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Mr. Toedt's Econ Final Review Flashcards | StudBud
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Mr. Toedt's Econ Final Review
Mr. Toedt's Econ Final Review
19 terms
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StudBud Administration
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1,072 plays
#economics
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
You sell gum, but teens start to prefer a rival gum brand. Which of these is true?
Demand decreases, EP decreases
Demand Increases, EP increases
Supply decreases, EP increases
Supply Increases, EP decreases
2
Point D represents a level of production that is:
Innefficient
Scarce
Efficient
Unfeasible / Unnattainable
3
The opportunity cost per 1,000 trucks of producing 9000 trucks per year instead of 7,000 is:
3,500 boats
5,500 boats
10,500 boats
1,500 boats
4
If the quantity demanded moves to the right along the D curve, then the quantity demanded has:
Decreased
Increased at all price levels
Increased
Decreased at all price levels
5
Which of the 3 economic questions is addressed by marketing to teenage boys?
What to produce?
For whom to produce?
<p>How to produce?</p>
When to produce?
6
Which statement below best answers the economic question How to produce?
Marco sells his products at art shows and online
Marco works as an independent artisan, crafting figurines
Marco's products sell at prices ranging between $2 and $125.
Marco uses locally harvested wood to make his products.
7
The products available for purchase are called the...
Equilibrium Price
Demand
Supply
Equilibrium Point
8
Nike has a clearance sale. This means Demand (or Quantity Demanded) for Nikes has:
Increased
Increased at all price levels
Decreased
Decreased at all price levels
9
A typical weakness of communist and socialist economies is the fact that:
People have too much freedom and life is chaotic
People have too much stress in their lives
People have too much security and tend not to work as hard
<p>The rich control too much of the money supply</p>
10
The idea that the “invisible hand” will regulate the market is a belief of which system?
Capitalism
Marxism
Socialism
Communism
11
Which of the following statements about scarcity is true?
Both rich people and poor face the problem of scarcity
Scarcity means unlimited human wants
A good is scarce if not everyone has it
Once a choice is made, the problem of scarcity is solved
12
Steph Curry starts to endorse Nike. This means that Demand (or Quantity Demanded) has:
Increased at all price levels
Decreased
Increased
Decreased at all price levels
13
Which of the following is NOT one of the basic economic questions?
When to produce?
For whom to produce?
What to produce?
How to produce?
14
If an entire demand curve shifts to the left, it means that demand has ________:
Increased
Decreased at all price levels
Increased at all price levels
Decreased
15
The opportunity cost per 1,000 boats of producing 9000 boats per year instead of 4,000 is:
10,000 trucks
1,000 Trucks
6,000 trucks
5,000 trucks
16
Which of the following economic systems does away with (gets rid of) all private ownership?
Communism
Capitalism
Socialism
<p>Marxism</p>
17
The opportunity cost of producing 9000 boats per year instead of 4,000 is:
6,000 trucks
5,000 trucks
10,000 trucks
1,000 trucks
18
Which of the following proposes that basic economic conditions determine political structures?
Corporatism
Communism
Capitalism
Marxism
19
If an entire Supply curve shifts to the left, it means that Supply has ________:
Increased at all price levels
Decreased
Decreased at all price levels
Increased
