Economics Final Exam

What is Economics?

• The study of how people manage scarce resources

• The study of money

• The study of how money works

• The study of the stock market

Who is the maker of goods?

• Producer

• Consumer

• Scarcity

• Supply Chain

Who is the purchaser of goods?

• Consumer

• Producer

• Economist

• Supply Chain

What is a debit card?

• A card that provides money that you have in your bank account.

• A card that allows you to spend money based on credit or money you do not have.

• A card to spend whatever you want.

• A magic card.

Which direction will the demand curve shift to show an increase in demand?

• Left

• Upward

• Right

• Downward

As prices increase demand...

• decreases

• escalates

• increases

• stays the same

Which economic system does the U.S. have?

• Command

• Mixed

• Traditional

• Market

What is the basic economic problem?

• Wants

• Needs

• Scarcity

• Consumers

Who is known as the "Father of modern economics?"

• Joseph Stalin

• Sigmund Freud

• Thomas Hobbs

• Adam Smith

What type of economic system would families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation?

• Traditional

• Command

• Market

• Nontraditional