What do economists believe people respond to?

Economists believe people respond to incentives.

Economists believe people respond to traditions.

Economists believe people respond to emotions only.

Economists believe people respond to random events.

Define or explain: Profit.

Profit is the financial gain made in a transaction, which is the difference between the amount earned and the amount spent in buying, operating, or producing something.

Profit is the total amount of money spent on producing goods or services.

Profit is the loss incurred in a business transaction.

Profit is the amount of taxes paid by a business.

Define or explain: Market.

A market is any structure that allows buyers and sellers to exchange goods, services, or information.

A market is a place where only sellers meet to discuss prices.

A market is a government office that regulates trade.

A market is a type of currency used for international trade.

Define or explain: Demand.

Demand is the quantity of a good or service that consumers are willing and able to buy at various prices during a given period of time.

Demand is the total amount of goods produced by firms in a market.

Demand is the price at which a good is sold in the market.

Demand is the amount of money spent by the government on public goods.

A graphical representation showing the relationship between the price of a good and the quantity demanded.

A chart showing the supply of goods in a market.

A table listing the prices of goods over time.

A list of consumer preferences for different products.

The five shifters of demand are:

Income, Price of Related Goods, Tastes and Preferences, Expectations, Number of Buyers

Price, Income, Tastes and Preferences, Expectations, Number of Buyers

Supply, Price, Technology, Government Policy, Number of Sellers

Income, Technology, Price, Number of Sellers, Government Policy

The difference between quantity supplied and quantity demanded is:

Quantity supplied refers to the amount producers are willing to sell at a certain price, while quantity demanded refers to the amount consumers are willing to buy at that price.

Quantity supplied is always greater than quantity demanded.

Quantity demanded is the same as supply.

Quantity supplied and quantity demanded are unrelated.

Supply Schedule: A supply schedule is:

a table showing the relationship between price and quantity supplied

a timetable for production shifts

The shifters of supply include which of the following sets?

Input prices, technology, expectations, number of sellers, government regulations, taxes and subsidies, natural conditions

Demand, price, consumer income, advertising, market trends, population, weather

Interest rates, inflation, unemployment, GDP, trade balance, exchange rates, tariffs

Product quality, branding, packaging, distribution channels, customer service, warranty, after-sales support

The demanders of demand are:

Consumers, firms, government, foreign buyers, and investors

A shift in supply or demand is different from a change in price/quantity supplied/quantity demanded because:

A shift represents a change in the entire curve, while a change in price/quantity is a movement along the curve.

A shift only affects price, not quantity.

A change in price/quantity supplied/demanded changes the entire curve.

There is no difference between a shift and a change in price/quantity.

a situation where demand exceeds supply

an excess of supply over demand

a balance between supply and demand

a government-imposed price floor

Supply and demand work together to find price by:

Balancing the quantity supplied and demanded until an equilibrium price is reached

Setting prices based on government decisions

Allowing only suppliers to decide the price

Letting only consumers set the price

Inflation is defined as:

A general increase in prices and fall in the purchasing value of money.

A decrease in the supply of money.

A reduction in the price of goods.

A general decrease in the price level of goods and services.

A general increase in the price level of goods and services.

A decrease in the value of money.

An increase in the supply of money.

A Progressive Tax System is defined as:

A tax system where the tax rate increases as the taxable amount increases.

A tax system where everyone pays the same amount of tax.

A tax system where the tax rate decreases as the taxable amount increases.

A tax system with no taxes at all.

Exports are defined as:

Goods and services sold to other countries

Goods and services bought from other countries

Goods produced and consumed domestically

Define the term 'Imports'.

Imports are goods and services brought into a country from abroad for sale.

Imports are goods and services produced within a country for domestic use.

Imports are goods and services sent to other countries for sale.

Imports are taxes imposed on goods and services.

Define the term 'Stock'.

Stock represents ownership in a corporation and a claim on part of its assets and earnings.

Stock is a type of government-issued bond with fixed interest.

Stock refers to a company's physical inventory of goods.

Stock is a form of insurance policy for business assets.

Define the term 'Dividend'.

A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.

A dividend is a type of loan given by shareholders to a corporation.

A dividend is a tax imposed on corporate earnings by the government.

