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Brownell Unit 4 (Econ) Review Flashcards | StudBud
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Brownell Unit 4 (Econ) Review
Brownell Unit 4 (Econ) Review
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1
Which of the following ideas did Adam Smith not believe in?
There is an invisible hand of the free market
Governments should have Laissez-faire approach to business
Profit arises through the exploitation of labor
Motive of Self Interest
2
The price and quantity of a product where supply and demand meet.
Shortage
Perfection.
Surplus
Equilibrium
3
Would demand increase or decrease in the following scenario: City population doubles
Increase
Decrease
4
An increase in income will cause demand to...
Increase
Decrease
5
Economic Systems: Producers and consumers determine how the economy operates.
Free Market
Mixed
Command
Traditional
6
When you choose to do something, what you didn't choose is this:
Lost profit
Scarcity
Opportunity cost
Alternate paths
7
How does the shift in the demand curve from D1 to D2 affect the price and quantity of cars demanded?
Price increases while quantity supplied increases.
Price increase, quantity demanded increases.
Price increases while quantity supplied increases.
Price increases while quantity supplied increases.
8
Choose the determinant of demand that applies: On March 1, the demand for Valentine’s Day stuff drops.
Income
Needs/wants
Consumer Expectations
Tastes
9
Choose the correct determinant of supply: Juice supply up because many more companies make juice now than 10 years ago.
Number of demanders
Number of suppliers
Market dump
Expansion
10
All resources have a limit.
Absolute Advantage
Scarcity
Opportunity Cost
Supply
11
What is an incentive?
Something we don't need to do in order to achieve success
Something we need to do in order to achieve success
A thing that motivates or encourages one to do something
The next best thing to get people to do something
12
When demand exceeds supply.
Surplus
Shortage
Demand curve
Equilibrium
13
Economic Systems: Traditions and customs determines how the economy operates.
Traditional
Mixed
Command
Free Market
14
Which of the following ideas did Karl Marx not believe in?
Government should not place regulations on businesses
There was natural progression to economic history and Capitalism would end
Capitalist gov. preserve the status quo and protect property owners
The means of production has been accumulated by a select few
15
When supply exceeds demand.
Equilibrium
Surplus
Demand Curve
Shortage
16
Economic Systems: There is a combination of systems operating the economy.
Traditional
Mixed
Command
Free Market
17
Decide if supply would increase or decrease: New technology is available
Decrease
Increase
18
The desire, willingness, and ability to buy a good or service.
Supply
Demand
Wants
Needs
19
Economic Systems: The government determines how the economy operates.
Mixed
Command
Traditional
Free Market
20
The desire, willingness, and ability to produce a good or service.
Wants
Needs
Supply
Demand
21
Would demand increase or decrease in the following scenario: Demand for swimsuits in April
Increase
Decrease
22
Decide if supply would increase or decrease: Number of suppliers increases
Increase
Decrease
