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Intro to Economics Review Flashcards | StudBud
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Intro to Economics Review
Intro to Economics Review
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Questions
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1
Which of the following would have caused the change in demand in the curve?
The price increased
The are now more sellers of the item
The price dropped
The product became fashionable
2
What does Point "X" represent?
production impossibility
inefficiency
demand surplus
demand shortage
3
Today, an economy in which the government controls only major industries is known as
communism
socialism
capitalism
4
The Law of Supply states that as the price of a good/service increase, the supply will _____
increase
shift to the right
decrease
shift to the left
5
According to the graph, what is equilibrium (roughly)?
320
340
300
280
6
Which of the following is NOT one of the four factors of production (in it's most generic name)
capital
land
labor
energy
7
Which of the following pairs demonstrates "complements"?
hamburger :: bun
meat :: chicken
ketchup :: mustard
DVD :: DVD player
8
When the quantity demanded is higher than the quantity supplied, the result is
a shortage
scarcity
impossible
a surplus
9
A small price change resulting in a large change in demand is referred to as
inelastic demand
a shift in demand
change in supply
elastic demand
10
A type of economy in which the government will make all decisions.
command
market
mixed
traditional
11
Tom did not do his math HW. Which is NOT a possible opportunity cost for that?
Good quiz grade
Zero on the assignment
He got his science project done
Mother yells at him
12
What is the following curve showing?
production possibilities
supply curve
supply elasticity
demand curve
13
When the quantity supplied is higher than the quantity demanded, the result is
impossible
a surplus
scarcity
a shortage
14
What is the following?
production possibilities table
supply schedule
grocery list
demand schedule
15
Which of the following is not one of the economic questions that all societies must answer?
Who produces goods?
How should good be produced?
What should be produced?
For whom should goods be produced?
16
Which TWO of the following are disadvantages of capitalism?
there is no certainty for a stable economy
you can choose your own job
citizens are not guaranteed a job
the government controls the economy
17
What does Point "A" represent?
demand shortage
production impossibility
demand surplus
inefficiency
