stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 3 Review Flashcards | StudBud
Explore
/
Unit 3 Review
Unit 3 Review
20 terms
·
StudBud Administration
·
724 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
The Law of Supply states as price of a product decreases, quantity increases
False
True
2
The condition that exists when unlimited wants meet limited resources.
factors of production
scarcity
economics
rationing device
3
What are the three levels of production in a production possibilities curve?
realistic, non realistic, unrealistic
efficient, not efficient, unobtainable
efficient, not efficient, unrealistic
dependent, non-dependent, unobtainable
4
The most common rationing device is
Intelligence
Money
Capital Assets
Education Level
5
Blu-ray discs are on sale. What happens to the DEMAND of DVD players?
Increase
Decrease
None of the above
6
In the goods/production market, what do households supply firms with?
Labor
Capital
Money
Goods and Services
7
Law of Demand states when price falls, demand increases and vice-versa.
False
True
8
What is happening in the graph below?
Supply is decreasing
Demand is decreasing
Demanding is increasing
Supply is increasing
9
When a consumer is able and willing to buy a good or service they create which of the following
Demand
Consumption
Elasticity
Allocation
10
Which of the following is not a cause for Supply to increase or decrease?
Substitute
Technology
Taxes
Change of Resource Price
11
Trade-off is getting more of one good, by getting the same of another.
False
True
12
Economics is the sciences that studies the choices people make to satisify...
their wants in a world of scarcity
their needs in a world of plentitude
their passions in a world of scarcity
their desires in a world of plentitude
13
Which of the following is NOT a factor of production?
Technology
Capital
Entrepreneurship
Land
14
What is happening in the graph below?
Supply is decreasing
Equilibrium is decreasing
None of the above
Equilibrium is increasing
15
In the factors market, what do households supply firms with?
Money
Good and Services
Capital
Labor
16
Which point below shows the unobtainable level of production?
C
C & D
D
A & B
17
What is happening in the graph below?
Demand is decreasing
Supply is decreasing
Supply is increasing
Demand is increasing
18
The government cuts taxes to the middle class. Does this cause an affect on Demand or Supply?
Supply
Demand
19
A major drought has affected the growth of avocados. Is this a cause of Demand or Supply?
Demand
Supply
20
Which of the following is NOT a cause for Demand to increase or decrease?
Popularity
Income
Complement
Weather
