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Economics Review Flashcards | StudBud
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Economics Review
When demand goes up, supply goes down...
Producer or Consumer?
Economics Review
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Questions
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Answers
1
Producer or Consumer?
Producer
Consumer
2
When demand goes up, supply goes down...
False
True
3
Mexican bills are different lengths to make them easier to tell apart.
False
True
4
What is another name for trade?
borrow
give
barter
scarcity
5
Using money makes getting the things you need much easier.
True
False
6
Producer or Consumer?
Consumer
Producer
7
What is a loonie?
money from Mexico
money from China
money from Canada
a duck
8
The U.S. is the only country in the world that has money called dollars.
True
False
9
What is an Import?
The short version of "Important"
Imports are things sent out to other countries
Imports are things purchased from other countries
Imports and things sold to other countries
10
Which item is not a service?
dentist
gum
Guitar lessons
haircut
11
Money must be: portable, divisible, durable, and ______.
recognizable
interest
scarcity
flimsy
12
Producer or Consumer?
Consumer
Producer
13
When supply goes up, demand goes...
Stays the same
Up
Down
14
What is scarcity?
a country's system of money
when you buy something
not having enough of something
having too much of something
15
All of the countries in the Caribbean use the same kind of currency.
True
False
16
What is an export?
Exports are goods sold to other countries
Exports are the ban of trading with another country
Ports that were previously broken up with, thus "Ex"-port
Exports are things that are bought from other nations
17
Canadian, Mexican, and East Caribbean money all have pictures of Queen Elizabeth.
False
True
18
When you give money to the bank what is this called?
deposit
barter
withdrawal
currency
19
What is it called when you DEPEND on others to produce the things you need?
currency
interDEPENDence
specialization
resource
20
A country's system of money is called...
scarcity
opportunity cost
resource
currency
21
When you buy an apple at the store are you a consumer or a producer?
producer
consumer
22
If the supply of something goes up
the price goes down
the demand goes up
the demand goes down
the price goes up
23
In January what is the supply and demand for Christmas decorations?
high demand and low supply
low demand and low supply
low demand and high supply
high demand and high supply
24
When I chose to buy shoes instead of a book, the book was the __________.
opportunity cost
deposit
barter
scarcity
25
The following list are needs: video games, nail polish, television, and pencils.
True
False
26
Canadian money is printed on plastic paper called polymer.
True
False
27
When you make one kind of good or service it is called. . .
deposit
specialization
currency
scarcity
