Economics Final Review Levy Fall 2024

Front

The study of how societies deal with scarcity is known as

Back

Economics

Front

How do new technologies affect production possibilities?

Back

it would increase production

Front

What is the Law of Demand?

Back

as prices go up, demand goes down

Front

What is the Law of Supply?

Back

as price goes down, supply goes down

Front

You can easily carry money in a picket or purse, is which characteristic of money?

Back

portability

Front

In this economy, the consumers make all the economic decisions. They can decide what to produce, how to produce and for whom to produce. Which economic system is this?

Back

Free Enterprise

Front

Buying a ticket to the movies instead of paying your electric bill is an example of

Back

opportunity cost

Front

What is scarcity?

Back

resources are limited

Front

Which market structure have few sellers and some product differentiation?

Back

Ologopoly

Front

Which market structure has one seller?

Back

Monopoly