stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Sem 1 Review: Econ- Irene Choudhury Flashcards | StudBud
Explore
/
Sem 1 Review: Econ- Irene Choudhury
Sem 1 Review: Econ- Irene Choudhury
15 terms
·
StudBud Administration
·
16 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
Substitute goods can replace each other when prices change
True
False
2
What is true about needs and wants?
Wants are never important
Needs are limited to shelter, food and water
Needs are essential to survival & wants improve living situation/standards
Wants are the same for everyone
3
In a market economy the government makes most of the deccisions on how goods and services are created
True
False
4
What is true about entrepreneurship in economics?
Entrepreneurs avoid starting new busineses
Entrepreneurs never take risks
Entrepreneurs create new ideas and businesses
Entrepreneurs only work for large companies
5
Trade offs occur because resources are limited, and choosing one option means giving up another.
True
False
6
What is an example of a complementary good?
Ink and printer
Shoes and mirrors
Pen and jacket
Milk and soy milk
7
Which of the following is a monthly budgeting tactic?
50,20,30 rule
Envelope method
Spending everything on savings
Budgeting is not necessary
8
Which of the following best describes inelastic and elastic goods?
Inelastic goods have a demand that depends on price changes
Inelastic good change consistently
Elastic goods have a large change in demand when the price changes
Elastic goods have a high demand even if the price changes
9
In a mixed economy, who typically makes decisions?
Only private businesses make economic decisions
The governement and the market share control
The government plays no role in control
The governement makes all the decisions
10
What is true about a traditional economy?
People focus on large scale industries
The people follow the way of their ancestors methods
The government decides what to produce
People use money for everything
11
If a demand for a product increases and supply stays the same what happens to the price?
The price will increase
The price will stay the same
The price will decrease
None of the above
12
How does the concept of scarcity affect people?
Individuals get happy when scarcity occurs.
It affects only their cognitive functions.
It has no effect at all
Affects peoples decison making process, their cognitive & social awareness
13
What is an example of an opportunity cost?
Spending $7 on smoothie rather than the $7 on gas
Using the 50 30 20 rule
If price goes down, demand goes up
land, labor, entrepreneurship, and capital.
14
You can withdraw money from your 401k anytime without penalty
True
False
15
What are the 3 countries that still have a command economy today?
Belgium, Austria and South korea
India, Vietnam, and Russia
China, Japan, Bangladesh
Iran, North korea and Cuba
