3Parents will not encourage their children to study.
Student test scores should go up.
Parents may ground their children for 2 months
3
Which statement
best
interprets the graph?
As the price decreases, the quantity demanded increases.
Blue is my favorite color. What's yours?
As the price increases, the quantity demanded increases.
As the quantity demanded decreases, the price stays the same.
4
The curves reflect data for a brand of glasses. Which answer
best
explains the shift of the demand curve from D to D1
Fuel costs increase, making it more costly to produce the sunglasses
An ad campaign highlights the sustainable ways used to make the glasses
Consumer reports indicate that the sunglasses break easily.
5
Economics is defined as a study of the
ways businesses and government operates
ways people make CHOICES with limited resources
Mo Money....Mo Problems!
Can we please just read Shakespeare?
6
Which of the following
best
addresses the economic question
How to produce?
Head Tome sells online advertisements.
Peachtree designs a new smartphone for dogs and cats.
Zara uses manufacturers in Turkey to make high-fashion clothing.
Don't pick me. I look awful in beige and am the wrong answer.
7
You go to the bank to trade an old dollar for a new, one. The cashier tells you that isn't necessary because currency
scarce
stable in value
portable
divisible (Wrong)
8
Quantity demanded is the quantity
government demands to be produced
customers will purchase at a specific point in time
people will purchase at a specific price
producers will sell at a specific price
9
A red sleeveless dress has been a fast seller at a clothing store. Which of these might raise the price of the dress?
A competitor's product going on sale midway through the season
A reduction in the number of dresses available from the manufacturer
blue dresses are cooler because blue is my favorite color
A change in season, requiring the store to put the dress out of stock
10
When "bell-bottom" pants became fashionable in the 1970s, the demand curve for bell-bottoms
Shifted to the left
Shifted to the right
11
Jen is starting a store. She plans to
sell
scarves. Which question(s)would Jen still need to answer?
For whom to produce?
What to produce? and For whom to produce?
I love burritos! (Don't pick me).
How to produce?
12
Which statement
best
summarizes the graph, if P is price and Q is quantity?
As the quantity of a product increases, the price falls.
As the price rises, quantity supplied rises
As the supply for a product rises, the supply remains constant.
As the price falls, the leaves outside fall. (Wrong answer)
13
Mason enters his poem in a contest, rather than going to a game. Which would be a long term benefit of his choice?
Getting extra credit in his literature class
Saving the stress of looking cool in front of friends
Winning a scholarship for his writing
Watching his favorite team win the championship
14
Pretend this graph shows the market for books. Which situation would cause the graph to shift from line 1 to line 2
A decrease in the price of book-binding glue
A book burning party
A celebrity commercial encouraging reading
A wicked awesome lumberjack slumber party
15
When Hurricane Katrina shut down many oil refineries, the supply curve for oil
stayed the same
became equal to zero
shifted to the left
shifted to the right
16
Which scenario
best
demonstrates the function of money as a measure of value?
Negotiating a price for a car at the dealership.
changing old dollar bills for new ones
Opening a savings account
Running away from school
17
Use the cost-benefit analysis table to answer the question: Should Amya work on the Fourth of July?
She would be able to sleep all day and wander the streets at night
She would be able to hit on college guys at the beach
Her employer may see she is reliable and hire her in the fall
Her employer may see she works more than other employees and cut back
18
If the x-axis is Quantity, and the y-axis is Price, what does line S1 represent?
The demand for a product at time 2 (Wrong)
The supply of a product at time 1
The supply of a product at time 2
Why so many lines? All the lines, lines, lines, lines....
19
Your friend says your car is worth about 50 dollars. Your friend is using money as a
store of value
standard
measure of value
20
Use the above graph to answer the following question. Which line indicates an increase in demand?
4
1
2
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