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Final Exam Review Econ Alive Flashcards | StudBud
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Final Exam Review Econ Alive
Final Exam Review Econ Alive
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Review for Final Exam
Flashcards
46 cards
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Practice quiz
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Questions
46
Answers
1
The world does not barter anymore
False
True
2
Which is an Advantage of a Partnership?
Full Decision making power
Conflict between partners
Unlimited Liability
Specialization
3
Canada is the largest trading partner for the US
True
False
4
Non-Profit organizations are NOT businesses
True
False
5
Federal Reserve is a bank for banks
False
True
6
How does Commerce Clause promote independence?
Discourages local markets
Defines legislative powers vaguely
Puts pressure on states to increase production
Keeps states from creating trade barriers
7
What type of business has more than one owner?
Sole Proprietorship
Partnership
8
153 Countries that agree to the same trade rules
NAFTA
WTO
Standard of Living
VER
9
Liquidity means it is difficult to turn into cash
False
True
10
Exports > Imports
Trade Surplus
Appreciation
Trade Deficit
Depreciation
11
Why Americans specialize more today than in the past
Live in less crowded conditions
More vocational training
More access to markets
Depend less on transportation
12
A company that does business in more than one country
Money Market Accounts
Multinational
Sole Proprietorship
Cooperatives
13
Construction companies often have seasonal unemployment
False
True
14
The total value of the goods and services that a person has in their life
Standard of Living
Exchange Rate
Differentiation
Liquidity
15
Flexibility is a quality of money
True
False
16
Which is an advantage of Sole Proprietorship?
Limited growth
Loss of Control
Easy to start up & Close
Unlimited liability
17
A loan used to buy real estate
Trade Deficit
Mutual Fund
Mortgage
Bond
18
Investment w/ guaranteed return rate for a certain period of time, buy you CAN'T remove your $
Mutual Fund
Bonds
CD's
Mortgage
19
Imports > Exports
Trade Deficit
Appreciation
Trade Surplus
Depreciation
20
Free Trade Agreement between the US, Canada, Mexico
Absolute Advantage
Trade Deficit
WTO
NAFTA
21
A business that is owned and operated by a group of individuals for their shared benefit
Liquidity
Multinational
Cooperatives
Mutual Funds
22
Retirement investments that help you diversify your portfolio
Franchise
Multinationals
Cooperatives
Mutual Funds
23
Loans from people to the Government or a company for a fixed time & a fixed amount of interest
CD's
Franchise
Bonds
Mutual Funds
24
Why are people concerned w/ the US trade deficit?
Limits specialization
Forces US workers to lose their jobs
May allow another country to have undue influence on US econ
Worried about trade surplus
25
A weak dollar is helpful to US exports
True
False
26
One currency loses value relative to another country
Exchange Rate
Trade Surplus
Depreciation
Appreciation
27
Retirement investments that help diversify your portfolio
Money Market Accounts
Liquidity
Mutual Funds
Cooperatives
28
A country produces a good better than most others
Exchange Rate
Absolute Advantage
Comparative Advantage
Trade Surplus
29
The value of a currency in terms of another
Depreciation
Appreciation
Exchange Rate
Differentiation
30
The climate of a country may give it a comparative advantage
False
True
31
When a parent company allows an independent business owner to use its name
Franchise
Cooperative
Mutual Fund
Multinational
32
What is the relationship between time and interest rates
Longer time usually equals higher interest rates
Longer time usually has no effect on interest rates
Shorter time usually has no effect on interest rates
Shorter time usually equals higher interest rates
33
Bartering was the first form of money
True
False
34
What is the difference between 401K's & 403B's
403b comes from a non-profit company
401k is not a pre-taxed investment
403b is not a pre-taxed investment
401k comes from a non-profit company
35
FDIC
Is a bank for banks
Protects or Insures your deposits up to a certain amount
Is a pre-taxed investment plan
Is a retirement savings plan
36
What type of business has one owner?
Sole Proprietorship
Multinational
Corporation
Partnership
37
The types of goods being traded has led to an increase in global trade
True
False
38
A country has less opportunity cost in producing a good than another country
Standard of Living
Comparative Advantage
Absolute Advantage
Exchange Rate
39
Which is true about sole proprietorships?
Owners usually make a lot of money
Most are big companies
Many of the jobs are in manufacturing
They account for a small % of the business worlds profits
40
Which is NOT an advantage of trade
Moves goods to people that value them
Lowers the cost of goods
Creates conflict
Increases wealth
41
Which is NOT a service offered by banks?
Giving Money
Storing Money
Saving Money
Loaning Money
42
The ability to be used as or converted to cash
Liquidity
Money Market Accounts
Bonds
CD's
43
A company that uses all of its revenue in the running of the company
Multinational
Sole Proprietorship
Partnership
Nonprofit Organization
44
Investments that are risky because they are not covered by the FDIC
Liquidity
Mutual Funds
CD's
Money Market Accounts
45
One currency gains value relative to another currency
Trade Surplus
Appreciation
Trade Deficit
Depreciation
46
Real GDP adjusts for inflation
True
False
