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Economic Environment Flashcards | StudBud
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Economic Environment
Economic Environment
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15 questions on economics and supply and demand
Flashcards
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Questions
15
Answers
1
If the supply ________, and the demand remains the same, there will be a surplus, and the price will go down.
decreases
increases
2
If the demand decreases, and the supply remains the same, there will be a shortage. This will mean the price will go up.
False
True
3
Even in generally free market economies, governments will...
Step in when the market gets things wrong
Maintain the rule of law
all of the above
Create public goods and services such as roads and education
4
The point of a business cycle fluctuation during which growth ceases and the economy has hit a bottom is called a(n):
expansion
trough
peak
cotraction
5
which country has a command economy?
austrailia
china
thailand
united states
6
When the price in some market is below its equilibrium price:
a shortage exists
a surplus exists
the quantity supplied is more than the quantity demanded
7
which is an example of a non-scarce resource?
time
water
gas
air
8
Falling economic indicators typically signal ________ in the economy.
depression
expansion
inflation
recession
9
In a command economy, economic effort is devoted to goals passed down from a ruler or ruling class.
False
True
10
The law of demand indicates that as the price of a good increases...
buyers purchase less of it
more of it is produced
government will start to regulate it
suppliers wish to sell it less
11
Market economies are based on private enterprise, which means
the number of government services is limited
there is no private property
economic decision making happens though market
private companies control the government
12
which of the following can shift the demand curve?
supply increases or decreases
population grows in a certain area
price of the good changes
government subsidies
13
Most economies in the real world are mixed; they combine elements of command and market systems.
False
True
14
what is he common supply curve on a graph?
down from right to left
up from right to left
down from left to right
up from left to right
15
what kind of economy is this?
competitive economy
command economy
market economy
european economy
