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Economics Review
Economics Review
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Review for Economics Unit (Civ and Econ)
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What increases with the number of companies making similar products?
Competition
Efficiency
Monopolies
Specialization
2
In what circumstance would a Walmart increase the price of a new DVD movie?
Equilibrium
Shortage
Specialization
Surplus
3
What will happen to the quantity of HP Laptops DEMANDED if the price goes up?
Quantity demanded goes down
Quantity demanded stays the same
Quantity reaches equilibrium
Quantity demanded goes up
4
Which best explains scarcity?
unlimited wants, unlimited resources
Limited wants, unlimited resources
Unlimited wants, limited resources
limited wants, limited resources
5
The US exports more than it imports, so it is running a
trade success
trade surplus
trade game
trade deficit
6
Trade deficits can be dangerous for a nation because
it isn't dangerous
it means costs are higher than income
it means income is higher than costs
it can import dangerous items
7
What is the most likely cost of decreasing unemployment?
An increase in consumer spending
A decrease in consumer spending
A decrease in sales tax
An increase in the need for social services
8
In a command (communist) economy, how are goods and services produced?
the market forces determine supply and demand
independent agencies
the president
the government commands what is going to be made
9
Which is a situation where unemployment rises depending on the time of year?
Seasonal unemployment
Under-employment
Full employment
Structural unemployment
10
What do markets strive for when allocating the use of capital resources?
High GDP
Deflation
Efficiency
Trade Surplus
11
New hardware increases 4GLTE signal without raising costs. What is the effect of this new tech?
The price of 3G will drop
The price of 3G will rise
The demand for 3G will drop
The demand for 3G will rise
12
What will happen to the quantity of HP Laptops SUPPLIED if the price goes up?
Quantity supplied reaches equilibrium
Quantity supplied goes up
Quantity supplied doesn't change
Quantity supplied goes down
13
What is the Federal Reserve Board trying to do when they raise bank reserve rates?
Decrease demand for loans
Decrease money supply and GDP growth
Increase money supply and GDP growth
Increase demand for loans
14
Japan imports far more than it exports. Therefore, Japan is running a
trade game
trade failure
trade deficit
trade surplus
15
In what circumstance would a Gamestop reduce the price of a new game?
Specialization
Surplus
Shortage
Equilibrium
16
When does demand equal supply and every buyer can meet a seller?
Specialization
Shortage
Equilibrium
Surplus
17
What is the result of healthy competition?
Lower quality, higher price, less choice of goods
Lower quality, lower price, lower quality of goods
Better quality, higher price, lower choice of goods
Better quality, lower price, more choice of goods
18
Under which economic system would factors of production most likely be owned by the government?
Capitalist (Free Market) Economy
Communist (Command) Economy
Mixed Economy
Socialist Economy
19
If the economy is in a recession (slow GDP growth), what could it do to improve its situation?
Increase government loan interest rates
Raise taxes
Lower government loan interest rates
Wait
20
Inflation is
the increase of price of goods year over year
the increase in the worth of goods year over year
the national interest rate
the total wealth of a nation
