stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
EC12 Exam Review Flashcards | StudBud
Explore
/
EC12 Exam Review
EC12 Exam Review
50 terms
·
StudBud Administration
·
96 plays
Imported from external platform
Flashcards
50 cards
F
Practice quiz
P
Host live
L
Questions
50
Answers
1
OPEC is an example of a:
Private business
Cartel
Charity
Monopoly
2
An elasticity of 0 is called:
Unit elastic
Inelastic
Perfectly inelastic
Elastic
3
What do you see here?
A demand graph
A demand curve
A demand schedule
A demand map
4
This is the type of monetary system America used right before 1971:
Fiat money
Commodity money
Bartering
Representative money
5
If you want to start investing, which part of the market cycle would be the best time to buy stocks?
Boom
Recession
Recovery
Slump
6
Which one of these is NOT initially a demand shifter?
Tastes
Input prices
Income
Expectations
7
Which of these is not one of the factors of production?
Utility
Land
Labour
Capital
8
The law of demand suggests that:
As prices increase, demand increases
As prices decrease, demand decreases
As prices increase, demand decreases
Price and demand are positively related
9
What does the circular flow diagram show?
The difference between comparative and absolute advantage
The maximum production of two different groups
How money flows through the economy
How money is created in the economy
10
Under the ability-to-pay principle of tax, looking only at income, who should probably pay more tax?
An accountant
A teacher
A fast food worker
A famous sports star
11
This point on the graph is known as a:
Infeasible point
Inefficiency point
Efficiency point
Production point
12
National defence would be an example of:
Common resources
Club goods
Public goods
Private goods
13
This point on the graph is known as a:
Inefficient point
Infeasible point
Production point
Efficiency point
14
What is this formula known as?
The Midpoint Method
The data average
Equilibrium
Opportunity cost
15
Something you give up to get something else is called:
Marginal Utility
A Trade-off
Equilibrium
PPF
16
If an unregulated price is BELOW a price ceiling then:
It is binding
Demand must increase
It is non-binding
The equilibrium shifts right
17
Jacques Turgot was a famous:
Neoclassicist
Teacher at Sino
Physiocrat
Mercantilist
18
Eating too many pieces of pizza is a good example of:
Total utility
The water-diamond paradox
Marginal utility
Diminishing marginal utility
19
A narrowly defined market:
Covers a small range of goods
Covers a large range of goods
Is very inelastic
Means prices will always increase
20
This is the type of monetary system we use today:
Fiat money
Commodity money
Bartering
Representative money
21
If there is a shift in demand that leads to increased demand, then the demand curve will shift:
It won't shift
Right
Upside down
Left
22
If a good is in an economic bubble, then:
The prices of the good are unreasonably low
The prices of the good are unreasonably high
The prices of the good are reasonably high
The prices of the good are reasonably low
23
A surplus is when:
You have less supply than demand
You have more demand than supply
You have an equilibrium price
You have more supply than demand
24
Who has absolute advantage in producing meat here?
The farmer
I do
The rancher
Nobody
25
Fish in the ocean would be an example of:
Public goods
Club goods
Common resources
Private goods
26
Which of these is not an example of a price control?
Minimum wage policies
Inflation
Subsidies
Rent control
27
Which of the following thinkers introduced an early idea of the flow of money?
William Petty
Josiah Child
Francois Quesnay
Jacques Turgot
28
Who created the Labour Theory of Value?
Adam Smith
Friedrich Nietzsche
Karl Marx
Thomas Malthus
29
Which of these is not a stage in the market cycle?
Recession
Boom
Recuperate
Slump
30
Which of these groups is not in a circular flow diagram?
Market for goods and services
Apartments
Market for factors of production
Firms
31
If a good has inelastic demand then a producer could probably:
Leave the price the same to increase revenue
Increase the price of the good to increase revenue
Leave the price the same to increase demand
Lower the price of the good to increase revenue
32
Which one of these was NOT a mercantilist belief?
The wealth of the world is fixed
Free trade is good for our economy
Protectionism is good for our economy
Colonies are useful for creating wealth
33
An elasticity of <1 is called:
Perfectly inelastic
Unit elastic
Elastic
Inelastic
34
The feature of money known as divisibility means:
It's the same as another unit of money of the same type
You can carry it with you easily
You can split it up into different sizes if you need to
It does not break down easily
35
Ice cream cones would be an example of:
Public goods
Club goods
Common resources
Private goods
36
The feature of money known as homogeneity means:
You can split it up into different sizes if you need to
It does not break down easily
You can carry it with you easily
It's the same as another unit of money of the same type
37
The law of supply suggests that:
As demand decreases, price goes up
As demand decreases, supply increases
As price increases, quantity supplied increases
As price increases, quantity supplied decreases
38
The feature of money known as portability means:
It's the same as another unit of money of the same type
It does not break down easily
You can split it up into different sizes if you need to
You can carry it with you easily
39
If demand for a good rises when income level falls, the good is probably:
An Inferior good
Surplus
A Luxury good
A Normal good
40
An elasticity of >1 is called:
Perfectly inelastic
Unit elastic
Inelastic
Elastic
41
A centrally planned economy is:
The current economy of the United States
When the government controls all aspects of the economy
The best type of economy
A free market
42
This point on the graph is known as a:
Infeasible point
Production point
Efficiency point
Inefficient point
43
These are all theories by Adam Smith EXCEPT:
The invisible Hand
The government should provide public goods as private businesses will not
The Law of Diminishing Marginal Utility
Rational Economic Man
44
The formula for total revenue is:
TR = P / Q
TR = P + Q
TR = P x Q
TR = P2-P1 + Q2-Q1 / 2
45
What is the equilibrium price in this schedule?
$2
$3
$1
$0.5
46
The feature of money known as durability means:
You can carry it with you easily
You can split it up into different sizes if you need to
It's the same as another unit of money of the same type
It does not break down easily
47
If we all decide to use gold to transact, what monetary system would we use?
Commodity money
Bartering
Representative money
Fiat money
48
An elasticity of 1 is called:
Unit elastic
Elastic
Inelastic
Perfectly inelastic
49
If you have absolute advantage then:
You should specialize in producing a good
You also have comparative advantage
You need more time to produce goods than someone else
You are the best at producing a good
50
Which one of these is NOT initially a supply shifter?
Input prices
Tastes
Expectations
Technology
