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Economics Basics - Round 1 Flashcards | StudBud

Explore/Economics Basics - Round 1

Economics Basics - Round 1

10 terms·StudBud Administration·113 plays

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Questions 10

Answers

1
If demand is increased the price usually _______
decreases
is unaffected
increases
can't determine
2
The price where Supply and Demand meet is called the
Perfect Price
Selling Price
Equilibrium Price
Supply equals demand price
3
Economics is primarily about . . .
Scarce resources and unlimted wants
Limited our wants and needs
Making enough money to live comfortably
Budgeting the money we make
4
If demand is reduced the price usually _______
is unaffected
can't determine
increases
decreases
5
Why do grooms buy the fiances diamond engagement rings?
Because they have always done so
Because Diamonds are forever
Because of Debeers marketing
Because diamonds are the rarest gem
6
If supply is reduced the price usually _______
is unaffected
can't determine
decreases
increases
7
If one person has a million dollars, that means others have less money.
True
False
8
If supply is increased the price usually _______
is unaffected
can't determine
decreases
increases
9
Which of the following states is NOT true about greed?
same as self interest
can be helpful to others
can be motivational
always wrong
10
Why does DeBeers have a vault full of diamonds in London?
because they lost the key
to limit demand in the market
to limit supply in the market
because those diamonds are worthless