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Economics Review
Economics Review
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Review of General Economic Terms
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
The Federal Government created the FDIC to ?
To Regulate Banks
Protect the Government
To Guarantee your money
To watch over Depositors
2
A legal maximum price you may charge for a particular good is called?
Price Elasticity
Price Ceiling
Price Ledership
Price Floor
3
A recession usually only lasts for ?
One Year
Four Months
Six Months
One Month
4
Adam Smith is called his the "father of economics" after his book called?
Profits Drive a Company
Parts of a Business Cycle
The Wealth of Nations
The FDIC and the Federal Reserve
5
Which curve on the supply graph represents a decrease in supply?
S
No Movement
S1
S2
6
A cartel is similar to what form of business competition?
Monopoly
Oligopoly
Pure Competition
Monopolistic Competition
7
Which illustrates the direct relationship between price and quantity?
Supply
Demand
8
When Supply and Demand are equal you have reached?
Market
Shortage
Surplus
Equilibrium
9
The factors of production are listed below EXCEPT for:
Labor
Money
Entrepreneurship
Land
10
Which of the following has an indirect relationship between price and quantity?
Supply
Demand
11
A mixed economic system means to add characteristics of more than one type of economic system?
True
False
12
The driving force in running a business is to reach a ?
Shortage
Profit
Surplus
Loss
13
The discount rate is what the FED charges?
Member Banks
Businesses
Non Member Bankls
Best Customers
14
An increase in demand cause the demand curve to move?
Down
Up
Left
Right
15
A complementary good is a good often used with another good (True or False)?
False
True
16
When demand is greater than supply you will have a ?
Surplus
Shortage
17
The basic problem ALL economies suffer from is?
Demand
Money
Scarcity
Workers
18
Competition is the "friendly" rivalry among business to gather more?
Customers
Goods and Services
Profits
Money
19
All business activity takes place in a ?
Business
Store
Market
