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