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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Questions
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Answers
1
Name one economic system
Feudalism
Communism
Traditional
Demoracy
2
What does Demand do in an economy?
Doesn't play any role in the economy
Determines how much the public want a specific item
3
What is a price ceiling?
The actual ceiling
When the government sets a minimum price
The cost of materals to make a ceilling
When the government chooses to set a maxium price
4
Banks can provide loans
True
False
5
What is a price floor?
When the government makes a maxium price
The actual floor
The cost to make a floor
When the government sets a minimum price
6
Microsoft is an example of a monopoly
True
False
7
Choose one of the services below that a bank provides to people
Provide you transportation across the state
Sell you important information
Make you a delicious meal
Cashing checks, and taking deposits
8
A price ceiling occurs when the government sets alcohol pricing
True
False
9
What is economics?
To make as much money as possiable
Adam smiths defenition of a perfect economy
To have the most competition with all of your competitors
Focuses on production, distrubution, consumption of goods/services
10
Name one Economic system
Market
Feudalism
Communism
Democracy
11
Perfect Competition has little to no competition
False
True
12
Name a Labor factor of production
Seeds
Tractors
Soil
Farmers
13
A brokage firm is an example of a Finanical Institution
False
True
14
Farmers are typically considered perfect competition
True
False
15
Monopolies have the most amount of competition
True
False
16
Microeconomics
Focuses on the individual
Focuses on the economy as a whole
17
Which is an example of a Monopolistic Competition
McDonalds
Chevorlet
Microsoft
Kroger
18
Is buying seeds from the farmers market Entrepreneurship?
True
False
19
Banks allow people to open checking/saving accounts
DEPENDS
YES
NO
NEVER
20
Russia never had a Command system of an economy
True
False
21
Oppertuinity Cost is your best choice you made
False
True
22
Minimum wage is not a price floor
False
True
23
Is a tractor a capital factor of production?
False
True
24
Scarcity is when there isn't enough supply to meet demand
True
False
25
What is equilibrium?
When the producers make to much
When the consumers are unhappy at the producers
When there is not enough supply
When the producers and consumers meet on one price
26
Macroeconomics
Focuses on the indivudial
Focuses on the economy as a whole
27
Is the U.S a Mixed economy?
True
False
28
Which of the following is a Oligopoly
Schools
Chevorlet
Sony
Microsoft
29
Name a land factor of production
Seeds
Soil
Farmers
Tractors
30
What is supply in a economy do?
Doesn't have any role in the economy
Never fluctuates
How much the producers make
Allows consumers to choose what pricing they want
31
Tradeoff is what you didn't choose
False
True
32
Which of the following below are a Financal Institution
Credit Unions
Farmers
Schools
McDonalds
33
Name a market structure
Demoracy
Feudalism
Command
Oligopoly
34
Monopolistic Competiton includes
A few firms and sell somewhat similar products
A lot of companies that have the same products with substitutes
Many companies that offer simmular goods, but have no substitutes
One company that conrtols everything
