Quantity demanded decreases as price increases

Quantity demanded increases as price increases

Quantity demanded decreases as price decreases

Quantity supplied decreases as price increases

As the price of a good or service increases, the quantity supplied by producers increases.

The law of supply is not related to the price of goods or services.

The law of supply states that producers will supply more of a good or service as the price decreases.

As the price of a good or service decreases, the quantity supplied by producers decreases.

Intersection of supply and demand curves

Point where supply exceeds demand

Where the price is set by the government

The highest price in the market

Marginal benefit is the additional benefit gained from consuming one more unit of a good or service.

Marginal benefit is the benefit derived from consuming a good or service at the average level.

Marginal benefit is the cost incurred from consuming one more unit of a good or service.

Marginal benefit is the total benefit gained from consuming a good or service.

Perfect competition is a market structure characterized by many small firms selling identical products, no barriers to entry or exit, price takers, and perfect information.

Perfect competition is a market structure where firms have complete control over pricing

Perfect competition is a market structure characterized by high barriers to entry and exit

Perfect competition is a market structure characterized by a single dominant firm controlling the market

Horizontal integration

Acquiring or merging with competitors in the same industry.

Vertical integration with unrelated industries.

Selling off assets to reduce market share.

Controlling multiple stages of the supply chain

Market structure where a small number of firms dominate the market

Market structure where only one firm dominates the market

Market structure where consumers dominate the market

Market structure where government regulates the market

Sherman Antitrust Act

The Sherman Antitrust Act was the first federal statute to limit cartels and monopolies.

The Sherman Antitrust Act was passed in the 20th century.

The Sherman Antitrust Act was repealed in the 19th century.

The Sherman Antitrust Act was focused on environmental regulations.

A corporation made up of several different companies in diversified industries.

A corporation that diversifies their stock portfolio

A corporation made up of failing companies

Market concentration is the dominance of a few large firms in a particular market.

Market concentration refers to the number of firms in a market, not their size.

Market concentration is the same as market competition.

Market concentration only applies to small businesses.

What are some of the factors of supply?

Production costs, technology changes, government policies

Number of producers or sellers, Producer expectations

Global population growth, consumer tastes

What are some of the factors of demand?

Price, income, preferences, expectations, number of buyers

Government regulations, international trade, technology

Elasticity of demand:

Elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price.

Elasticity of demand is not affected by consumer preferences.

Elasticity of demand measures the total revenue change when the price changes.

Elasticity of demand is the same as price elasticity of supply.

Inelasticity of demand:

occurs when the quantity demanded does not change much with a change in price.

is a concept that only applies to services.

is only applicable to luxury goods.

occurs when the quantity demanded increases with a decrease in price.

Gross national product (GNP)

Total value of all final goods and services produced by a country's residents at the end of the year

Total value of all goods and services imported by a country's residents at the end of the year

Total value of all intermediate goods and services produced by a country's residents at the end of the year

Total value of all final goods and services produced by a country's non-residents at the end of the year

Gross domestic product (GDP)

Total monetary or market value of all finished goods and services produced within a country's borders in a specific time period.

The total number of citizens in a country

The total amount of money in circulation within a country

Total monetary value of all imports and exports in a country

Economic indicators that change after the economy has already begun to follow a particular trend.

Political indicators that influence government policies

Social indicators that measure societal well-being

Leading indicators that predict future economic trends

Economic indicators that change before the economy starts to follow a particular pattern.

Leading indicators are economic indicators that have no impact on the economy.

Leading indicators are economic indicators that change after the economy starts to follow a particular pattern.

Lagging indicators are economic indicators that change before the economy starts to follow a particular pattern.

Global Interdependence

Interconnectedness and mutual reliance of countries on each other for economic, social, and political reasons.

The balance of trade is the difference between a country's exports and imports of goods.

The balance of trade is the difference between a country's birth rate and death rate.

The balance of trade is the difference between a country's GDP and GNP.

The balance of trade is the difference between a country's government spending and revenue.

the power of the government to take private property for public use with compensation to the owner.

the power of the government to take private property without compensation.

a legal term for property owners to reclaim land from the government.

a type of property ownership that grants full control to the government.

fixed-income securities issued by governments or corporations to raise capital.

Used to lower capital within the economy in case of inflation

Discretionary spending

Non-essential items or services

Government expenditures that are required by law and not subject to the annual budget process.

Voluntary spending determined by the government

Spending that can be adjusted annually based on the budget

Funds allocated for emergency situations

Government's use of taxation and spending to influence the economy

Individuals' use of taxation and spending to influence the economy

Government's use of monetary policy to influence the economy

Government's use of tariffs and subsidies to influence the economy

Monetary policy is the process by which a central bank controls the supply of money to achieve economic goals.

Monetary policy is the term used to describe the process of regulating international trade agreements.

