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Economics Marketplace (CE 11) Flashcards | StudBud
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Economics Marketplace (CE 11)
Economics Marketplace (CE 11)
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A review game for Economics Marketplace (CE 11) #vasols #economics #ce11
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Alex won the lottery and wants to invest in stock, not a new car. What is his opportunity cost?
The cost of the lottery ticket
The interest he earns on the money
The time he could spend driving
The cost of the new car
2
Who makes decisions for the public sector in a mixed economy?
individuals
individuals and business
individuals and government
government
3
John owns a store and decides what he wants to do with his profits. What economic system is it?
command
barter
free market
traditional
4
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
mixed
traditional
command
free market
5
All of the following are considered types of resources EXCEPT
Capital
Natural
Human
Books
6
In the US, people can own their means of production (stores). What does this describe?
natural resources
private property
consumer sovereignty
competiton
7
When supply of a product is high and demand is low, what will happen to the price of the item?
stays the same
increases
the product is free
decreases
8
All of the following are characteristics of a free market economy EXCEPT
no consumer choice
private ownership
competition
individual choice
9
There are two new shoe stores in Duc, NC. How will this benefit the people of Duc?
lower quality with lower prices
better quality with lower prices
better quality with higher prices
Lower quality of higher prices
10
What is a basic economic question?
Can I make bank?
How will it be produced?
What will be produced?
Who gets it?
11
Scarcity refers to______ .
things used to change economic behavior
in inability to satisfy all wants at the same time
what is given up when a choice is made
the factors of production
12
"People have power and choice in what they buy." What economic term is this describing?
consumer sovereignty
private property
competition
free market
13
Who determines demand in a free-market economy?
producer
businesses
the government
consumer
14
What is an example of a government intervening in a mixed economy?
building a railroad
President Obama buying chili
buying out a car company
investing in education
15
In the US economic system, who makes decisions?
government only
business only
individuals, business, and government
individuals only
16
"Businesses operate with no government interference." What type of economy is this?
free market
command
mixed
traditional
17
Government-owned businesses are also known as ______ in the US economy.
the public sector
the free market
the private sector
private property
18
Trees are an example of what type of resource?
Natural
Entreprenuership
Human
Captial
19
Which example describes a traditional economy?
Burger House sells 1,000,000 sandwiches and invests in stock
Sweet Tooth advertises BOGO deals for their cookies
employees at a pizza shop paid by the government
Bizzy Sweets produces cupckakes and trades them for jeans
20
A bulldozer is an example of what type of resource?
Natural
Capital
Human
Entrepreneurship
21
These two gas stations show which aspect of the US economy?
free market
Profit
competition
consumer sovereignty
22
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
price
market price
debt
profit
23
What do you call the process of combining resources to make goods and services?
Production
Demand
Distribution
Consumption
24
Most economies today, including the US, are ______ economies.
mixed
command
traditional
free market
25
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
incentive
supply
demand
consumption
