stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Civics II Final Exam Review first column Flashcards | StudBud
Explore
/
Duplicate of Civics II Final Exam Review first column
Duplicate of Civics II Final Exam Review first column
20 terms
·
StudBud Administration
·
145 plays
Review key terms for Civics II
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
A substitute good for a hot dog would be
hot dog buns
turnips
popcorn
a hamburger
2
The Law of Demand states that as price increases,
the demand increases.
the quantity demanded increases.
the demand decreases.
the quantity demanded decreases.
3
What do we call this kind of graph?
Supply Curve
Demand Curve
Production Possibility Frontier
Economy of Scale
4
What kind of graph is this?
Fixed Costs
Demand
Supply
Compounding interest
5
A shortage results when the price is set
at the equilibrium price
below the equilibrium price
to the left of the equilibrium price
above the equilibrium price
6
What kind of graph is this?
Demand
Production
Marginal Costs
Supply
7
A price floor means there is
a maximum price that can be charged
a discount on the normal price
a rebate on the sale
a minimum price that must be charged
8
A surplus results when the price is set
at the equilibrium price
above the equilibrium price
to the left of the equilibrium price
below the equilibrium price
9
A complimentary good to hot dogs would be
hot dog buns
video games
popcorn
hamburgers
10
What happens when specialization occurs?
Quality declines
Productivity decreases
Surpluses result
Productivity increases
11
The opportunity cost for staying up all night studying is
The good grades that you get
The future earnings from your degree
The night's sleep that you skip
12
An economy in which the government decides what will be produced, at what price and for whom
Traditional
Free Enterprise
Command
Market
13
The key concept in the study of economics is
Productivity
Revenue
Scarcity
Liquidity
14
An economy that decides what to produce, how to produce it and for whom based on prices is
a centrally planned economy
a traditional economy
a command economy
a market economy
15
A person who combines labor, capital and land to create products and services is a(n)
CEO
Entrepreneur
Partner
Monoploy
16
Land, Labor, Capital and Entrepreneurship are all
Variable Costs
Substitute goods
Production Possibilities
Factors of Production
17
The Law of Supply states that as price increases, so does
Quantity Demanded
Supply
Quantity Supplied
Demand
18
A price ceiling means there is
a minimum price that must be charged
a maximum price that can not to exceeded
a discount on the normal price
an incentive to buy more than one product
19
How steep the demand or supply line is depends on
costs.
productivity.
elasticity.
liquidity.
20
An increase in quantity supplied is cause by
better advertising
increased buying power
more producers
an increase in price
