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Economics Marketplace (CE 11) Flashcards | StudBud
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Economics Marketplace (CE 11)
Economics Marketplace (CE 11)
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A review game for Economics Marketplace (CE 11) #vasols #economics #ce11
Flashcards
27 cards
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Practice quiz
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Host live
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Questions
27
Answers
1
"Businesses operate with no government interference." What type of economy is this?
free market
mixed
traditional
command
2
Government-owned businesses are also known as ______ in the US economy.
the free market
the private sector
private property
the public sector
3
Who determines demand in a free-market economy?
producer
consumer
businesses
the government
4
What is a basic economic question?
Who gets it?
What will be produced?
How can I make money?
For whom will it be produced?
5
A bulldozer is an example of what type of resource?
Capital
Human
Natural
Entrepreneurship
6
Most economies today, including the US, are ______ economies.
free market
mixed
command
traditional
7
All of the following are considered types of resources EXCEPT
Human
Capital
Entrepreneurship
Educational
8
Who determines demand in a free-market economy?
the government
consumer
producer
businesses
9
What do you call the process of combining resources to make goods and services?
Distribution
Demand
Production
Consumption
10
Which example describes a traditional economy?
Sweet Tooth advertises BOGO deals for their cookies
Burger House sells 1,000,000 sandwiches and invests in stock
Bizzy Sweets produces cupckakes and trades them for jeans
employees at a pizza shop paid by the government
11
These two gas stations show which aspect of the US economy?
consumer sovereignty
Profit
free market
competition
12
Trees are an example of what type of resource?
Human
Entreprenuership
Natural
Captial
13
When supply of a product is high, what will happen to the price of the item?
the product is unavailable
increases
stays the same
decreases
14
What is an example of a government intervening in a mixed economy?
building a railroad from one city to another
investing in education
President Obama buying a house
your parent buying a car
15
"People have power and choice in what they buy." What economic term is this describing?
private property
consumer sovereignty
free market
competition
16
All of the following are characteristics of a free market economy EXCEPT
individual choice
private ownership
competition
no consumer choice
17
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
command
traditional
mixed
free market
18
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
supply
consumption
incentive
demand
19
When supply of a product is high and demand is low, what will happen to the price of the item?
increases
stays the same
decreases
the product is free
20
John owns a store and decides what he wants to do with his profits. What economic system is it?
free market
command
traditional
barter
21
Who makes decisions for the public sector in a mixed economy?
individuals and business
government
individuals and government
individuals
22
In the US, people can own their means of production (stores). What does this describe?
private property
competiton
consumer sovereignty
natural resources
23
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
debt
price
market price
profit
24
Alex won the lottery and wants to invest in stock, not a new car. What is his opportunity cost?
The interest he earns on the money
The cost of the new car
The cost of the lottery ticket
The time he could spend driving
25
Scarcity refers to______ .
what is given up when a choice is made
things used to change economic behavior
the factors of production
in inability to satisfy all wants at the same time
26
There are two new shoe stores in Duc, NC. How will this benefit the people of Duc?
better quality with higher prices
better quality with lower prices
Lower quality of higher prices
lower quality with lower prices
27
In the US economic system, who makes decisions?
government only
business only
individuals, business, and government
individuals only
