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Economic Test Review Flashcards | StudBud
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Economic Test Review
Economic Test Review
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Supply and Demand
Flashcards
20 cards
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Questions
20
Answers
1
Which of the following is not one of the four key factors of production in an economy?
Capital
Technology
Land
Labor
2
_____ is the increased usefulness or satisfaction one gets from acquiring or using more than one unit of a product
Demand Schedule
Demand Elasticity
Marginal Utility
Marginal Supply
3
Minimal government intervention is most commonly associated with which of the following economic systems?
Fascism
Communism
Socialism
Capitalism
4
Who has the greatest economic power in a market economy?
Governments
Corporations
Laborers
Consumers
5
? economy is one that combines both private and public businesses to assure citizens have access to necessary products.
Socialist
Capitalist
Communist
Traditional
6
In supply, price and quantity are ___________________, while price and quantity move in opposite directions in demand.
Positively Correlated
Causative
Negatively Correlated
Equal
7
A is __________
Impossible
Underutilization
Equilibrium
8
A good that is produced in order to make other goods is a ________________ good.
Consumable
Consumer
Durable
Capital
9
In a capitalist economy, competition in the production of goods is
Discouraged
Required
Banned
Encouraged
10
Not using resources or goods to the fullest capacity is called ____________________.
Efficiency
Shortage
Scarcity
Underutilization
11
When a single company controls all or most of the market for a single item this is called
Efficiency
Vertical Intergration
Monopoly
Scarcity
12
_____________ is making decisions based on limited resources.
Opportunity Cost
Scarcity
Demand
Supply
13
Which of the following is not a factor that results in changing demand?
Change in Government Regulations
Change in consumer taste
Change in Consumer income
Change in price of similar goods
14
Which of the following is not a direct cause of a change in the supply of a good?
Change in Cost
Change in Government regulations
Change in consumer income
Change in Technology
15
A __ economy is usually centered around a central authority that makes all economic decisions.
Market
Socialist
Capitalist
Communist
16
Which of the following is not required for economists to consider consumer wants to become demand?
Specific use for products
Desire for a product
Ability to pay for the product
Access to the product
17
You fill out a FAFSA form in order to receive federal aid for ____________.
Subsidized housing
Health Care
College / Post-secondary Education
Food Stamps
18
___________ states that production increases at high prices and decreases at low prices.
Law of Demand
Law of Efficiency
Law of Gravity
Law of Supply
19
C is _______?
Impossible
Equilibrium
Underutilization
20
B is _____?
Underutilization
Equilibrium
Impossible
