stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Final Flashcards | StudBud
Explore
/
Economics Final
Economics Final
27 terms
·
StudBud Administration
·
86 plays
#Final for 11th Grade Economics Exam
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
What are the three main economic systems?
All is transitional
Free market, Free market, free market
Fiat money, Transitional, Centrally planned
Free market, Transitional, and Centrally Planned
2
What does an Entrepreneur use Capital for?
A,B, and C are all correct
Making Money
creating and marketing goods
creating goods
3
Who came up with Free Market?
Edgar Allen Poe
Karl Marx
Adam Smith
Joseph Stalin
4
What is Capital used to make?
Production Possibility Frontier
money
Other Goods and Services
Jobs
5
How would you describe China on the Continuum/ Transition Chart?
dictatorship
In transition
Centrally planned
Free market
6
In the demand curve as price goes up usually the quantity demanded goes.....
nowhere
up
down
staying the same way
7
What does a subsidy support?
Market
Product
Business
corporation
8
Who believed in NO class system
Vladimir Putin
Karl Marx
Adam Smith
Joseph Stalin
9
What is the difference between Scarcity and Shortage?
Shortage is temporary- Scarcity is long term
NOTHING
Shortage is man made- Scarcity is natural
Shortage is Natural - Scarcity is Man made
10
What does determines the price and quantity of a good?
resources
Quality control
the quantity producers choose
quantity demanded
11
What are the goals of a free market economy?
None, these are all flaws
freedom of speech, religion, right to bear arms,
Economic freedom, equality, stability, security and growth
Monopolies, corporations, business cycle, fiat money
12
What characterizes inelastic demand?
being sensitive to price
being the same
not being sensitive to price
the product always changes
13
True or False: Opportunity Cost is the LEAST desirable alternative given up?
I don't know
DON'T CLICK THIS ONE
True
False
14
What type of demand changes with price change?
fiat
elastic
Nominal
inelastic
15
What is an effect of minimum wage?
Less hours
Less workers
increased prices
All of the above
16
What is an example of Thinking on Margin?
Sleeping for 1 hour or 2 hours
Taking the Economics Exam or Not
getting a cookie or brownie
Sleeping or doing Homework
17
What is Capital?
Alien made resources
A resource
A manufactured resource
A human made resource
18
Why is the production possibility graph used?
to change the demand curve
to find alternative ways to use resources
to make strict labor laws
to make money
19
What is the most well known example of the Production Possibilities Graph
Education or Technology
Guns or Butter
Wheat or Machines
Star Wars vs Star Trek
20
What insures workers in case of a mishap?
Medicaid
Insurance
Medicare
Disability Insurance
21
Patents are given out to companies to
create monopolies over certain markets
to reduce monopolies
to regulate the flow of money
to ensure peace
22
What does the "Invisible Hand" do?
guide's international trade regulations
guides our morals
makes money
guides the nation's resources to their most productive use
23
Who came up with Invisible Hand?
Theodore Roosevelt
John Adams
Sam Adams
Adam Smith
24
Is rent control a price ceiling or a floor?
Ceiling
Floor
25
Who gives out patents?
The government
Donald trump
Corporations
businessmen
26
What causes the production possibilities graph to move left
New inventions
Entrepreneurs
Innovation
Famine
27
A market where all resources are used to their highest capacity?
inefficient market
Smithian Market
Efficient market
Marxish Market
