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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Test your knowledge of Economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
When demand is more than supply, this is called...
scarcity
limited resources
credit
opportunity cost
2
Law of Supply: When price goes down...
supply goes down
I go shopping
supply goes up
demand goes up
3
Which of the following is not true about credit cards?
You don't really have to pay them back
The charge high interest
There are late fees
You can buy things without having money
4
What is economics really about?
Wants and Needs
Money
The decisions that people make
Getting rich!
5
What is the basic economic problem that people have to solve?
How can I save my money?
How can I pay my debts?
I have limited resources but unlimited wants!
How can I get rich?
6
Which of the following is an early form of money?
cows
all of the above
salt
huge stone disks
7
When supply is greater than demand, this is called...
equilibrium point
Needs and Wants
Opportunity Cost
Surplus
8
Microeconomics is the study of economic decisions made by ...
The Central Bank
The Government
Microsoft Corporation
Everyday people and business
9
Law of Demand: When price goes up....
Demand goes up
Demand goes down
Pretty much nothing happens
Supply goes up
10
Which is not a type of tax?
sales
property
CIS school fees
income
11
Which of the following 3 answers are characteristics of a good money?
Portable
Durable
Divisable
Beautiful
12
Inflation occurs when...
supply is high
new money enters an economy
demand is low
when people buy lots of things
13
How does inflation impact an economy?
It gets people to buy things
It doesn't really have an impact
It slows down an economy
People make more money
14
Goods or services are the combination of 4 factors of production. These are...
Land, Labour, technology and money
Land, Labour, Capital and Entrepreneurship
Money, Business, technology, natural resources and
Labour, Money, Entrepreneurship and land
15
What is a mortgage?
a credit card
a loan to buy a house
collateral
inflation
