stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit One Economics Review Flashcards | StudBud
Explore
/
Unit One Economics Review
Unit One Economics Review
50 terms
·
StudBud Administration
·
240 plays
Economics Unit One
Flashcards
50 cards
F
Practice quiz
P
Host live
L
Questions
50
Answers
1
Which law states that as price rises the quantity supplied will also rise?
Law of Supply
Law of Increasing Costs
Law of Demand
Law of Equilibrium
2
What factors affect supply?
Subsidies
Excise Taxes
None of these
Number of suppliers
3
The choice made between two (or more) products (ex: Kisses v. Starburst)
Inferior Good
Opportunity Cost
Trade-off
Value Judgment
4
Which of the following is NOT one of the three major economic questions?
Why should the good/service be produced?
Who is it being produced for?
How will it be produced?
What should be produced?
5
What shown in the following picture?
Changes in demand
None of these
Changes in supply
Changes in Equilibrium price
6
If the quantity supplied EQUALS the quantity demanded, it results in...
Scarcity
Surplus
Shortage
Equilibrium
7
What might cause the shift in demand shown in the following graph?
A lower price
None of these
A higher price
Change in price of a complementary good
8
If the quantity supplied is GREATER than the quantity demand, it leads to...
Surplus
Shortage
Equilibrium
Scarcity
9
If the government controls the factors of production and sets production quotas it is a:
Market Economy
Command Economy
Mixed Economy
Traditional Economy
10
When the supply and demand curves meet, a point is created known as:
Homeostasis
Balance
Equilibrium
Zen
11
The Factors of Production can be remembered by using the acronym...
CELL
FELL
TRUMP
SELL
12
What would Point D on the following picture be considered?
Efficiency
None of these
Unattainable
Underutilization
13
With every trade-off, there is an alternative given up. This is called:
Marginal Cost
Scarcity
Opportunity Cost
Value Judgment
14
The PERSONAL OPINION involved in making a trade-off:
Choice
Elimination
Opportunity Cost
Value Judgment
15
An economic system based primarily on bartering; usually associated with undeveloped areas
Command Economy
Market Economy
Mixed Economy
Traditional Economy
16
Demand for gasoline is constant regardless of price. Therefore, gasoline is an...
Elastic good
Inelastic good
Inferior good
Inflexible good
17
What is the quantity supplied at equilibrium in the following graph?
1
3
4
5
18
If Donald Trump chooses to buy corn instead of oranges, what is his opportunity cost?
Oranges
Bronzer
Hair Product
Corn
19
If someone chooses Mountain Dew Kickstart over Red Bull, what is their opportunity cost?
Red Bull
PuppyMonkeyBaby
5 Hour Energy
Mountain Dew
20
A self-regulating type of economic system; driven by consumer demand and entrepreneurship
Command Economy
Mixed Economy
Traditional Economy
Market Economy
21
The ability of an economy to allow for innovation/autonomy:
Economic Stability
Economic Innovation
Economic Freedom
Economic Equality
22
Which law states that as price increases, the quantity demanded will decrease?
Law of Equilibrium
Law of Supply
Law of Demand
Law of Increasing Costs
23
What is the equilibrium price of the following graph?
$2
$3
$4
$5
24
The ambition to satisfy consumer demand and risk-taking attitude required to start a business:
Entrepreneurship
Land
Labor
Capital
25
INTANGIBLE -- Something people do for you
Inferior Good
Service
Good
Normal Good
26
When an increase in the price of a good a person buys leads to that person become poorer...
Scarcity
The Income Effect
Equilibrium
The Substitution Effect
27
The United States uses which type of economic system?
Traditional Economy
Mixed Economy
Command Economy
Market Economy
28
Elasticity of Demand can be affected by which of the following?
Number of Suppliers
Relative Importance
Availability of Substitutes
Subsidies
29
What would be an example of a substitution for the product shown?
Baby Wipes
Mr. Clean Magic Erasers
Cloth towels
Off-brand paper towels
30
A TANGIBLE object that can be consumed
Normal Good
Inferior Good
Good
Service
31
Value judgments differ from person to person because...
Everyone's wants are different
They are based on opinion
Everyone has different views/experiences
Everybody's different
32
What will happen to price if the supply increases but demand stays the same?
Price will stay the same
Price will increase
Price will decrease
33
The Factor of Production that involves human effort applied to resources...
Capital
Land
Entrepreneurship
Labor
34
If you choose cereal over pancakes, your opportunity cost is:
Cereal
Pancakes
Bacon
Waffles
35
If an economy maximizes what it can produce, it would be considered:
Equitable
Stable
Innovative
Efficient
36
An inferior good is when the demand decreases as income...
Decreases
Stays the Same
Increases
37
What would Point E on the following picture be considered?
None of these
Unattainable
Underutilization
Efficiency
38
The Production Possibilities Frontier shows:
The Demand for a Good
The future production of a good/service
What the economy is capable of producing
Different combinations of two goods that can be produced
39
The ability of an economy to provide what is needed on a regular basis:
Economic Stability
Economic Freedom
Economic Efficiency
Economic Innovation
40
The Factor of Production that includes all natural resources...
Capital
Resources
Labor
Land
41
When the government required car manufacturers to install emission controls...
Scarcity
Excise Tax
Regulation
Subsidy
42
A normal good is one where demand increases as income...
Decreases
Stays the same
Increases
43
If the quantity supplied is LESS THAN the quantity demanded, it results in a...
Equilibrium
Shortage
Surplus
Scarcity
44
Most countries in the world have a:
Command Economy
Mixed Economy
Market Economy
Traditional Economy
45
The item pictured would be an example of which Factor of Production?
Labor
Capital
Land
Entrepreneurship
46
What would Point B on the following picture be considered?
Efficiency
None of these
Unattainable
Underutilization
47
What is the MOST BASIC economic problem?
Wants and Needs
Scarcity
Surplus
Shortage
48
An economy that allows for entrepreneurship and encourages growth and change:
Economic Stability
Economic Efficiency
Economic Innovation
Economic Freedom
49
Which Factor of Production is shown in the following picture?
Labor
None of these
Capital
Land
50
Which of the Factors of Production is shown in the following picture?
Labor
Capital
Entrepreneurship
Land
