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Interim Q3 Econ Review Flashcards | StudBud
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Interim Q3 Econ Review
Interim Q3 Econ Review
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Questions
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Answers
1
This economy has some aspects of market and command economy
Mixed
Traditional
2
What makes every party involved better off?
Surplus
Trade
Scarcity
Economics
3
What is included in factors of production?
customers and producers
Capital goods
workers and customers
Land+Labor+Capital
4
The price of paper towels decreases by $2. What will happen to the
supply
of paper towels?
Supply will remain the same
Supply will go up
Supply will go down
5
Would the following be considered a good or a service?
Service
Good
6
How is a shortage different from scarcity?
Shortage is permanent; scarcity is temporary
A shortage is temporary; scarcity is permanent
A shortage means you're not very tall
They aren't different, they mean the same thing
7
Silly bands come back into style due to a TikTok trend. What will happen to the
demand
for silly bands?
Demand will go down
Demand will stay the same
Demand will go up
8
The price of ps5 drops to $500. What will happen to the
demand
of the ps5?
Demand will go down
Demand will remain the same
Demand will go up
9
You do not have enough time to play your video games
and
do your homework:
Scarcity
Shortage
10
What does the Incentitives Matter principle refer to?
People respond to rewards
Monopolies are unlawful
You can't avoid incentitives
Businesses hate competitors
11
Which of the following is an example of a land resource?
Furniture
Chairs
Tables
Water
12
The price of a donut at DD goes up to $2.50. What will happen to the
supply
of donuts?
Supply will remain the same
Supply will go up
Supply will go down
13
When prices become stable / both producer & consumer are happy
Supply
Demand
Shortage
Market Equilibrium
14
Would the following be considered a good or a service?
Service
Good
15
The lack of hand sanitizer at the beginning of the Pandemic:
Shortage
Scarcity
16
an economy in which production, investment, prices, and incomes are determined by government
Mixed
Market
Command
Traditional
17
Traditional economy often operates through trade
False
True
18
The price of Starbucks coffee goes up to $7. How will this affect the
demand
for Starbucks?
Demand will remain the same
Demand will go down
Demand will go up
19
A hurricane destroys all of the apples produced in New York. What will happen to the
supply
of apples?
Supply will go down
Supply will go up
Supply will remain the same
20
an economy where consumers have a variety of options
Traditional
Market
Command
21
When supply=demand
Law of Supply
Market Equilibrium
Law of Demand
