EPF Fall Benchmark Review

Front

In which economic system are you MOST LIKELY to see scare resources rationed by the government and citizens are only given access to fixed amounts?

Back

Command Economy

Front

In which economic system are you MOST LIKELY to see scare resources owned by private individuals who give access only to citizens that are willing and able to buy such products?

Back

Market Economy

Front

In this market structure, there is only ONE producer: Perfect competition, Monopolistic competition, Oligopoly, Pure monopoly

Back

Pure monopoly

Front

Which of the following is a correct disadvantage for producers or consumers in a perfectly competitive market? Producers: they experience high barriers to entry, Consumers: they experience high prices because of competition, Consumers: they have little to no options to choose from, Producers: they have little to no control over their price

Back

Producers: they have little to no control over their price

Front

If the federal government provided subsidies to producers of clean energy, and as a result more producers were encouraged to switch to that product, what did the subsidy serve as?

Back

an incentive

Front

According to the Law of Supply, as prices increase supply ____, and as prices decrease supply ____.

Back

increases, decreases

Front

Which of the following is the most likely result of the government providing tax credits to producers of a particular industry? Quantity demanded will increase, Quantity demanded will decrease, Quantity supplied will increase, Quantity supplied will decrease

Back

Quantity supplied will increase

Front

Which of the following is the most likely result of the government increasing regulations for producers of a particular industry? Quantity demanded will increase, Quantity demanded will decrease, Quantity supplied will increase, Quantity supplied will decrease

Back

Quantity supplied will decrease

Front

This term refers to a state in which market supply and demand balance each other.

Back

equilibrium

Front

What is it called when an economy experiences a period of contraction for longer than 6 months?

Back

recession