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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
35 terms
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Lenczewski's Economics Review
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
You shop around and find that at every store, an XBOX is the same price. What does this show?
demand
competition
capitalism
monopoly
2
What occurs when countries sell what they have to other countries to buy what they lack?
supply
trade
production
demand
3
What has happened to interdependence since world trade has grown so much?
it has stayed the same
it has increased
it has stopped
it has decreased
4
What factor of production includes equipment and machinery for production?
labor
capital
entrepreneurship
land
5
What does a producer make if he/she has a trade-off?
a choice
increased supply
a trade with another country
competition with other businesses
6
What does increase competition among consumers do to prices?
decreases
nothing
increases
decrease supply
7
What factor led Jan to buy boots for her skiing trip?
quality
purpose
price
advertising
8
If the United States sent products to Japan, what kind of product is that for the U.S?
export
competition
import
monopoly
9
What price should producers sell their product to make both consumers and producers happy?
the lowest price
the highest price
the market price
for zero price
10
What are owners and producers in any economic system?
rich
smart
producers
consumers
11
Which type of economic system does the United States have?
traditional
free-market
command
democracy
12
If the United States buys products from China- what is that product called?
monopoly
export
competition
import
13
Joe bought coffee from Starbucks after he saw a commercial about them- what factor led to this?
advertising
quality of product
brand name
competition
14
A boss must choose between buying new coats or sweaters. What is scarce?
time
coats
sweaters
money
15
Law of Demand: As the prices decrease....
competition occurs
monopolies occur
supply increases
demand increases
16
Cocoa trees were destroyed during a hurricane- what will happen to the cocoa market?
demand will decrease
supply will increase
prices will decrease
prices will increase
17
What does increased competition between sellers do to prices?
decreases
increases
nothing
lower demand
18
What product would a developed nation trade?
wheat
fish
cars
bananas
19
What product would a developing nation most likely produce?
computers
fruit
televisions
automobiles
20
James is an artist owner who has the skills to paint. What is he?
entrepreneur
consumer
both a and c
producer
21
Why does the United States import crops like bananas from Mexico?
we lack advanced technology to grow bananas
we want to become a developing nation
we want to give them business
we lack the proper climate to grow bananas
22
What happens to the quantity supplied as the price increases?
increases
decreases
stays the same
increases by 30
23
If prices go down, what happens to the demand, according to the Law of Demand?
goes down
bankruptcy
stays the same
goes up
24
What factor of production are human resources?
capital
land
entrepreneurship
labor
25
What is it called when producers and consumers agree on a price?
both a and b
none of the above
equilibrium
market price
26
What factor of production are trees in the production of books?
entrepreneurship
capital
land
labor
27
What does competition result in?
lower prices
better quality
all of the above
more services
28
Which of the following is an example of a capital resource?
farmer
oranges
table
money investment
29
What happens to the demand of coffee as the price decreases?
nothing
increases
decreases
30
What is the factor of production that includes natural resources?
land
entrepreneurship
capital
labor
31
Who loses if the supply is greater than the demand?
consumers
producers
none of the above
both a and b
32
What does a monopoly not allow for?
exports
trade
imports
competition
33
What factor of production is a teacher?
capital
land
labor
entrepreneurship
34
What is this an example of- "Our prices are the lowest"?
communism
monopoly
a sale
competition
35
What are people who buy products?
producers
consumers
rich
executive
