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