stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Microeconomics Flashcards | StudBud
Explore
/
Microeconomics
the law of supply states
Dividing tasks between employees
Microeconomics
20 terms
·
StudBud Administration
·
35 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Dividing tasks between employees
increases productivity
gives every employee something to do
makes everyone happier
forces people to work
2
the law of supply states
as price increases, demand increases
as price increases, supply decreases
as price increases, supply increases
as price increases, demand decreases
3
Demand for Zaxbys decreases when a new Cookout opens. Why did demand decrease?
Income
Substitute
Complement
Taste/preference
4
The perfect intersection of supply and demand is
economics
shortage
equilibrium
market economy
5
When you purchase a new pair of shoes, you are a:
producer
Trader
Economist
consumer
6
In a traditional economy, decisions are typically based on
the government
consumers
producers and consumers
custom and tradition
7
A drought causes a shortage in oranges. What happens to the price of oranges?
Increases
Stays the same
Decreases
Doesn't change
8
Which of these is an example of a "good?"
Traveling by plane
Getting a haircut
Getting professional photos taken
Bojangles
9
An economy in which the government makes most/all of the economic decisions is:
Traditional economy
Mixed economy
Market economy
Command economy
10
Which of these would most likely cause a decrease in consumer spending?
Having a huge sale
Increasing government spending
Decreasing the interest rate
Increasing income taxes
11
Which of these is a "want"?
Entertainment
Housing
Food
Water
12
Which of these is not a factor of production
Capital
Labor
Land
Income
13
The supply of cars increases after the company invests in new robotics. Why did supply increase?
Technology
Taste/preference
Substitutes
Complements
14
The basic economic problem that people must solve is
updating jobs to use new technology
satisfying unlimited wants with limited resources
making sure all resources are used
satisfying limited wants with unlimited resources
15
Land, labor, capital, & entrepreneurship are all
Factors of competition
Factors of microeconomics
Factors of production
Factors of economics
16
Ms. Maier chooses to go to Dunkin instead of Starbucks. What is her opportunity cost?
Dunkin
Deciding between the two
Starbucks
Getting to get coffee
17
The law of demand states
as price increases, demand increases
as price increases, supply increases
as price increases, demand decreases
as price increases, supply decreases
18
Hanna is a cosmetologist. Hanna provides a:
natural resource
resource
good
service
19
In a free market economy the price and quantity of goods & services are most strongly affected by
advertising
competition
borrowing
regulation
20
If you are making a trade-off, you are
making impossible decisions
making an opportunity cost
making an investment
choosing one good or service over another
