I hate economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 1. Why might some historians consider Adam Smith one of the most influential people in history? | show 🗑
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| show | To think about your next step foward, marginal means "additional"
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| 3. What is a market? | show 🗑
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| 4.How are free markets efficient? | show 🗑
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| show | scarcity of needs, shortages, marginal utility, and cost of production.
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| 6. What are the factors of production? | show 🗑
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| show | Entrepeneur
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| 8. Why are tradeoffs necessary? | show 🗑
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| show | When making a purchase decision, consumer attempts to get the greatest value poosible for the lowest amount of money
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| 10. what are the 3 fundamental economic questions? | show 🗑
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| 11. What are the economic goals in a traditional economy? | show 🗑
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| show | Marketing towards a product like buy one get one free or 1/2 off
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| show | Market Economy
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| 14. What is specialization? | show 🗑
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| show | Economic interdependance
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| show | price increases
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| 17. In the Summer picnic season, a sharp rise in the price of brugers may lead to an increase in demand for what? | show 🗑
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| show | The supply demanded
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| show | The demand curve shifts to the left
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| 20. Supply depends on the willingness and ability of what? | show 🗑
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| 21. According to the law of supply, what happens as price increases? | show 🗑
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| 22. What could increase the supple of soccer balls? | show 🗑
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| show | elasticity
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| show | The supply increases
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| 25. What is an example of diminishing marginal utility? | show 🗑
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| 26. What is market equilibrium? | show 🗑
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| show | The supply of an item equals the quantity demanded
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| show | in a shortage
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| show | An early frost accompinied by ice storms
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| 30. What is the usual result of setting a price ceiling on rents? | show 🗑
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| show | to ensure that evryone could get essential scarce goods.
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| show | determined between the forces of market supply and demand
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| 33. How is the competition among resturants in a big city exampple of monopolistic competition? | show 🗑
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Created by:
mmartin59
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