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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Economics content review
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The average cost of a new house in 1938 was $3,900, today it is much higher, why?
cost of lumber has changed
supply and demand
inflation
higher taxes
2
Which of the following is considered a basic need?
free wifi
an iphone
a car
food
3
Which of the following is NOT one of the four economic questions?
How much will be sold?
How will it be produced?
What is the product?
Who will buy the product?
4
Which of the following are a list of examples as to what La is known for exporting?
seafood, timber, potatoes
oil, cattle, tennis shoes
oil, seafood, sulphur
salt, electronics, coal
5
Which of the following is an example of a public service?
a lawyer
fire department
air force one's
an iphone
6
What is it called where the supply curve and the demand curve meet/intersect?
fair price
middle ground
equilateral
equilibrium
7
Which economic term would match with "limited resources" ?
scarcity
barter system
surplus
trade off
8
How are public goods and services paid for?
by the president
community service
fundraising
income taxes
9
Which card, if used, would you have to pay back interest in addition to your payment?
debit
credit
10
Which of the following is NOT an example of a profession that provides a service?
lawyer
doctor
teacher
unemployed individual
11
When you have a trade-off, what is the item/activity called in which you DO NOT choose?
market system
trade cost
barter trade
opportunity cost
12
What is a tax on a foreign good called?
tea tax
tariff
interest
income tax
13
What is the economic term in which there is a rise in consumer prices?
shortage
surplus
scarcity
inflation
14
When prices are ______ people tend to buy
more
, when prices are
high
people tend to buy _____.
high, more
low, less
low, more
high, less
15
Which term/ideology does NOT belong?
command system
free enterprise
capitalism
market system
