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Basic Economics Review Flashcards | StudBud
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Basic Economics Review
Basic Economics Review
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Questions
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Answers
1
If the price of bacon goes up, what should happen to the demand for sausage?
Go up
no idea
stay the same
Go down
2
Sarah opens up a new dog grooming business. This demonstrates which factor of production?
Labor
Entreprenurship
Capital
Land
3
The graph below shows a
supply curve
slope
demand curve
sales projection
4
A snowstorm hits the Northeast United States. What should happen to the price of winter jackets?
Stay the same
Go up
No idea.
Go down
5
As the price of Nestle Quik goes up, people buy more Hershey Syrup. The Hershey Syrup is a
demand curve
complementary good
supply curve
substitute good
6
According to the law of supply, if the price of avacados goes up, what should happen to the supply of avacados?
Go down
Go up
Stay the same
I don't know
7
You are considering buying a Tickle me Elmo or a Light Bright. You buy the Light Bright. Your opportunity cost is
Strawberry Shortcake
The cost of the Light Bright
Elmo
Your dignity
8
Which of the following is NOT physical capital?
printer
copy machine
desk
knowledge
9
Fozzie bear is running a lemonade stand and nobody is buying. What should he do to jump start buys of lemonade?
Increase the price
Decrease the price
Make more lemonade.
Change from lemonade to Kool-aid
10
According to the law of supply, what should happen to the supply of Froot Loops if the price goes up?
No idea
Go down
Go up
Stay the same
11
As the price for peaches goes down, what should happen to the demand?
No idea
Go down
Stay the same
Go up
12
Gravel is an example of which factor of production?
Capital
Entreprenuership
Labor
Land
13
According to the law of demand, if the price of a dinosaur costume goes down, what should happen to the demand?
Go down
Stay the same
Go up
No idea
14
According to the law of demand, if the price of bagged salad goes down, what happens to the demand for salad dressing?
Nothing
I don't know
Goes up
Goes down
15
If the price of Legos goes up, what should happen to the demand for blueberry muffins?
Go down
Go up
Stay the same
I don't know
16
You have time to either watch Barbie or Oppenheimer. You watch Barbie. What is the opportunity cost?
Oppenheimer
Barbie
No Movie
Electricity to run the television.
17
The main issue addressed by economics is the problem of
price
scarcity
surplus
demand
18
A bank is offering a free $500 to everyone who opens a checking account. The $500 dollars is an
bribe
Rip-off
Incentive
Opportunity Cost
19
The price of pillow pets goes up. The demand for pillow pets should
Result in a government ban of pillow pets.
Go up.
Go down
Stay the same.
20
Scarcity exists because we have unlimited needs and
wants
labor
resources
capital
21
The graph below shows a
supply curve
sales chart
supply chart
demand curve
