Search Header Logo
Economics BM Review

Economics BM Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Anthony Angle

FREE Resource

Student preview

quiz-placeholder

14 questions

Show all answers

1.

FLASHCARD QUESTION

Front

If milk is priced at $2/gallon, there would be a shortage of 20 million gallons.

Media Image

Back

Based on the graph, a price of $2 per gallon leads to a shortage.

2.

FLASHCARD QUESTION

Front

Gains from trade arise mainly because:

Back

Total world output increases when each country specializes.

3.

FLASHCARD QUESTION

Front

Free trade can lead to trade imbalances. What is it called when a country exports more than it imports?

Back

Trade surplus.

4.

FLASHCARD QUESTION

Front

Reasons for the shift in the production possibilities curve (BB to BD):

Media Image

Back

1. Increased demand for consumer goods 2. Increased demand for capital goods 3. New technology for capital goods 4. New technology for consumer goods Correct Answer: New technology for consumer goods

5.

FLASHCARD QUESTION

Front

Action Congress would likely take to combat inflation:

Back

Decrease government spending or increase taxes.

6.

FLASHCARD QUESTION

Front

FOMC's action to increase money supply:

Back

Buy government bonds.

7.

FLASHCARD QUESTION

Front

What does NOT shift the supply of goods in the market?

Back

An increase in the number of consumers.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?