Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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61 questions

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1.

FLASHCARD QUESTION

Front

What is the study of economics?

Back

The study of resource allocation

2.

FLASHCARD QUESTION

Front

For any combinations of goods and services, what is needed in order for a producer to shift its Production Possibilities Frontier outward?

Back

Technological advancement

3.

FLASHCARD QUESTION

Front

If a society wants to shift its Production Possibilities Frontier outward, what type of goods should the society put more of its resources toward? Options: Consumer goods, Capital goods, Luxury goods, Imported goods

Back

Capital goods

4.

FLASHCARD QUESTION

Front

Which of the following factors would cause the demand curve for a product to shift to the right?
Options:
Decrease in consumer income,
Increase in consumer preferences,
Increase in the price of substitutes,
Decrease in population

Back

Increase in consumer preferences

5.

FLASHCARD QUESTION

Front

What will cause movement along a demand curve?

Back

Change in the price of the product

6.

FLASHCARD QUESTION

Front

Which of the following factors would cause the supply curve for a product to shift to the right?
Options:
Increase in production costs,
Technological improvements,
Increase in taxes,
Decrease in the number of suppliers

Back

Technological improvements

7.

FLASHCARD QUESTION

Front

If a producer’s PPF shifts outward, will that be reflected as a shift out of their supply curve or demand curve?

Back

Supply curve

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