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WN Economics Final Review Flashcards | StudBud
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WN Economics Final Review
WN Economics Final Review
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Common Final Review
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
What do individuals bring to the factor market?
Goods/Services
None of the above
Skills/Labor
Money
2
Which of the following is an example of fiscal policy?
interest rate level changes
government taxation levels
both government spending and taxing
government spending levels
3
Which term refers to the cumulative amount of money our government owes its creditors?
the national deficit
all of the above
the national debt
the national surplus
4
Which of the following could cause the following shift in supply?
An increase in worker productivity
A decrease in subsidies
An increase in taxes
All of the above
5
Local governments greatest source of revenue collection comes though
sales taxes
sin taxes
property taxes
lottery taxes
6
If Ford Motor merges with Willy's Auto Part Manufacturers, it would be an example of a
none of the above
vertical merger
diagonal merger
horizontal merger
7
How much does the recipient of this pay stub get paid per hour?
It's impossible to tell
$28
$20.16
$80
8
Given the ratings below, which bond would likely offer the highest APR?
AA
AAA
BB
C
9
Which of the following can cause the decrease in demand illustrated below?
A decrease in product price
A decrease in consumer income
An increase in price of complementary products
An increase in product price
10
Which of the following could cause the shift associated in demand illustrated below?
An increase in popularity
An increase in taxes
An increase in productivity
A decrease popularity
11
If Ford Motor merges with Chrysler, it would be an example of a
vertical merger
horizontal merger
diagonal merger
none of the above
12
Which of the following is NOT part of the FICA deduction from an individual's income?
Medicaid
Social Security
Medicare
All are part of FICA
13
Under what circumstances could a firm produce ON the actual production possibility frontier?
If all the workers perform at their highest levels
It is not possible
If they hire more workers
If the factory machinery breaks down
14
Under what circumstances could a firm produce outside the production possibility frontier?
If all the workers perform at their highest levels
It is not possible
If they hire more workers
If the factory machinery breaks down
15
What does the solid black line in the middle of the graph represent?
efficient levels of production
demand for computers and leather jackets
optimal mix of products
overproduction
16
Fiscal policy is under the influence of
both Congress and the President
Congress
the President
the Federal Reserve Board
17
Under what circumstances could a firm produce inside the production possibility frontier?
If the factory machinery breaks down
If all the workers perform at their highest levels
If they hire more workers
It is not possible
18
If I decide to go to SIU, but, U of I is my second choice and ISU and NIU my other choices..
SIU is the opportunity cost
U of I is the opportunity cost
NIU and ISU are the opportunity cost
All 4 are the opportunity cost
19
In the circular flow model, who brings money to the product market?
Entrepreneurs
Business
The FOP's
Individuals
20
What type of economic system is associated with an area like an Amish community?
traditional
command
mixed
market
21
What do businesses bring to the product market?
None of the above
Goods/Services
Skills/Labor
Money
22
What type of economic system do we have in the United States?
command
mixed
market
traditional
23
Which type of economic system is able to make the most dramatic changes overnight?
mixed
command
market
traditional
24
Which type of imperfect competition market is dominated by a few major sellers of a product?
None of the above
Monopolistic
Monopoly
Oligopoly
25
What term represents the central problem of economics?
supply
scarcity
demsuand
demand and supply
26
In the circular flow model, who brings money to the factor market?
Business
Entrepreneurs
Individuals
The FOP's
27
Which year would have been the worst to purchase Starbuck stocks?
2009
2006
2004
2002
28
Which of following expenses represents discretionary spending for the federal government?
Defense
Medicaid
Medicare
Social Security
29
If the company wants to make 12 computers instead of 6, what's the opportunity cost?
The OC will be 6 computers
The OC will be 6 leather jackets
The OC will be 3 computers
The OC will be 3 leather jackets
30
Mutual funds do which of the following for investors?
Invest in a diverse portfolio of stocks
Invest in a single, highly rated stock
Offer matching funds
Create IRA accounts
31
Which year would have been the best to purchase Starbuck stocks?
2002
2007
2011
2006
32
If the government were to have a surplus for a single year, then...
entitlements would exceed revenues
revenues would equal expenditures
revenues would exceed expenditures
expenditures would exceed revenues
33
Which of the following could cause the shift associated in demand illustrated below?
An increase in price of substitute products
A decrease in consumer population
An increase in subsidies
An increase in technology
34
Which of the following could cause the associated shift in supply?
An increase in poor weather conditions
An increase in price of complementary products
An increase in price of substitute products
An increase in the number of sellers
35
Monetary policy is under the influence of
both Congress and the President
the President
Congress
the Federal Reserve Board
36
Which term refers to the specific amount of money in a single fiscal year the government owes?
all of the above
the national surplus
the national debt
the national deficit
37
The government in our economic system is involved in what part of the circular model?
the product market
both product and factor markets
the factor market
neither product nor factor markets
38
A positive externality, in economics terms, refers to _________.
a 3rd party being harmed in some way from a business deal
an increase in government subsidies
a 3rd party benefiting in some way from a business deal
an increase in a company production possibility frontier
39
Which of the following could cause the associated shift in supply?
An increase in consumer income
An increase in production costs
An increase in technology
An increase in popularity
40
Which of the following represents the amount of money this worker was paid for this period?
It's impossible to tell
$2240
$659.06
$1580.94
41
Which type of investment option is associated with "matching funds" making it very valuable?
401-K Plans
Roth IRA
Pension
Traditional IRA
42
Which of the following does the Federal Reserve manipulate to control the money supply?
social security spending
income tax rates
government subsidies
bank reserve requirements
43
If I decide to go to SIU, but, U of I is my second choice and ISU and NIU my other choices..
NIU and ISU are the trade off's
All 4 are the trade off's
U of I is the trade off
SIU is the trade off
44
If the company wishes to produce 6 leather jackets instead of 3, what's the opportunity cost?
The OC will be 6 computers
The OC will be 3 leather jackets
The OC will be 3 computers
The OC will be 6 leather jackets
45
Which of the following does NOT represent a legal type of monopoly in the United States?
all are legal monopolies
a Government monopoly
a Technological monopoly
a Geographic monopoly
46
Which year would have been the best to purchase Starbuck stocks?
2007
2006
2002
2011
47
How much has this employee paid in state income tax so far this year?
$3607.91
$1067.57
It's impossible to tell
$106.76
48
Which form of business has unlimited liability for its owners?
neither sole proprietorships of partnerships
partnerships
both sole proprietorships and partnerships
sole proprietorships
49
What type of economic system are all the decisions made by firms and people without govt input?
command
market
mixed
traditional
50
Which of the following would result in an imperfect competition environment?
A small number of buyers and sellers
Products being identical
A large number of buyers and sellers
Buyers having freedom to enter/exit
