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Economics final 2019 Flashcards | StudBud
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Economics final 2019
Economics final 2019
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Questions
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Answers
1
Logan is very excited after purchasing a top of the line BMW only to discover that now his insurance rates have increase
Thinking at the margin
Costs vs Benefits
Incentives Matter
Future consequences count
2
The goods and services determined by the voluntary interaction of producers and consumers
market
traditional
command
mixed
3
Why is using a budget beneficial?
Helps reach short-term and long-term financial goals
Helps keep track of the money you recieve
Helps prioritize your spending
All of the above
4
Using all of a societies resources to the best of our ability and not being wasteful (goals)
stability
security
efficiency
equity
5
A society that takes steps to ensure fairness in the distribution of its resources and wealth (goals)
stability
freedom
growth
equity
6
a lot of producers, some control over prices through differentiated products
monopoly
monopolistic competition
perfect competition
oligopoly
7
The most important factor in determining your credit score is:
payment history
amounts owed
length of credit history
type of credit
8
Ability of people to make their own economic decisions without interference from the government (goals)
freedom
security
stability
growth
9
Liability insurance is…
Insurance that will pay for injury to another driver and/or damage to their
Insurance that will pay for damage to your car by someone who does not have
Injury to the other driver
Insurance that will cover injuries to yourself in the event of an accident
10
A tax that takes a smaller share of income as income increases
regressive
proportional
flat
progressive
11
The purpose of the W-4 form?
To inform your employer how much federal income tax to withhold
To avoid paying income taxes on your paychecks
To file your tax return.
To determine how much your gross pay should be.
12
Which of the following statements about investing is
FALSE
?
Investing is best for long-term financial goals.
putting money in a savings account earns a higher return than investing
Investing is a guaranteed way to grow your money.
Investing is riskier than putting money into a savings account.
13
Paying only the minimum balance on your credit card can lead to…
paying more interest
all of the above
An increase in you credit score
late fees
14
Social science dealing with the study how people satisfy seemingly unlimited & competing wants
Capitalism
History
Government
Economics
15
The system used in the United States (the way we tax in US)
regressive
progressive
flat
proportional
16
Takes a larger share of income as income increases
proportional
flat
recessive
progressive
17
The decisions involving production and consumption of goods and services are made by the government
traditional
command
market
mixed
18
Limited resources force people to make choices and give up something when they choose.
Costs vs Benefits
Scarcity forces tradeoffs
Incentives Matter
Future consequences count
19
______ are good places to look to find your current expenses when building a budget.
Grocery stores and concerts
Online research websites
Banks and credit unions
Bank and credit statements
20
a lot of producers, little control over prices, identical product
monopolistic competition
perfect competition
monopoly
oligopoly
21
What is net pay?
The amount of money you’re paid after all taxes & deductions are taken out
Your gross pay plus any bonuses.
The amount of pay earned for the total number of hours worked.
The amount of money you’re paid before all the taxes and deductions are out
22
Tools, equipment, and factories used in the production of goods and services.
factors of production
scarcity
financial capital
capital
23
Sara gets $20 every time she gets above a 3.5 GPA.
Thinking at the margin
Future consequences count
Costs vs Benefits
Incentives Matter
24
Alternatives that must be given up when one is chosen rather than another.
scarcity
decisions
Trade offs
opportunity cost
25
Which is not an example of a risk management strategy?
Wearing a seat belt while driving
Wearing a helmet while biking
buying a new car
Wearing reflective clothing while biking at night
26
Fundamental economic problem facing all societies. Limited resources vs unlimited wants
poverty
shortage
scarcity
no money
27
Making sure to care for the poor, elderly, and disabled (goals)
security
stability
growth
equity
28
What is a benefit of having a good credit score?
You’ll get more job offers.
When you need a loan, you’ll have more loan offers to pick from.
Loan sharks will be less likely to bother you.
You’ll get accepted to better educational institutions
29
bank account best for everyday transactions
checking
money market
saving
COD
30
Takes the same share of income at all income levels
progressive
proportional
recessive
regressive
31
Natural resources or “gifts of nature”
financial capital
Greta
labor
land
32
Why should you purchase insurance?
To get a warranty on a household item
To prevent financial burden in the case of an accident
To purchase monthly premiums
To avoid committing a crime
33
a few producers, some control over prices, hard to enter, some differentiation
monopoly
monopolistic competition
perfect competition
oligopoly
34
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
financial capital
labor
trade-offs
opportunity cost
35
One producer, control over prices, unique product
perfect competition
monopoly
monopolistic competition
oligopoly
36
The United States has this type of economic system
mixed
traditional
command
market
37
Market structure is
ability to control taxes
brings buyers and sellers together to do business
ability to control demand
organization of a market, based mainly on the degree of competition.
38
What does the W-2 form tell you?
When to file your tax return.
How often your employer will be paying you.
How much you’ve earned and how much taxes you’ve paid in the last year.
How much federal income tax your employer will withhold from your paycheck.
39
A stock is _____
A type of investment that invests in a mix of different types of investment
A type of savings account that pays interest based on current interest rate
A type of debt investment that acts like a loan.
A share of ownership in a company.
40
Some people choose to go to school for up to ten years to become a doctor even though it costs a lot of time and money.
Costs vs Benefits
Future consequences count
Incentives Matter
Scarcity forces tradeoffs
41
Which of the following financial institutions typically have the highest fees
check cashing/payday loans
banks (brick and mortar)
internet banks
credit unions
42
producing better goods and services over time to improve the standard of living (goals)
stability
growth
equity
freedom
43
Chad wants to travel to France for the summer to learn French but also wants to work to save money for college
Future consequences count
Incentives Matter
Thinking at the margin
Costs vs Benefits
44
Both the government and individuals play important roles with regard to production and consumption
traditional
command
mixed
market
45
An insurance deductible is
The monthly premium on an insurance policy
The contract free applied to the monthly premium
The amount you owe before insurance will cover the rest of the costs
The commission paid to an agency for the purchase of a policy
46
Custom and tradition dictate the answers to the three basic economic questions
command
traditional
market
mixed
47
People with all their abilities and efforts
labor
entrepreneurs
CEOs
machines
48
Productive resources that make up the four categories of land, capital, labor & entrepreneur
tools
capital
human
factors of production
49
Risk-taking individual in search of profits
entrepreneurs
bankers
teachers
celebrities
50
Making sure that goods and services that we count on are there when we want them (goals)
growth
efficiency
security
stability
51
What should you
NOT
use a loan to purchase
car
dream vacation
tuition for higher ed.
house
52
What does it mean to maximize utility?
to become as efficient as possible
to strengthen the skills of a workforce
to gain the most satisfaction possible
to build infastructure
53
bank account with the least amount of interest
money market
checking
COD
saving
54
What should you do before you use an ATM?
Memorize your debit card number because you’ll need to type it in
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don’t forget it.
Inspect the ATM and its surroundings to make sure it is safe to use.
55
Money used to buy the tools and equipment used in production
financial capital
capital
equity
labor
56
Collision insurance is…
Insurance that will pay to get your car fixed in the event of an accident
Insurance that will pay for injury to another driver and/or damage to their
Insurance that will cover injuries to yourself in the event of an accident
Insurance that will pay for damage to your car by someone who does not have
