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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
25 terms
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Final
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
As income for people rises, demand for goods will do what?
remain stable
inflation
increase
decrease
2
The economic term of scarcity requires producers to make
inelastic products into elastic products
choices
more resources
an increase in the supply of goods
3
If a product has few substitutes, and tends to be a necessity it will have...
elasticity of demand
elastic demand
inelastic demand
a substitution effect
4
The four factors of production in the study of Economics include...
capital, resources, entrepreneurship, goods, services
goods, services, entrepreneurship, capital gains
land, capital gains, oil, services
land, labor, capital, entrepreneurship
5
Which goal of the U.S. economy is concerned with questions of fairness and right and wrong?
economic freedom
economic security
economic stability
economic equity
6
If a product has many substitutes, is not a necessity, it will tend to have this type of demand
shortage
surplus
elastic demand
inelastic demand
7
A production possibilities curve illustrates all the
economic choices a society can make
technological changes needed for increased production
combinations of two goods or services that can be produced
business organization's philosophy
8
Economic system where individuals answer the three basic economic questions
traditional economy
command economy
mixed economy
market economy
9
When you purchase an item in a store, you are known as an...
entrepreneur
consumer
producer
economist
10
Competition in a free market tends to...
have little or no effect on supply
decrease the supply of goods to the market
increase the supply of goods to the market
cause supply to fluctuate
11
The following can shift the demand curve except
income
prices of related goods
price
market size
12
An assumption in making a production possibilities curve is...
technology will change
technology will not change
factors of production do not remain constant
available resources will change
13
All of the following can affect the market size except
new technology
price
private business decisions
government policy
14
What are the three main categories of mixed economies?
socialism, communism, capitalism
laissez-faire, free market, capitalism
market communism, capitalism, laissez-faire
capitalism, democratic socialism, market economy
15
If the price of a good with elastic demand is lowered, what will be the result?
large increase in quantity supplied
no change in demand for good
slight rise in demand
large decrease in quantity demanded
16
If the price of resources fall, what will happen to the quantity supplied?
all of the above
it will increase
it will fluctuate
it will decrease
17
Making the best use of scarce resources has to do with
freedom
efficiency
equity
security
18
What effect will a small price rise have on the demand for an inelastic product?
demand will decrease drastically
demand will fluctuate
little or no effect on demand
demand will rise drastically
19
Study of how societies satisfy unlimited and competing wants with the careful use of resources
technology
microeconomics
economics
macroeconomics
20
The following government tools can cause the supply of goods and services to shift except
regulations
taxes
elections
subsidies
21
Economic system where the three basic economic questions are rooted in the past
mixed economy
traditional economy
market economy
command economy
22
The economic goals of the United States include
production, equity, security
freedom, production, stability
freedom, efficiency, regulation
efficiency, equity, security
23
All of the following are non-price determinants that effect the supply curve except
cost of resources
supply schedules
government tools
competition
24
The buildings, machinery, and tools used in the production process of businesses
capital goods
human resources
natural resources
consumer goods
25
The goal of economic stability involves what two concerns
achieving stable prices, protecting members from poverty
ensuring freedom of choice, protecting members from poverty
achieving full employment, establishing stable prices
Increasing production, achieving full employment
