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FLVS Module 1 Review Flashcards | StudBud
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FLVS Module 1 Review
FLVS Module 1 Review
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Flashcards
23 cards
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Questions
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Answers
1
a movement to the
left
of the demand line will result in
an increase in quantity supplied
and decrease in quantity supplied
a decrease in price
an increase in price
2
The study of how people get goods and services they need and want is called
Microeconomics
Supply and Demand
Economics
Macroeconomics
3
Who is this person?
John Boehner
Joe Biden
Mitch McConnell
Jack Lew
4
What does the following graph show
Supply increase
Market equilibrium
Nothing
Demand increase
5
If I have decided to grow my coffee in organic greenhouses what question have I answered?
What
How
For Whom
6
My car is worth $20,000 is an example of this function of money
medium of exchange
standard
store of value
measure of value
7
The value of the good or service that is not chosen
opportunity cost
trade-off
supply
demand
8
The idea that there are limited resources available to satisfy our unlimited wants
demand
supply
scarcity
trade-off
9
The choice that is sacrificed when deciding between 2 different goods or services
supply
trade off
demand
opportunity cost
10
A $20 bill being equal in value to two $10 is an example of this function of money
medium of exchange
measure of value
standard
store of value
11
The 3 basic economic questions are
who, what and why
can I? Will I? Should I?
when, why and how
what, how and for whom
12
A $50 bill being worth the same amount in ten years is an example of this function
store of value
measure of value
medium of exchange
standard
13
The class of economics that looks at the "big picture" of communities, nations, and the world
Supply and Demand
Microeconomic
Macroeconomics
Economics
14
a movement to the
right
of the supply curve indicates
decrease in supply
increase in quantity supplied
increase in quantity demanded
increase in supply
15
If I decide to only produced coffee to be sold at Trader Joe's what question have I answered?
How
What
For Whom
16
"We have confidence that our money will hold its value because it is issued by the government"
wishful thinking
gold standard
fiat currency
silver standard
17
A movement
along
the demand line indicates a change in
quantity supplied
total supply
total demand
quantity demanded
18
What does the following graph show
a change in quantity demanded
Demand increase
Supply increase
a decrease in price
19
The school of economics that looks at the smaller picture of individuals and businesses
Supply and Demand
Economics
Microeconomics
Macroeconomics
20
True or False: I feel super confident that I will pass this test!
True
False
IDK
21
Money being accepted in exchange for goods and services is an example of this function
store of value
standard
measure of value
medium of exchange
22
Who is this person?
Susan Rice
Hillary Clinton
Elizabeth Warren
Nancy Pelosi
23
If I have decided to open an organic coffee shop, which economic question have I answered?
for whom
How
What
