stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Pre Economics Quiz Flashcards | StudBud
Explore
/
Pre Economics Quiz
Pre Economics Quiz
15 terms
·
StudBud Administration
·
120 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
The most common type of business in the United States is?
Corporatio
Partnership
Non-profit Organization
Sole Proprietorship
2
The Law of ___________ states that price and quantity move in opposite directions.
Marginal Utility
Supply
Demand
Substitution Effect
3
Who determines interests rates in the United States?
Chairman of the FED
Individual bank presidents
President of the U.S.
Congress
4
Things you must have to survive are known as?
Need
Want
5
The basic economic problem "ALL" economies must deal with is?
Scarcity
Money
Oil
Shortages
6
Which of the following is NOT a basic economic question?
When
What
How
For Whom
7
All of the following are factors of production EXCEPT?
Land
Money
Labor
Entrepreneurship
8
Which of the business structures generates the largest amount of revenue?
Sole Proprietorship
Partnership
Non-profit Organization
Corporation
9
Every person in economics must make trade-offs?
False
True
10
Who is known as the father of economics?
Donald Trump
Adam Smith
Ronald Reagan
Bill Gates
11
Shortages lead to the creation of illegal markets called?
Bear Market
Rationing
Black Market
Bull Market
12
What is the driving force of any capitalistic society?
Utility
Money
Sales
Profit
13
Price in the "market" is determined by the ?
Price Ceiling
Demand & Supply
Market Equilibrium
Price Floor
14
All business activity takes place where?
Market
Office Building
Computer
Phone
15
The Law of ____________ states that quantity and price move in the same direction.
Substitution Effect
Supply
Marginal Utility
Demand
