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Duplicate of Final Econ Review 2021 Flashcards | StudBud
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Duplicate of Final Econ Review 2021
Duplicate of Final Econ Review 2021
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Questions
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Answers
1
All of the following are the three questions every economic system must answer EXCEPT
when to produce
What to produce
For whom to produce
How to produce
2
Living on a budget is important because it helps manage expenses and save for future financial goals.
False
True
3
A mixed economy keeps all economic systems separate.
False
True
4
Why is competition important in a free enterprise economy?
It reduces the variety of goods and services
It increases government intervention
It encourages innovation and keeps prices low
It eliminates small businesses
5
An economic system that is controlled by the consumers is a?
Command Economy
Traditional economy
Free Market economy
Mixed economy
6
All of the following are the goals for a nation's economy EXCEPT
price stability
full employment
less government involvment
economic growth
7
New forms of technology or the discovery of additional resources can lead to?
economic efficiency
economic growth
economic stagnation
a market economy
8
What is a horizontal merger?
A merger between companies in the same industry
A merger between companies in different countries
A merger between companies in different industries
9
All of the following are factors of production EXCEPT
Labor
Capital
Profit
Land
10
In a free market, who ultimately dictates the prices for goods and services?
consumers
producers
the government
no one
11
What is inflation?
A policy to control economic growth
A decrease in the price level of goods and services
A general increase in the price level of goods and services
A stable price level of goods and services
12
The main goal of the government as a regulator in the economy is to preserve competition.
True
False
13
If you choose to spend 2 hours studying rather than going to the movies, your opportunity costs is?
going to the movies
the money you could have saved
the money you spent on the ticket and popcorn
an extra hour of studying
14
An economic system that is completely controlled by the government is a?
free market
capital economy
command economy
mixed economy
15
Resources are limited because
money is limited
scarcity exists
profits are desirable
of government regulations
16
All of the following are true statements about a monopoly EXCEPT
They are the only firm providing a unique good or service
The market dictates how much they can charge
They are price makers
Prices are usually higher than equalibrium
17
What are the types of economic systems?
Industrial, agricultural, service, digital
Rural, urban, suburban, metropolitan
Traditional, command, market, mixed
Democratic, totalitarian, socialist, capitalist
18
The Law of Demand states that if prices go up, quantity demanded will?
decrease
remain the same
increase
19
A person who creates a new good or service and assumes all of the financial risks is called an?
inventor
entrepreneur
franchisee
investor
20
The law of supply states that when the prices of goods increase, producers will?
produce less
produce more
produce the same amount
