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Economics
Economics
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StudBud Administration
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A quiz going over everything we have learn from units 1-3.
Flashcards
20 cards
F
Practice quiz
P
Host live
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Questions
20
Answers
1
Is giving a friend gas money to have a ride an example of voluntary exchange?
No
Maybe
Yes
Sorta
2
Does a monopoly have control over price?
Kinda
No
Yes
Maybe
3
Which is an example of economic interdependence?
Profit Motive
Voluntary Exchange
USA and China
Scarcity
4
What is an example of a substitutes?
Walmart brand flip flops to Nike flip flops
Dogs
Fish
Cats
5
What is the law of supply?
Government staying out of economic decisions
Price goes up, Demand goes down
Price goes up, Supply goes up
Scarcity
6
What is the definition of scarcity?
connecting themes in economics
United States of America
a consumers willingness and ability to purchase
limited quantities of resources to meet unlimited wants
7
What is a characteristic of money?
Durability
Uniformity
Pizza
Limited Supply
8
What is the definition of sole proprietorship?
a business owned and managed by a single individual
partners share equally in both responsibility and liability
Legal Entity
General Partnership
9
What's an advantage to a sole proprietorship and partnership?
More Regulation
Double Taxation
Loss of control
Easy to start
10
What makes a curve shift? (Change in Demand)
Population
Income
FAD
Consumer Expectation
11
What are four examples of human capital?
Skills
Training
Knowledge
Education
12
What's an example of income effect?
demand goes somewhere
price goes somewhere
Raise at work
price and demand go somewhere
13
Physical capital is what?
A person
any human-made resource that is used to create other goods
A nice person
Something physical that is done in the Capital
14
What is the definition of voluntary exchange?
Grapes
the intent to achieve monetary gain in a transaction
the process of willingly trading one item for another
Pizza
15
What is the basic economic problem all nations and people face?
Scarcity
Household
Money
Goods
16
Price floor is shortage or surplus?
Syrup
Shortage
Short people
Surplus
17
Coins and bills are equal to what?
Currency
Cats
Snakes
Elephants
18
Which is and example of a compliment?
Shirts
Books
Ketchup to Hamburger
Hats
19
Human Capital is what?
What is gained through study/experience
Idk
Probably human's in a capital
Not sure
20
Which product is an example of scarcity?
Dairy Queen
Plastic
Oil
Mrs. Horne