A dividend is a penalty paid by companies for late tax payments.

Define the term 'Recession'.

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months.

A recession is a period of rapid economic growth and rising employment.

A recession is when the government increases taxes to control inflation.

A recession is a time when only the stock market experiences a decline, but other sectors grow.

Define the term 'Business Cycle'.

A business cycle is the fluctuation in economic activity that an economy experiences over a period of time, typically consisting of periods of economic expansion and contraction.

A business cycle is the annual profit and loss statement of a company.

A business cycle refers to the process of starting and closing a business within a year.

A business cycle is the schedule of business meetings in a fiscal year.

Why do all societies have to make decisions about how resources will be used?

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

Not enough of something you wanted

Too much of something you wanted

The exact amount of something you wanted

Which is NOT a question all societies have to answer due to scarce resources?

When will products be produced?

What products will be produced?

Who will gets access to the resources and the products they produce?

Economics Final Study Guide 2024

Authored by Michael Bunch

Social Studies

12th Grade

Used 11+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

52 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is rationing?

A system of allocating scarce goods and services

A method of increasing production

A way to reduce prices

A process of advertising products

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal Cost is:

The additional cost of producing one more unit

The total cost of production

The fixed cost of production

The average cost per unit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decision at the margin is:

a choice made by comparing all alternatives at once

a choice made by comparing the additional benefits and costs of a decision

a decision made without considering opportunity cost

a decision made only in the long run

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Complete the study guide. Practice as much as possible before your final.

Before your final

After your final

During your final

Never

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three basic questions a country must answer?

What to produce, how to produce, and for whom to produce

Who will rule, how to rule, and when to rule

What to import, how to import, and from where to import

Who will pay taxes, how much to pay, and when to pay

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define or explain: Income Distribution.

Income distribution refers to how a nation’s total earnings are divided among its people.

Income distribution is the process of creating new sources of income for a country.

Income distribution means the government collects all income and redistributes it equally.

Income distribution refers to the total amount of money a country earns from exports.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define or explain: Globalization.

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

Globalization is the restriction of trade and communication between countries.

Globalization is the process of isolating a country from the rest of the world.

Globalization is the practice of only conducting business within a single country.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

50 questions

UD06_Distribución

Quiz

•

10th - 12th Grade

50 questions

PFL 2nd Semester Exam - 5, 6, 10, 11, 12, 13, 14

Quiz

•

9th - 12th Grade

48 questions

American Government Midterm Review

Quiz

•

9th - 12th Grade

50 questions

AP Macro: CPI and Inflation

Quiz

•

11th - 12th Grade

48 questions

AP Psychology: Learning

Quiz

•

9th Grade - University

50 questions

Latihan Soal PAS IPS Kelas 8 semester 1

Quiz

•

12th Grade

50 questions

quiz on Indian Constitution 2022

Quiz

•

5th - 12th Grade

55 questions

Human Rights

Quiz

•

10th - 12th Grade

Popular Resources on Wayground

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

29 questions

Alg. 1 Section 5.1 Coordinate Plane

Quiz

•

9th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

11 questions

FOREST Effective communication

Lesson

•

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for Social Studies

15 questions

SBAC Practice HSS26_Vasquez

Quiz

•

9th - 12th Grade

16 questions

SBAC Practice HSS26

Quiz

•

9th - 12th Grade

39 questions

Gov: Unit 2 Test Spring 2026

Quiz

•

12th Grade

25 questions

Unit 6: Economic Measurements Vocabulary

Lesson

•

12th Grade

36 questions

Unit 5 Key Terms

Quiz

•

11th Grade - University

7 questions

Japanese Imperialism

Lesson

•

9th - 12th Grade

15 questions

Unit 6A WWI Vocab

Quiz

•

12th Grade

10 questions

Erik Erikson's Stages of Human Development

Quiz

•

9th - 12th Grade

Economics Final Study Guide 2024

What is rationing?

Marginal Cost is:

A decision at the margin is:

Complete the study guide. Practice as much as possible before your final.

What are the three basic questions a country must answer?

Define or explain: Income Distribution.

Define or explain: Globalization.

What are the responsibilities of people in a free enterprise economy?

What do economists believe people respond to?

What is the circular flow diagram?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies