WorksheetsEconomics Exam Review 2
Total questions: 10
Worksheet time: 5mins
The place where the supply curve intersects the demand curve is known as equilibrium.
True
False
Which of the following is true about the demand curve?
As the supply quantity rises, the good’s demand decreases
As the price rises, the good’s demand decreases
As the price rises, the good’s demand increases
As the cost rises, the good’s demand increases
Supply and demand are __________ related.
Uniformly
Rarely
Not
Inversely
Select all of the following choices which are characteristics of the supply curve.
Displays a consumer’s willingness to buy a product
Demonstrates the law of supply
All factors affecting supply remain unchanged
Upward slope
Downward slope
a. ______________ is the theories, b. ___________________ and models which deal with the production, c. ___________________, and consumption of goods and d. _________________. Economics can be divided into e. ______________ branches.
a. Economics
b. Principles
c. Distribution
d. Services
e. Two
a. Principles
b. Distribution
c. Services
d. Economics
e. Three
a. Economics
b. Services
c. Distribution
d. Principles
e. Four
a. Distribution
b. Principles
c. Economics
d. Services
e. Five
Marco lives in a country where his career is determined by the careers of his ancestors. Which of the following economic systems does Marco’s country practice?
Traditional
Market
Centrally planned
Mixed
Which type of economic system allows full freedom to make decisions about employment, expenditures, savings and capital?
Centrally planned economic systems
Tradition economic systems
Market economic systems
Mixed economic systems
“To what degree is competition allowed” is one basic question to ask when distinguishing between economic systems.
True
False
Select all of the following choices which are considered to be disadvantages of a mixed economic system.
Freedom of consumer choice
Consumer needs are not met
Higher taxation to support public services
Some government control
Abuse of power and corruption could exist
__________ allows for the private ownership and management of businesses and resources.
Economics
Laissez-faire
Socialism
Capitalism
