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Unit 1 - Economic Systems and Consumer Decision Making Flashcards | StudBud
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Unit 1 - Economic Systems and Consumer Decision Making
Unit 1 - Economic Systems and Consumer Decision Making
40 terms
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StudBud Administration
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Economic Systems Factors of Production Federal Reserve #KHS
Flashcards
40 cards
F
Practice quiz
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Host live
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Questions
40
Answers
1
Studies the economic behavior of individuals and families.
Macro
World
Consumer
Micro
2
Above the equlibrium price is a result of
Surplus
Shortage
Extra
Not Enough
3
Scarcity exists when wants are greater than the resources available to satisfy those wants.
True
False
4
No pure economic system exists
True
False
5
The study of the whole country
Macroeconomics
Microeconomics
U.S. History
Consumer Economics
6
Supply and demand are how decisions are made in a market economy.
False
True
7
The amount of something a producer is willing to sell.
Demand
Supply
8
The Federal Reserve is responsible for
international fiscal policy
fiscal policy in the United States
monetary policy in the United States
international monetary policy
9
The Law of Demand say if price goes down
No Changes Happen
Demand Goes Down
Demand Goes Up
The Economy Goes Crazy
10
Below the equilibirum...
Not Enough
Shortage
Extra
Surplus
11
System where custom, traditions, and religion answers the three questions
Command
Traditional
Mixed
Market
12
Which of the following is not an economic indicator?
Consumer Price Index - CPI
Consumer Inflation Indicator - CII
Unemployment
Gross Domestic Product - GDP
13
Market-based economic system in which the government is involved to some extent
Mixed
Market
Traditional
Command
14
The fiscal policy deals with taxes and spending.
False
True
15
The value of the next best alternative that is given up for the actions that is chosen is the
opportunity cost
trade-off
the factor of production
productivity
16
The central bank of the United States
Federal Reserve
Bank of the United States
Federal American Bank
American Bank
17
North Korea is a mixed economy
False
True
18
If the Fed wants to loosen/expand the money supply, it raises interest rates.
False
True
19
Which of the following is NOT a need
Coffee
Clothing
Shelter
Food
20
The Law of Supply says if price goes up
Supply Stay the Same
Supply Goes Up
Supply Goes Down
Less is produced
21
Sherlock is deciding between a Twix and a Kit Kat he chooses Twix. The opportunity cost is...
Kit Kat
Tooth decay
Twix
M & Ms
22
Opportunity cost is the item that you chose to do.
True
False
23
The Federal Reserve can affect the money supply by
issuing monthly money supply targets
announcing a new prime rate
working through the regional Federal Reserve bank
changing reserve requirements
24
Is the large study of economics
Macroeconomics
Consumer Economics
Microeconomics
25
The dollar value of all goods and services produced in a country during a single year
Domestic Price Index - DPI
Consumer Price Index - CPI
Gross Price Index - GPI
Gross Domestic Product - GDP
26
The opportunity cost of taking a vacation instead of buying a new car is not getting a new car?
True
False
27
The equlibrium point is
The highest price demanded
The highest price supplied
Where the amount of demand meets the supply
The lowest demand and price
28
Who is responsible for the fiscal policy
Board of Directors
The Federal Reserve
Senate
Congress
29
System in which individual consumers and producers make economic decisions
Market
Traditional
Mixed
Command
30
Opportunity cost does not apply to business - producers?
False
True
31
Not having enough time is an example of..
poor planning
scarcity
opportunity cost
a teenager's life
32
Which of the following is NOT an economic system
Traditional
Command
Market
Blended
33
Studies the behavior of individual firms, business or areas
Consumer Economic
Macroeconomics
Microeconomics
Economics
34
All economic systems must answer the 4 basic questions
True
False
35
Which of the following is NOT one of the 3 basic economic questions?
How much to produce?
How to produce it?
For whom to produce it?
What to produce?
36
The amount of something a consumer is willing to buy.
Demand
Supply
37
System which the central government make all economic decisions
Traditional
Market
Mixed
Command
38
Expansionary Policy......
slows - controls inflation
grows the economy
loans are more difficult to get
raises interest rates
39
A contractionary policy....
"grows" the economy
"slows" inflation
make loans more accessible
decrease interest rates
40
The United States is said to have market economy?
False
True
