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Economics End of Course Review II Flashcards | StudBud
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Economics End of Course Review II
Economics End of Course Review II
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#economics
Flashcards
45 cards
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Practice quiz
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Questions
45
Answers
1
Headline: Unexpected drought in Calif. kills avocado crop. Shift in supply?
to the right
to the left
2
Ocean Spray and Land O' Lakes are examples of
cooperatives
nonprofit organizations
franchises
sole proprietorships
3
'We depend on others to produce g & s we need' represents which principle?
markets coordinate trade
scarcity forces trade-offs
costs vs benefits
trade makes people better
4
T/F: 5% or less is considered a stable inflation rate?
True
False
5
Which of the following is not a factor of production?
Labor
Land
Productivity
Capital
6
Which factor affects the elasticity of demand?
Availability of substitutes
Necessity vs luxury
Mobility of inputs
Price relative to income
7
Which of the following is a supply shifter?
Changes in the price of complementary goods.
Changes in consumer tastes and preferences.
Changes in income.
Changes in conditions due to natural disasters.
8
T/F: Shortages are temporary while scarcity is forever.
True
False
9
What is the diagram illustrating?
inelastic supply
inelastic demand
elastic supply
elastic demand
10
Headline: Fastfood chain raises prices on all of its menu items. Shifter?
No change in curve, movement along the curve
Changes in technology
Changes in consumer tastes and preferences
Changes in availability of substitutes
11
Which is the most true about the meaning of opportunity cost?
simply a lost opportunity
something we give up
the next best thing we give up for something else
best thing given up to have the second best thing we want
12
The Law of Diminishing Marginal Utility states that
increased consumption means less satisfaction with each unit
none are correct
increased consumption means increased satisfaction
less consumption results in increased satisfaction
13
Which of the following represents a market failure?
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
14
A point within the PPC curve means that
something impossible is happening.
resources are being used wisely and conservatively.
resources are scarce and cannot be obtained.
resources are being used in an inefficient way.
15
Which of the following is the best meaning of 'Ceteris paribus'?
all things being unequal
other relevant factors remaining unchanged
the customer is king
buyer beware
16
Can you diagram the Circular Flow Model of economics?
YES!
What's a circular flow?
Maybe????
Nooooooooo
17
Which of the following is an example of a public good?
Phone service
Street lights
Ubers
Airplanes
18
What unemployment rate is considered 'healthy'?
4 to 6 %
1 to 2 %
10 to 12 %
3 to 4 %
19
The Circular Flow Model has _____ flow(s).
4
1
2
3
20
Which of the following is not a principle of economics?
scarcity forces tradeoffs
first come first serve
cost vs benefit
incentives matter
21
Which demand does medicine have?
Elastic
Inelastic
22
What does the diagram illustrate?
elastic supply curve
inelastic supply curve
inelastic demand curve
elastic demand curve
23
What happens when prices are too high?
High demand
Surpluses
Shortages
Low demand
24
Which of the following is one of the six economic goals?
economic expansion
economic growth
economic motivation
economic input
25
T/F: The PPC shows how an economy might use its resources to produce TWO goods.
False
True
26
Which of the following is not a characteristic of an entrepreneur?
cautious
risk taker
strategist
decisive
27
Which of the following is NOT part of the GDP formula?
Household consumption
Exports
Inflation
Government spending
28
What affects the elasticity of supply?
Availability of income
Availability of inputs
Availability of complimentary goods
Mobility of inputs
29
T/F: Seasonal unemployment results when technology eliminates jobs.
False
True
30
What is the diagram illustrating?
supply
equilibrium
surplus
demand
31
T/F: In economics, a model is a simplified representation of reality.
False
True
32
Which of the following in NOT a characteristic of a market structure?
ease of entry
number of producers
control over prices
qualities of the consumer
33
The wheat industry is an example of which market structure?
oligopoly
perfect competition
monopolistic competition
monopoly
34
What happens when demand meets supply?
a collision
supplier is undercharging
the buyer and seller agree
equilibrium
35
The money made from owning shares of stock is called
capital gains.
interest.
wages.
dividends.
36
T/F: Rationing is the controlled distribution of an unlimited supply of a good or service.
False
True
37
Which of the following are illegal?
Collusion
Cartel
Black market
Rationing
38
Which of the following is a demand shifter?
Change in technology.
Change in the price of substitute goods.
Change in the number of producers.
Change in government policy.
39
The largest percentage of nonprofits support which of the following entities?
Education
The Arts
Hospitals
Businesses
40
Which market structure faces no competition?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
41
Which of the following is NOT one of the economic questions?
For whom will it be produced?
How will it be produced?
What will be produced?
Who will do the producing?
42
What results when prices are too low?
Shortages
Surpluses
43
Black markets arise when there are
shortages
surpluses
44
Which market structure does not face any difficulty in controlling prices?
monopoly
monopolistic competition
oligopoly
perfect competition
45
Which of the following is not included in determining the labor force?
members of the military
unemployed not looking for work
retirees
full time students
