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