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Cycle 4 ECA Review Flashcards | StudBud
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Cycle 4 ECA Review
Cycle 4 ECA Review
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Questions
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Answers
1
What motivates the actions of firms in a Free Market?
Charity
Communism
Socialism
Profit
2
The amount of things consumers are willing and able to buy is:
Absolute Advantage
Comparative Advantage
Supply
Demand
3
Friedrich Hayek is known for writing "The Road to Serfdom".
True
False
4
A change in Productivity/Technology would shift a demand curve/
False
True
5
Supply Shocks include things like wars, hurricaines, tornadoes and earthquakes.
True
False
6
Resource Prices are a Determinant of Demand
True
False
7
Monopoly is a board game, not an economic term
True
False
8
Which of the following are benefits of a Free-Market Economic System?
Prices rise and fall based on Government edicts and planning.
Consumers choose what to buy, producers choose what to produce.
Government quotas for production of goods available for consumer use.
Jobs granted to all citizens as a birthright.
9
Engaging in trade helps nations maximize utiliy.
False
True
10
Trade is a benefit to all nations and helps protect Earth's scare resources.
True
False
11
Per the Law of Demand, what relationship exists between price and quantity demanded?
Direct
Inverse
Indicative
Proportional
12
What are the factors of production?
Tastes and Preferences
Land, Air, Sea, Space
Long Run Aggregate Supply
Land, Labour and Capital
13
Nations on Earth must produce all wants and needs within their borders.
True
False
14
Karl Marx advocated for which economic system?
Free Market Economy
Agricultural Economy
Command Economy
Mixed Market Economy
15
When production costs increase, firms do not pass this on to consumers.
False
True
16
Production Possibility Curves show all of the following but what?
Possibilities of producing two different types of goods.
How much of each good should be produced.
The concept of Opportunity Cost.
Limits of Production
17
What best describes economic systems worldwide?
All have been completely Free-Market since the fall of the Soviet Union.
Nearly all are Agrarian economies.
Nearly all are Mixed-Market economies.
All are Command economies since the fall of the Soviet Union.
18
When a small number of firms dominate one sector of the economy, it is called:
Monopoly
Duopoly
Oligopoly
Trichinopoly
19
John Maynard Keynes is considered the first modern economist.
True
False
20
When a nation has Comparative Advantage in a good, it means they:
Have the lowest per-unit opportunity cost when producing that good.
Can make the most of a good or make it faster than other nations.
Have the highest per-unit opportunity cost when producing that good.
Can make the least of a good or make it slower than other nations.
21
Economies that control health care, housing, transportation and other basics are closer to what type of Economic Model?
Traditional Economic Model
Command Economic Model
Feudal Economic Model
Free Market Model
22
Per the Law of Supply, what relationship exists between price and quantity supplied?
Proportional
Inverse
Direct
Indicative
23
In Economics, what do we call the satisfaction a consumer gets from what they purchase?
Oligopoly
Supply
Economic Specialization
Utiliy
24
When a market is experiencing a Monopoly, what does this mean:
One firm controls an entire segment of a market and limits competition.
One firm advocates for more competition within a market segment.
The government enacts laws to allow for more competition.
The government controls all means of production.
25
What are Mixed-Market Economies?
Economies that allow for multiple goods to be sold at the same market.
Economies with a mixture of Free Market and Command economic elements
Economies with a mixture of agrarian and traditional economic elements.
Economies that allow for a complete Free-Market in a nation.
