Economics Concepts Final Review Flashcard

Economics Concepts Final Review Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

Which of the following best describes the law of demand? As the price of a good increases, the quantity demanded increases., As the price of a good decreases, the quantity demanded increases., As the price of a good increases, the quantity demanded remains constant., As the price of a good decreases, the quantity demanded decreases.

Back

As the price of a good decreases, the quantity demanded increases.

2.

FLASHCARD QUESTION

Front

In a perfectly competitive market, which of the following is true? Firms are price makers. There are significant barriers to entry. Products are differentiated. Firms are price takers.

Back

Firms are price takers.

3.

FLASHCARD QUESTION

Front

Which of the following is a tool of monetary policy? Government spending, Taxation, Open market operations, Subsidies

Back

Open market operations

4.

FLASHCARD QUESTION

Front

If the government increases its spending, what is the likely short-term effect on aggregate demand?

Back

Aggregate demand will increase.

5.

FLASHCARD QUESTION

Front

Which of the following is considered a lagging economic indicator? Stock market returns, Unemployment rate, New housing starts, Consumer confidence index

Back

Unemployment rate

6.

FLASHCARD QUESTION

Front

What happens to the supply curve when there is a technological advancement in production?

Back

The supply curve shifts to the right.

7.

FLASHCARD QUESTION

Front

Which market structure is characterized by a single seller?

Back

Monopoly

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