How might this business reach point Y?

Attaining growth through innovation

A giant meteor crushes a bunch of history nerds (RIP Mrs. Lloyd). The loser demand for Hamilton tickets

shifts left due to number of buyers

How would you describe moving from point X to point B?

Moving from Underutilization to efficiency

Which of these is not one of the three fundamental economic questions?

When are goods and services produced?

The economic concept of guns or butter means that

Government must balance military and civilian goods

How is a shortage different from scarcity?

A shortage can be temporary; scarcity always exists

What does a circular flow model of a market economy show?

How Households and firms trade money, resources, and product

Every decision involves tradeoffs because

Everyone's resources are limited

What does a movement from point B to C show?

Increasing opportunity cost of refrigerators

A company that makes baseball caps is underutilizing its resources. What does this mean?

Company is producing fewer caps than it could be

How would you describe a move on the PPF from point C to point A?

Increasing opportunity cost of cars

Which of the following would make equilibrium price increase for gasoline?

People are paid more by their employers

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Economics Unit 1 Review 2021

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Econ Unit 1

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Questions 21

Answers

1
instead of bartering, we use money as a _______________.
medium of exchange
unit of account
store of value
None of the above
2
How might this business reach point Y?
Moving along curve to efficient underutilization
Encouraging underutilization
Attaining growth through shortage
Attaining growth through innovation
3
A giant meteor crushes a bunch of history nerds (RIP Mrs. Lloyd). The loser demand for Hamilton tickets
shifts right due to expectations
shifts right due to taste
shifts left due to income
shifts left due to number of buyers
4
How much Bitcoin is worth goes up and down constantly, sometimes a lot. The dollar is a better _________ than Bitcoin.
Medium of Exchange
Unit of Account
Store of Value
None of the above
5
How would you describe moving from point X to point B?
Moving from efficiency to more efficiency
Moving from Underutilization to efficiency
Moving from Unattainable to Underutilization
Moving from efficiency to Underutilization
6
Money can measure how much something is worth. It can function as a ___________.
Store of value
None of the above
Medium of exchange
Unit of account
7
Which of these is not one of the three fundamental economic questions?
How are goods and services produced?
For whom are goods and services produced?
What goods and services should be produced?
When are goods and services produced?
8
If the price of staples increases....
demand for staplers decreases
quantity demanded for staples increases
demand has shifted left
supply has shifted right
9
If a famous person endorses a product, that product's demand will increase because of
Resource Cost
Taste
Amount of Buyers
Related Goods
10
The economic concept of guns or butter means that
A person can spend money on either sports equipment or food
Government can buy unlimited military and civilian goods
A company must decide what to manufacture; guns or butter
Government must balance military and civilian goods
11
If electric cars become more popular, which of the following will happen?
Price of Gas increases
Demand for Gas stays the same
Demand for Gas shifts left
Supply for Gas shifts right
12
How is a shortage different from scarcity?
A shortage can be temporary; scarcity always exists
There is no real difference between a shortage and scarcity
A shortage comes from rising prices; scarcity falling prices
Shortage lacks goods and services; scarcity involves 1 item
13
If Taylor is selling shoes for $190 a pair other people will start selling shoes like his because of
The law of Supply
The law of Demand
The law of Equilibrium
The law of Gravity
14
What does a circular flow model of a market economy show?
How households and firms need the same resources
How households choose the goods and services they buy
How Households and firms trade money, resources, and product
How firms control employee wages and salaries
15
What is included in this graph?
Shortage
Decrease in Supply
Decrease in equilibrium price
Increase in Demand
16
If demand for gas shifts left, what happens to equilibrium price?
The price is lowered
Price does not change, only quantity demanded
The price remains rises
Price does not change, only quantity supplied
17
Every decision involves tradeoffs because
Some decisions are made for business, others for society
Everyone has to make decisions
Everyone's resources are limited
Some people have more money than others
18
What does a movement from point B to C show?
Increasing opportunity cost of cars
Increasing Efficiency
Underutilization of refrigerators
Increasing opportunity cost of refrigerators
19
A company that makes baseball caps is underutilizing its resources. What does this mean?
Company is making caps when it could be making t-shirts
Company is running more efficiently than its competitors
Company is producing fewer caps than it could be
Company pays its employees less than it should be
20
How would you describe a move on the PPF from point C to point A?
Efficiency
Underutilization
Increasing opportunity cost for refrigerators
Increasing opportunity cost of cars
21
Which of the following would make equilibrium price increase for gasoline?
More oil rigs built off coast of Alaska
People are paid more by their employers
Increased preference for electric high speed rail travel
New oil rig technology makes harvesting oil more efficient

Economics Unit 1 Review 2021 Flashcards | StudBud