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1st Quarter Econ Review Flashcards | StudBud
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1st Quarter Econ Review
1st Quarter Econ Review
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Intro to economics- first units
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which point on the Production Possibilities Curve represents efficiency?
A
C
B
2
Government programs that protect people from economic hardships are called
free rider
public subsidies
public safety nets
positive externalities
3
A general increase in supply does what to the equilibrium price?
increases it
What?
it stays the same!
decreases it
4
With voluntary exchange, a buyer and seller agree to do business together
for the mutual benefit of both
for the benefit of neither
only for the benefit of the seller
only for the benefit of the buyer
5
Which describes the law of demand?
As prices decrease, demand increases
As prices increase, demand increases
As prices decrease, demand decreases
As prices increase, demand stays the same
6
Which letter on the Production possibilities curve represents an impossibility?
A
C
B
7
Which of the following is not a factor that affects
supply?
producer expectations
market size
number of producers
input costs
8
In economic terms, the value of what is given up when you choose one item over another is
fixed cost
marginal cost
item cost
opportunity cost
9
A person who does not pay for a service but benefits from it is called a(n)
subsidy risk
free rider
investment risk
free consumer
10
The demand for hot chocolate decreases in the summer, this is an example of:
substitutes
consumer tastes & preferences
consumer expectations
complements
11
Which is an example of a price floor?
Rent control
Coupons
Capping ticket prices
minimum wage
12
Which of the curves in the image represents supply??
Red
Blue
13
In a command economy, resources are owned by
individuals or the government
individuals or businesses
the government
businesses
14
Excises taxes and Subsidies are examples of:
market size
producer expectations
input costs
government action
15
The economic system that allows individuals the most freedom of choice is
Communism
Traditional
Capitalism
Socialism
16
Where would you find a
shortage
on the supply and demand graph?
under the equilibrium price
to the left of the equilibrium price
above the equilibrium price
to the right of the equilibrium price
17
Economics can best be defined as the study of:
Supply and demand
Demand for goods and services
Efforts to satisfy unlimited wants with scarce resources
Government taxation policies
18
Not having enough resources to meet human wants is called
need
shortage
scarcity
surplus
19
Rent control did what to the supply of apartments?
increased the supply
the supply remained the same
decreased the supply
20
Which of the curves in the image represents demand?
Red
Blue
