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Econ final review
12 month period that can begin on any date
Why do prices change
Econ final review
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1
Why do prices change
Demand/Production
Production
Cost of goods
Taxes
2
12 month period that can begin on any date
Monetary year
Financial year
Fiscal Year
Calendar year
3
What is a closed shop
non union employees are can work with conditions
only non union members can work
only union members can work
union employees and non union employees can work
4
If you own a business your self it is what type of a business?
Class C Corporation
Partnership
Sole Proprietorship
LLC
5
Two or more companies join it is called a what?
Buy out
merger
LLC
Joint venture
6
Any item used as money.
Representative money
currency
fiat
commodity
7
Cost to produce something
Gross cost
Deficit cost
Marginal Cost
Cost of production
8
When a bank fails what happens?
Another bank takes over
The fed collects all debts
The FED takes over
Every thing is lost
9
Yes / No Does credit have to be excepted
No
Yes
10
If the fed increases the reserve ratio they are attempting to do what with the economy?
Slow down the economy
Speed up the economy
Change interest rates
Change the dollar value
11
Mark all that are correct. The thee types of businesses
LLC
Proprietorship
Partnership
Corporation
12
Not enough money to pay government bills
Shortfall
Deficit
Deposit
Surplus
13
What is the term that means you want and can pay for something?
low production
aggregate demand
over demand
aggregate supply
14
Who won the banking debate?
Federalists
Anti-Federalists
15
Define
Benefits-received
principles.
citizens pay tax to get benefits
taxation is equal to overall benefits
benefits to citizens is based due to taxes received
taxation is based on benefits received
16
Fiscal policy is
tax collection
using government revenues to influence the economy
government spending
changing the way the nation spends money
17
Which are variable assets
Wages
Raw materials
Advertising
Rent
18
Treasury Note can be redeemed after
20 years
2-10 years
months - 18 months
anytime
19
What are levels of a union member
beginner, journeyman
starting, professional
Skilled, beginner
unskilled, professional
20
What is a Multiplier effect
income changing the way the Fed changes the input of funding
funding changing do to hikes in money market interest
Changes in house hold income due to small changes by the Fed
Income holding its own with changes made by the Fed
21
What is a partnership?
when you work for someone else
when two or more individuals own a business
a small corporation
When you own a business your self
22
What is wrong with a time deposit?
Low interest rate
Type of investment
High interest
When you can with draw
23
FED is abbreviation for
Federal Reserve bureau
Federal Reserve Branch
Federal Reserve Bank
Federal Reserve Board
24
OMB is an abbreviation for
Office of Money and Budget
Office of Management and Bureau of Statistics
Office of Money and Bureau of Statistics
Office of Management and Budget
25
Russian Economy
Communism
Command/ Market
Socialism
26
The role of the ________ is to hold cash reserves, supervise banks, and move money
Federal Reserve Board
Federal Bank
Regional Bank
Local Bank
27
How long was the First Bank of The United States in place?
20 years
15 Years
10 years
30 years
28
How much money can you safely deposit in a bank insured by the FDIC?
2,500,000.00
$200,000.00
$100,000.00
$250,000.00
29
When did the term "Greenback" come into use?
Civil war period
Revolutionary period
World War I
World War II
30
Another term for trading is items instead of using money
Switching
Barter
Exchanging
31
Monetary worth is what?
Financial worth
Long term worth
Value
Currency
32
What created the current banking system?
Central Banking system
Banking act
Federal reserve act
33
What is a Right to Work State?
Any one can work any job
Only union members ca work jobs
34
What role does price play
price helps determine the distribution of resources
price determines sales
price signals the surplus or shortage
price determines who purchases
35
What is Engel's law
rich eat less starchy foods than poor
poor eat less starchy food than rich
wealthier spend more on food than poor
poor spend more on food than rich
36
What is Fiat money?
Money that is backed by gold
Money issued by a government
Play money
Money issued by a state
37
What term is used for what drives the U.S economy?
People
Capitalism
Banks
Workers
38
Exchange of one good for another in direct trade.
trade
barter
money
credit
39
The term Stability in Value refers to what with regards to money?
How money is redeemed in trade
The ability to barter equally
The ability of money to keep constant value
When items can be traded equally
40
Money having value because government says it does.
Representative money
barter
Gold, Silver
Fiat
41
What is a balance market
Demand < production
Demand > production
There is no demand
Demand = production
42
What determines what crops are grown
Taste in food
soil
environment and fertilizer
Education and taste preference
43
1.
When the fed decreases the discount rate they are attempting to do what to the economy?
speed up growth
stabilize growth
slow down growth
maximize interest income
44
the government agency that provides economic data to congress
Congressional budget office
Congressional board office
Central budgeting office
Central Board office
45
If the economy is in a recession the Fed will use Fiscal policy to close what?
recessionary gap
interest gap
income gap
market gap
46
What year did the current banking system start?
1913
1953
1923
1863
47
How many years was the gold standard act in place?
10 years
34 years
20 years
24 years
48
Economic incentive is what?
What gives us pleasure
Why we work
A car
49
When wasn't the fed successful?
WWII
Great depression
Never
Always
50
Bennett's law states what?
poor buy starchy food
rich spend more on food
rich buy less starchy food
Rich spend less on food
51
Credit does what to the economy?
digresses
decreases debt
increases debt
stimulates
