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Economics Test Review Flashcards | StudBud
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Economics Test Review
Economics Test Review
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Review before 1st half of economics test
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
When the supply and demand curves meet, what does that mean?
the consumer and producer will make a deal
the price is too low
the price is too high
the producer and consumer wont work together
2
_____________ are tools that a company has invested to help manufacture products.
labor
capital
land
entrepreneur
3
What is true about a command economy?
lots of competition
government owns property/resources
central planned economy
few consumer choices
4
What is not an example of a factor of production?
machine in a factory
profit
tree
workers
5
What does the interaction of supply and demand determine?
price of good/serices
distribution of services
our hopes and dreams
6
Which is NOT a financial institution?
savings and loans
Government
banks
credit unions
7
What would an example of opportunity cost be?
a discounted item during Black Friday
going on vacation
using oil for fuel instead of using it for rubber
buying both choices of dessert
8
What are incentives?
tactics to motivate us to buy make certain economic decision
tactics used to change our economic behavior
tactic that uses bad products to steal our money
tactic used to give us more options and freedom
9
Scarcity is caused by ___________ resources.
many
cheap
limited
functional
10
Decisions about what and how many goods to produce is influenced by what?
supply and demand
distribution
fairness
planning
11
What do households NOT do according to the circular flow diagram?
make goods/services
purchase goods/services
pay income taxes
sell their resources
12
What's the major difference between a free market economy and a mixed market economy?
the amount of supply of resources
the amount of demand for resources
government is involved in mixed market economy
government is involved in a free market economy
13
What is consumer sovereignty?
power to veto
power to create
power to buy
power to keep
14
Countries determine what to produce, how to produce it, and who will receive it based on -
goods and services within the country
the resources of the country
geography
the type of economy the country has
15
In the graph, the supply has changed. What will happen to the price?
it will rise
nothing
it will fall
16
Financial Institutions tax people.
True
False
17
What is true about the American economy?
centrally owned property
people can earn money
mixed economy
free markets
18
Are hospitals, malls, or religious buildings considered public goods/services?
Yes
No
19
Why do entrepreneurs risk their investments?
to avoid the government
to help the economy
to make a profit
to increases costs
20
Which of the following options would cause prices to be highest?
high supply and high demand
low supply and low demand
low supply and high demand
high supply and low demand
