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Beginners...
100
The degree to which changes in price cause changes in quantity demanded is called:
What is elasticity.
100
Which economic system gives individuals the largest influence?
What is market economy?
100
In a market economy, people tend to produce according to:
What is the profit motive.
100
Name a service.
What is ex. haircutting
100
The study of economics helps people:
What is A. become better informed citizens. B. evaluate political candidates. C. understand how an economy works.
200
When the price of a product increases:
What is quantity supplied remains unchanged.
200
The economy of the United States is an example of a market system called:
What is capitalism.
200
Name a human resource.
What is ex. worker?
200
If there is a surplus of a product, then we know that:
What is the equilibrium price is below the current price.
200
Adam Smith's invisible hand theory tends to explain the functioning of a:
What is market economy.
300
According to the law of demand, as the price of an item increases, consumers will buy:
What is less of that item.
300
When the government uses fiscal policy to control inflation, the result is:
What is an increase in the amount of unemployment?
300
A demand curve shows the relationship between:
What is price and quantity demand?
300
Banks use the money that is put into savings accounts by consumers to:
What is make loans to business?
300
In a traditional economic system, decisions are based on:
What is customs.
400
The total of the fixed and variable costs of making a product is the:
What is total cost.
400
The invisible hand idea argues that:
What is government control of the economy is not needed.
400
A production possibility curve is used to show:
What is unemployment rate.
400
The use of deficit spending by the federal government is similar to:
What is all of the above.
400
Economists study:
What is the production, distribution and consumption of goods and services.
500
If the price of a product goes up and nothing else changes, then:
What is producers will be willing to supply more of the product.
500
Businesses in capitalism would choose to buy a new machine if it would:
What is lower their cost and increase their profits?
500
The profit motive:
What is leads to lower prices, better quality, and greater variety?
500
In cities that have high levels of air pollution, people with asthma have increased medical costs. This is an example of:
What is a negative externality?
500
A basic economic problem facing all societies is:
What is scarcity of resources?
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