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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
35 terms
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Lenczewski's Economics Review
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
What does a producer make if he/she has a trade-off?
increased supply
a trade with another country
a choice
competition with other businesses
2
What price should producers sell their product to make both consumers and producers happy?
the market price
the lowest price
the highest price
for zero price
3
Law of Demand: As the prices decrease....
demand increases
competition occurs
monopolies occur
supply increases
4
Which type of economic system does the United States have?
democracy
free-market
command
traditional
5
What happens to the quantity supplied as the price increases?
increases by 30
decreases
increases
stays the same
6
Why does the United States import crops like bananas from Mexico?
we want to become a developing nation
we lack the proper climate to grow bananas
we lack advanced technology to grow bananas
we want to give them business
7
What factor of production are trees in the production of books?
capital
entrepreneurship
land
labor
8
What factor of production includes equipment and machinery for production?
entrepreneurship
labor
land
capital
9
What does competition result in?
more services
all of the above
better quality
lower prices
10
Cocoa trees were destroyed during a hurricane- what will happen to the cocoa market?
supply will increase
prices will increase
demand will decrease
prices will decrease
11
What product would a developed nation trade?
fish
cars
bananas
wheat
12
What factor of production are human resources?
entrepreneurship
labor
land
capital
13
What factor of production is a teacher?
labor
land
entrepreneurship
capital
14
What factor led Jan to buy boots for her skiing trip?
advertising
quality
purpose
price
15
What are people who buy products?
producers
rich
consumers
executive
16
Joe bought coffee from Starbucks after he saw a commercial about them- what factor led to this?
quality of product
brand name
advertising
competition
17
If the United States sent products to Japan, what kind of product is that for the U.S?
export
competition
monopoly
import
18
What is the factor of production that includes natural resources?
land
entrepreneurship
capital
labor
19
Who loses if the supply is greater than the demand?
consumers
both a and b
none of the above
producers
20
James is an artist owner who has the skills to paint. What is he?
producer
entrepreneur
consumer
both a and c
21
If prices go down, what happens to the demand, according to the Law of Demand?
bankruptcy
goes up
stays the same
goes down
22
What are owners and producers in any economic system?
consumers
smart
rich
producers
23
You shop around and find that at every store, an XBOX is the same price. What does this show?
monopoly
capitalism
demand
competition
24
What happens to the demand of coffee as the price decreases?
increases
nothing
decreases
25
A boss must choose between buying new coats or sweaters. What is scarce?
time
money
coats
sweaters
26
What does a monopoly not allow for?
exports
imports
trade
competition
27
What does increase competition among consumers do to prices?
nothing
decreases
decrease supply
increases
28
What occurs when countries sell what they have to other countries to buy what they lack?
production
trade
supply
demand
29
Which of the following is an example of a capital resource?
farmer
table
money investment
oranges
30
If the United States buys products from China- what is that product called?
monopoly
export
import
competition
31
What product would a developing nation most likely produce?
automobiles
computers
televisions
fruit
32
What is it called when producers and consumers agree on a price?
none of the above
equilibrium
market price
both a and b
33
What is this an example of- "Our prices are the lowest"?
competition
a sale
communism
monopoly
34
What has happened to interdependence since world trade has grown so much?
it has increased
it has decreased
it has stayed the same
it has stopped
35
What does increased competition between sellers do to prices?
lower demand
nothing
decreases
increases
