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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
25 terms
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Final
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
As income for people rises, demand for goods will do what?
increase
remain stable
decrease
inflation
2
When you purchase an item in a store, you are known as an...
producer
consumer
economist
entrepreneur
3
The economic goals of the United States include
freedom, efficiency, regulation
production, equity, security
efficiency, equity, security
freedom, production, stability
4
Competition in a free market tends to...
decrease the supply of goods to the market
increase the supply of goods to the market
cause supply to fluctuate
have little or no effect on supply
5
What effect will a small price rise have on the demand for an inelastic product?
demand will decrease drastically
demand will fluctuate
little or no effect on demand
demand will rise drastically
6
Study of how societies satisfy unlimited and competing wants with the careful use of resources
technology
microeconomics
economics
macroeconomics
7
An assumption in making a production possibilities curve is...
technology will not change
available resources will change
technology will change
factors of production do not remain constant
8
If the price of resources fall, what will happen to the quantity supplied?
it will fluctuate
it will increase
all of the above
it will decrease
9
All of the following can affect the market size except
price
private business decisions
government policy
new technology
10
What are the three main categories of mixed economies?
capitalism, democratic socialism, market economy
market communism, capitalism, laissez-faire
laissez-faire, free market, capitalism
socialism, communism, capitalism
11
The buildings, machinery, and tools used in the production process of businesses
consumer goods
natural resources
human resources
capital goods
12
The following can shift the demand curve except
income
market size
price
prices of related goods
13
The following government tools can cause the supply of goods and services to shift except
taxes
subsidies
regulations
elections
14
Which goal of the U.S. economy is concerned with questions of fairness and right and wrong?
economic security
economic stability
economic equity
economic freedom
15
If a product has many substitutes, is not a necessity, it will tend to have this type of demand
elastic demand
shortage
inelastic demand
surplus
16
A production possibilities curve illustrates all the
combinations of two goods or services that can be produced
economic choices a society can make
business organization's philosophy
technological changes needed for increased production
17
The goal of economic stability involves what two concerns
Increasing production, achieving full employment
achieving stable prices, protecting members from poverty
ensuring freedom of choice, protecting members from poverty
achieving full employment, establishing stable prices
18
If the price of a good with elastic demand is lowered, what will be the result?
no change in demand for good
large increase in quantity supplied
large decrease in quantity demanded
slight rise in demand
19
Economic system where individuals answer the tree basic economic questions
market economy
traditional economy
mixed economy
command economy
20
Making the best use of scarce resources has to do with
freedom
efficiency
equity
security
21
The four factors of production in the study of Economics include...
land, capital gains, oil, services
land, labor, capital, entrepreneurship
capital, resources, entrepreneurship, goods, services
goods, services, entrepreneurship, capital gains
22
All of the following are non-price determinants that effect the supply curve except
cost of resources
supply schedules
government tools
competition
23
The economic term of scarcity requires producers to make
more resources
an increase in the supply of goods
inelastic products into elastic products
choices
24
If a product has few substitutes, and tends to be a necessity it will have...
inelastic demand
a substitution effect
elasticity of demand
elastic demand
25
Economic system where the three basic economic questions are rooted in the past
traditional economy
market economy
mixed economy
command economy