Monetary policy refers to the process of setting interest rates by commercial banks.

Monetary policy is the process by which a central bank controls the supply of water to achieve economic goals.

Expansionary policy aims to boost economic growth and increase aggregate demand.

Expansionary policy aims to slow down economic growth and discourage spending.

Expansionary policy aims to reduce inflation and decrease aggregate demand.

Expansionary policy aims to stabilize the economy by reducing government spending.

Contractionary policy

Monetary policy tools used to reduce the money supply in the economy

Fiscal policy tools used to increase government spending

Monetary policy tools used to stabilize prices in the economy

Expansionary policy tools used to increase the money supply in the economy

Dividends are payments made by a corporation to its shareholders.

Dividends are taxes imposed on shareholders by a corporation.

Dividends are loans taken by a corporation from its shareholders.

Dividends are payments made by a corporation to its creditors.

Stocks represent ownership in a company and are bought and sold on stock exchanges.

Stocks are physical goods sold in stores.

Stocks are a type of soup made from bones.

Stocks are the wooden beams used to build houses.

What is the stock market?

The stock market is a place where securities like stocks and bonds are bought and sold.

The stock market is a place where animals are adopted.

The stock market is a place where cars are manufactured.

The stock market is a place where fruits and vegetables are sold.

A stock exchange is a marketplace for buying and selling securities.

A stock exchange is a place where you can buy groceries.

A stock exchange is a type of currency used in medieval times.

A stock exchange is a type of dance move.

Stock index is a measurement of a section of the stock market.

Stock index is a type of musical instrument

Stock index is a unit of measurement for temperature

A type of stock that pays dividends before common stock.

A type of stock that represents ownership in a corporation.

A type of stock that is riskier than common stock.

A type of stock that has a higher claim on assets and earnings than common stock.

Common stock represents ownership in a company.

Common stock is a type of insurance policy.

Common stock is a type of currency.

Common stock is a type of bond.

Ability to produce more of a good or service with the same resources or the same amount with fewer resources

Ability to produce the same amount of a good or service with more resources

Ability to produce less of a good or service with more resources

Inability to produce any good or service

Comparative advantage

Comparative advantage is the ability of a country to produce a good or service at a lower opportunity cost than another country.

Comparative advantage is only applicable to services, not goods.

Comparative advantage refers to the equal production capabilities of different countries.

Comparative advantage is the ability of a country to produce a good or service at a higher opportunity cost than another country.

Security and Exchange Commission (SEC)

Government agency responsible for enforcing federal securities laws

Organization responsible for maintaining national parks

Federal Deposit Insurance Corporation (FDIC)

An independent agency of the United States government that protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails.

FDIC only protects depositors in case of a stock market crash

the amount of funds that a depository institution must hold in reserve against specified deposit liabilities.

are the maximum amount of funds a bank can lend out to customers.

refer to the interest rate set by the Federal Reserve for banks to borrow money.

the amount of funds that a depository institution must hold in reserve against specified loan liabilities.

A tax paid directly by an individual or organization to the government.

A tax paid to a private entity instead of the government.

A tax paid indirectly by an individual or organization to the government.

A tax paid by the government to individuals or organizations.

type of tax collected by an intermediary from the person who bears the ultimate economic burden of the tax.

a tax paid directly by the consumer

a tax collected by the government

the central banking system of the United States.

Economics midterm unit 1&2 Review

Authored by Noah Watts

Financial Education

12th Grade

Used 3+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic problem of economics is what?

Scarcity

Inflation

Unemployment

Abundance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

Opportunity cost is the same as sunk cost

Opportunity cost is the total cost of all available options

Opportunity cost is the value of the next best alternative that must be forgone in order to pursue a different option.

Opportunity cost is the cost of the chosen option

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The 3 economic questions:

What goods and services will be produced?

How will goods and services be produced?

Who benefits from an expanding economy?

Who will get to use the goods and services that are produced?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Command economy

Monopoly

Supply and demand

Free market

Government control

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Traditional economy

Mixed economy is a combination of market and planned economies

Modern economy is based on supply and demand

Command economy relies on government control

Customs, traditions, and beliefs shape the goods and services produced.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mixed economy

A mixed economy is solely based on socialism.

A mixed economy combines elements of both capitalism and socialism.

A mixed economy is solely based on capitalism.

A mixed economy is a type of dictatorship.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market economy

A market economy is an economic system where supply and demand have no influence on production decisions.

A market economy is an economic system where prices are set by a central authority.

A market economy is an economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in the free market.

A market economy is an economic system where the government controls all aspects of production and distribution.

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Economics midterm unit 1&2 Review

The basic problem of economics is what?

What is opportunity cost?

The 3 economic questions:

Command economy

Traditional economy

Mixed economy

Market economy

Law of demand

Law of supply

Equilibrium point

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