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1st Quarter Econ Review Flashcards | StudBud
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1st Quarter Econ Review
1st Quarter Econ Review
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Intro to economics- first units
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of the curves in the image represents demand?
Red
Blue
2
With voluntary exchange, a buyer and seller agree to do business together
only for the benefit of the seller
for the mutual benefit of both
for the benefit of neither
only for the benefit of the buyer
3
Which of the following is not a factor that affects
supply?
number of producers
input costs
producer expectations
market size
4
In a command economy, resources are owned by
the government
individuals or businesses
individuals or the government
businesses
5
Which point on the Production Possibilities Curve represents efficiency?
C
A
B
6
Not having enough resources to meet human wants is called
shortage
scarcity
need
surplus
7
Which letter on the Production possibilities curve represents an impossibility?
B
C
A
8
The economic system that allows individuals the most freedom of choice is
Socialism
Communism
Capitalism
Traditional
9
Rent control did what to the supply of apartments?
the supply remained the same
increased the supply
decreased the supply
10
Economics can best be defined as the study of:
Government taxation policies
Efforts to satisfy unlimited wants with scarce resources
Demand for goods and services
Supply and demand
11
Which is an example of a price floor?
minimum wage
Coupons
Capping ticket prices
Rent control
12
A general increase in supply does what to the equilibrium price?
it stays the same!
decreases it
increases it
What?
13
In economic terms, the value of what is given up when you choose one item over another is
fixed cost
opportunity cost
item cost
marginal cost
14
The demand for hot chocolate decreases in the summer, this is an example of:
complements
substitutes
consumer tastes & preferences
consumer expectations
15
Excises taxes and Subsidies are examples of:
producer expectations
market size
input costs
government action
16
Government programs that protect people from economic hardships are called
positive externalities
free rider
public safety nets
public subsidies
17
A person who does not pay for a service but benefits from it is called a(n)
subsidy risk
investment risk
free rider
free consumer
18
Where would you find a
shortage
on the supply and demand graph?
to the right of the equilibrium price
under the equilibrium price
above the equilibrium price
to the left of the equilibrium price
19
Which of the curves in the image represents supply??
Red
Blue
20
Which describes the law of demand?
As prices increase, demand stays the same
As prices increase, demand increases
As prices decrease, demand decreases
As prices decrease, demand increases
