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Economics Basics Flashcards | StudBud

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Economics Basics

12 terms·StudBud Administration·18 plays

First Meeting Econ Quiz

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Questions 12

Answers

1
What is a disadvantage of a monopoly?
Better product quality
More consumer choices
More competition
Higher prices
2
What is inflation?
An increase in prices
A decrease in prices
A type of investment
A stable price level
3
What is scarcity?
State of government when they cannot provide enough for the people
The value of the next best option that is lost when making a choice
Having more supply than demand
Economic problem of having limited resources with unlimited wants
4
In economics, what does "GDP" stand for?
General Development Plan
Gross Domestic Product
Government Debt Policy
Global Demand Price
5
Microeconomics involves...
Only households selling resources.
Inflation, growth, employment, interest rates.
The broader economy.
Individuals, households, and businesses.
6
A monopoly is when one company dominates a market.
False
True
7
The limited nature of society's resources is known as
Government Assets
Allocation
Basic Economic Questions
Scarcity
8
What happens during a recession?
Consumer spending always increases
Stock markets grow
Economic growth increases
Unemployment typically rises
9
Economics is the study of...
Consumers deciding what to buy
People controlling money in an economy
Government deciding what to produce for the good of the people
People allocating resources to meet their wants and needs
10
What does "market equilibrium" mean?
When inflation has remained at the same rate
When prices are always high
When supply and demand are equal
When the stock market is closed to trading
11
Macroeconomics involves...
Individuals, households, and businesses.
Only households selling resources.
The broader economy.
Inflation, growth, employment, interest rates.
12
All choices entail an opportunity cost
False
True