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Economics midterm 2016 part 2 Flashcards | StudBud
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Economics midterm 2016 part 2
Economics midterm 2016 part 2
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A #Basic #Economics test
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The United States has which type of economy?
Mixed
Command
Market
Traditional
2
In general, the more education you obtain, the higher your income, and your unemployment is low
true
false
3
When a limited amount of goods and services are available for unlimited wants and needs
equilibrium
surplus
scarcity
4
What is an effect of high levels of competition?
customer satisfaction is low
consumers have more variety of goods at lower prices
little variety of products
lower level of both supply and demand
5
This is a
supply curve
demand curve
6
New technology increases the speed of computers. Will not cost more to produce them.
the demand for the new faster computers will increase
the price of the new, faster computers will go down
the price of the new faster computers will increase
7
you go see a movie with a friend instead of studying for an exam. The opportunity cost is
making a friend happy
studying for your exam
An A in your class
8
This is a
supply curve
demand curve
9
What is the correlation between life expectancy and GDP?
As GDP goes up, life expectancy goes up
As GDP goes down, life expectancy goes up
As GDP goes up, life expectancy goes down
10
Rivalry between producers/sellers of a good result in better quality goods and lower prices is
consumerism
competition
capitalism
corporation
11
GDP (Gross Domestic Product) refers to
rate of inflation
imports minus exports
the overall output of the domestic economy
overall output of the economy including imports
12
Individuals in a developing nation typically have a ______ life span than in a developed nation
Longer
shorter
equal to
13
A command economic system is best explained by which of the following
the wealthy minority controls the market
Government has no control over the economy
the economy is driven by competition
Government owns most of the market and controls the economy
14
I plan to sleep late over Winter Break
false
True
15
The intersection of the supply curve and the demand curve is called
equilibrium
quantity supplied
quantity demanded
surplus
16
The three basic questions of economics. What to produce? Who will produce it? For whom?
False
True
17
The degree of wealth and material comfort of a person or community
standard of living
manufacturing
economy
factors of production
18
What is a market that has NO competition?
monopoly
oligopoly
open market
buyer's market
19
A computer is an example of what type of resource?
capital
natural
entrepreneurial
human
20
Point which demand for a product or service is equal to the supply of that product or service
Subsidy
Disequilibrium
Equilibrium
Incentive
