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Civics and Economics Chapter 16 Review Flashcards | StudBud
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Civics and Economics Chapter 16 Review
Where is the equilibrium?
What is the basic economic problem?
Civics and Economics Chapter 16 Review
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1
What is the basic economic problem?
How to use limited resources to fulfill unlimited wants
How to use unlimited resources to fulfill limited wants
how to use unlimited wants to fulfill limited resources
How to use limited wants to fulfill unlimited resources
2
Where is the equilibrium?
15 supplied and demanded for 30 dollars
20 supplied and demanded for 50 dollars
30 supplied and demanded for 15 dollars
10 supplied and demanded for 10 dollars
3
Economics is the study of...
how to use limited wants to fulfill unlimited resources
how to use limited resources to fulfill unlimited wants
people
life
4
The point where the the demand line and supply line cost is called the equilibrium point.
True
False
5
What are wants?
limited materials used to create goods
Your limited desires
Unlimited materials used to create goods
Your unlimited desires
6
Revenue is...
The total amount of money you made
The money you make by selling one additional unit
The total cost
The toal amount of money you made minues your cost
7
A Mixed Market Economy is...
A country that answers the 3 economic questions based on maximizing profit
A country that allows the government to answer all 3 questions
A country which answers the 3 economic questions by drawing on all 3 system
A country that answers the 3 economic questions based on tradition
8
Which of the following is NOT an example of a trade off?
Playing baseball instead of football
Studying instead of napping
Reading instead of watching tv
Not having plans for the day and deciding to play video games
9
Which of the following is not one of the basic economic questions?
To whom will the goods be produced for
How much will you sell your goods for
Who will produce your goods
Which goods you will produce
10
When the price of the demand line goes down, what happens the quantity demanded?
It stays the same
It goes down
It goes up
11
When answering the three basic economic questions and problem, you create an economic system.
True
False
12
What is a fixed cost?
A cost that never changes
The cost of producing one additional product
The total cost of all fixed and variable costs
A cost that changes regularly
13
What is supply?
The amount of a good being demanded by a producer for specific costs.
The amount of a good demanded by consumers for specific costs
The amount of a good being produced by a consumer for specific costs
The amount of a good being produced by a producer for specific costs
14
If more consumers enter the market, how would the graph change?
demand would go to the right
Supply would go to the right
Supply would go to the left
demand would go to the left
15
The equilibrium point represents...
the msot money that can be made
the shortage
the least money that can be made
the surplus
16
When supply and the min. price of producers increases, how does this affect the price of the demand line?
It goes down
It goes up
It stays the same
17
If some suppliers leave the market, how would this graph be affected?
Supply would go to the right
demand would go to the right
Supply would go to the left
demand would go to the left
18
What are resources?
Your limited desires
Your unlimited desires
Unlimited materials used to create goods
limited materials used to create goods
19
If consumers are willing to pay more than what a product is worth, producers will overcharge. What then happens to suppl
It increases
It stays the same
It decrease
20
Which of the following countries have a mixed market economy?
The USSR
The United States
China
North Korea
21
Which of the following is NOT one of the three basic economic systems?
Market Economy
Traditional Economy
Government Economy
Command Economy
22
What is demand?
The amount of a good being demanded by a producer for specific costs.
The amount of a good being produced by a consumer for specific costs
The amount of a good demanded by consumers for specific costs
The amount of a good being produced by a producer for specific costs
23
Suppose you owned a restaurant and decided to close down early. What would be the opportunity cost?
There would be no opportunity cost
The time you spend napping when you get home
The time you spent playing video games when you got home.
The money you could have made if you stayed open.
