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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
25 terms
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Final
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
If a product has few substitutes, and tends to be a necessity it will have...
a substitution effect
elasticity of demand
inelastic demand
elastic demand
2
When you purchase an item in a store, you are known as an...
economist
entrepreneur
consumer
producer
3
As income for people rises, demand for goods will do what?
increase
inflation
remain stable
decrease
4
An assumption in making a production possibilities curve is...
technology will change
factors of production do not remain constant
available resources will change
technology will not change
5
What effect will a small price rise have on the demand for an inelastic product?
demand will rise drastically
demand will decrease drastically
little or no effect on demand
demand will fluctuate
6
The buildings, machinery, and tools used in the production process of businesses
natural resources
consumer goods
capital goods
human resources
7
The following government tools can cause the supply of goods and services to shift except
elections
taxes
regulations
subsidies
8
A production possibilities curve illustrates all the
economic choices a society can make
business organization's philosophy
technological changes needed for increased production
combinations of two goods or services that can be produced
9
Which goal of the U.S. economy is concerned with questions of fairness and right and wrong?
economic equity
economic freedom
economic stability
economic security
10
Competition in a free market tends to...
decrease the supply of goods to the market
increase the supply of goods to the market
have little or no effect on supply
cause supply to fluctuate
11
Economic system where individuals answer the tree basic economic questions
market economy
traditional economy
mixed economy
command economy
12
If the price of a good with elastic demand is lowered, what will be the result?
no change in demand for good
large increase in quantity supplied
large decrease in quantity demanded
slight rise in demand
13
All of the following are non-price determinants that effect the supply curve except
competition
supply schedules
cost of resources
government tools
14
Study of how societies satisfy unlimited and competing wants with the careful use of resources
technology
microeconomics
macroeconomics
economics
15
The economic goals of the United States include
freedom, efficiency, regulation
production, equity, security
freedom, production, stability
efficiency, equity, security
16
The four factors of production in the study of Economics include...
land, capital gains, oil, services
capital, resources, entrepreneurship, goods, services
goods, services, entrepreneurship, capital gains
land, labor, capital, entrepreneurship
17
The goal of economic stability involves what two concerns
achieving full employment, establishing stable prices
ensuring freedom of choice, protecting members from poverty
Increasing production, achieving full employment
achieving stable prices, protecting members from poverty
18
What are the three main categories of mixed economies?
laissez-faire, free market, capitalism
market communism, capitalism, laissez-faire
socialism, communism, capitalism
capitalism, democratic socialism, market economy
19
The following can shift the demand curve except
prices of related goods
income
price
market size
20
Making the best use of scarce resources has to do with
equity
security
freedom
efficiency
21
If the price of resources fall, what will happen to the quantity supplied?
it will fluctuate
it will decrease
all of the above
it will increase
22
The economic term of scarcity requires producers to make
inelastic products into elastic products
an increase in the supply of goods
more resources
choices
23
Economic system where the three basic economic questions are rooted in the past
mixed economy
traditional economy
market economy
command economy
24
All of the following can affect the market size except
private business decisions
price
new technology
government policy
25
If a product has many substitutes, is not a necessity, it will tend to have this type of demand
surplus
shortage
elastic demand
inelastic demand
