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Econ 1st Term Review Flashcards | StudBud
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Econ 1st Term Review
Econ 1st Term Review
38 terms
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#consumption, #consumers, and #economic systems
Flashcards
38 cards
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Questions
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Answers
1
Which of the following situations would cause an increased shift in supply?
Millennials do not want to have babies.
The price of salt decreases.
The summer season brings in the heat.
The minimun wage increases.
2
Celebrities having a more luxurious lifestyle is proof of which determinant of demand?
Population
Taste and Preference
Income
Price of Related Goods
3
Which of the following situations best shows the problem of scarcity in the world?
The poverty rate in the Philippines
People going hungry in Africa
The number of uneducated people
All of the above
4
The income earned by capital is...
Rent
Interest
Profit
Wage
5
The process of combining various inputs in order to make something for consumption
Production
Imagination
Creation
Allocation
6
Which of the following apps gives consumers direct consumption?
iMovie
Docs
Youtube
Garageband
7
Rewards or punishments that cause people to change their behavior
Incentives
Opportunity Cost
Marginal Benefit
Trade Offs
8
Breaktime NON-ECON question! Which instrument does Ms. Santos NOT play?
Saxophone
Cello
Drums
Trumpet
9
Which of the following terms can be used to describe a mixed economy?
Government-controlled
Regulated allocation
Free market
Cultural and historical
10
Which consumer right provides that producers and sellers give warranty on their products?
Right to choose
Right to safety
Right to be heard
Right to compensation for damage
11
Last breaktime NON-ECON question! Ms. Santos' favorite Kpop group is...
BTS
Seventeen
Blackpink
Twice
12
Economics is the study of how...
society decides what, how, and for whom to produce
everyday utilities are produced by technology
people decide on what to buy and sell
to achieve an equal society where there is no poverty
13
What must be given up in order to produce a good is called its...
Opportunity Cost
Trade Off
Marginal Cost
Marginal Benefit
14
Ketchup and fries are what kind of related goods?
Substitutes
Complements
15
Which of the following shows a combination of natural and man-made resources?
A baker making bread in an oven
A farmer harvesting rice with a sickle
An artist painting on canvas
A programmer creating software
16
Among the following people, who is directly working with natural resources?
Teacher
Fisherman
Chef
Artist
17
What do you call the factor of production who has vision, daring, originality, and willingness to take risks?
Entrepreneur
Stakeholder
Businessman
Daredevil
18
What do you call the satisfaction received from consuming goods?
Benefit
Utility
Satisfaction
Happiness
19
Which of the following is NOT a determinant of demand?
Income
Expectations
Scarcity
Population
20
What kind of economic system is present in the uncontacted tribes in South America?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
21
Which of the following occupations provides a service?
Farmer
Artist
Doctor
Engineer
22
When the purchased good or service does not provide any use to the consumer, the type of consumption is...
Wasteful
Differentiated
Productive
Direct
23
Producers and sellers cannot force their product on you because you have the right to...
accurate information
be heard
safety
choose
24
Equity in allocation involves...
everyone having equal chance of getting a product
the product being divided equally among everyone
experiencing the product before obtaining it
the product going to those who will value it the most
25
Which of the following is NOT a basic economic question?
How to produce?
Who should produce?
How much to produce?
What to produce?
26
Anti-fur activists are exercising which consumer responsibility?
to foster unity
to be concerned for the environment
to be concerned for the community
to be vigilant
27
Which of the following countries has a mixed economy?
Saudi Arabia
All of the above
China
USA
28
A market economy is best seen in which of the following situations?
The government controls the whole economy
Everyone works for the benefit of the whole community
Everyone works for their own benefit and profit
The government regulates the allocation of resources
29
When is a good allocated efficiently?
when an equal amount of it is given to all people
when it goes to the people who value it the most
when it is tried and tested beforehand
when it is divided among the majority
30
Money is what type of factor of production?
Entrepreneurship
Capital
Land
Labor
31
What is the basic economic problem?
Allocation
Opportunity Cost
Trade Off
Scarcity
32
In studying economics, we always assume that people are...
Emotional
Rational
Unique
Normal
33
Breaktime NON-ECON question! What was Ms. Santos' best subject when she was in high school?
Music
Science
SocSci
Math
34
The process by which resources get allotted to their particular uses for satisfying human wants
Allocation
Distribution
Efficiency
Equity
35
If you suffer damage due to a faulty product, it is your responsibility as a consumer to...
take action
be vigilant
foster unity
be heard
36
Which of the following statements answers a basic economic question?
Scarcity is a problem for all nations around the world.
High-level jobs must require a college degree.
Farmers and fishermen receive the same wages.
Machines should be used for faster production.
37
Advertising companies should always take note of the right to...
compensation for damage
safety
choose
accurate information
38
In which situation is water being consumed productively?
Water Mill
Taking a bath
Leakage
Swimming
