highly efficient at producing goods that people want, have historically been unequal

Why does inflation tend to hurt the poorest people the most?

gas, food, and rent make up the biggest portions of their income

Which of these IS an example of an "emergency" expense?

a functioning car after an accident

The three fundamental economic questions are

what to produce, how, and for whom?

What does the circular flow model illustrate?

capital moving in a mixed market economy

It is more expensive to be poor for all of the following reasons EXCEPT...

Lower credit score=APR lower interest rate

Which statement about a mixed economy is true?

government pays household and firms for their labor

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3 Economics TCI Types of Economic Systems

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Questions 15

Answers

1
How much money should be in your emergency fund?
1 year of expenses
3-6 months of expenses
30 days
2
What can cause a change in demand?
changes in the price of substitute goods
changes in consumer tastes
all of these
changes in income
3
Market economies
inefficient and wasteful,
highly efficient at producing goods that people want
call for collectively owning property
have historically been unequal
4
Why does inflation tend to hurt the poorest people the most?
Poor people make bad economic decisions
yes
gas, food, and rent make up the biggest portions of their income
5
Which of these IS an example of an "emergency" expense?
Disneyland annual Pass
a functioning car after an accident
A bigger/nicer apartment for yourself
Phone Upgrade
6
What happens to the market demand curve when there is an increase in market demand?
It shifts to the left.
It shifts upward.
It shifts to the right.
It shifts downward.
7
What happens to the marked DEMAND curve if there is a decrease in demand?
it shifts to the left
it shifts to the right
it shifts upward
8
The three fundamental economic questions are
what to produce, how, and for whom?
how many jobs to create, when, and for whom?
how much credit to extend, at what cost, and for whom?
9
Which of these is NOT an emergency expense
medical tests
PS5
surgery
car repair
10
What does the circular flow model illustrate?
Pure market competition
the overthrow of capitalism
capital moving in a mixed market economy
what?
11
If there are not enough Playstations being produced to keep up with demand...
the price will go up
the price will vary according to seller
the price will go down
12
Which economic goals are emphasized in a modern command economy?
economic stability and growth
economic efficiency and freedom
security and equity
13
What percentage of Americans are not able to afford a $400 emergency?
100%
80%
40%
60%
14
It is more expensive to be poor for all of the following reasons EXCEPT...
bank fees over draft, low balance etc.
pay day lenders/check cashing places decision fatigue
no grocery stores/unbanked
Lower credit score=APR lower interest rate
15
Which statement about a mixed economy is true?
Firms supply taxes and products to households.
The government plays no role in a mixed economy.
government pays household and firms for their labor
Household supply taxes and labor to firms.

3 Economics TCI Types of Economic Systems Flashcards | StudBud