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Econ Final 2024 Flashcards | StudBud
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Econ Final 2024
Econ Final 2024
34 terms
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Mr. A quiz (mbhs)
Flashcards
34 cards
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Questions
34
Answers
1
31. Which of the following are functions of money?
In functions as mediums of exchange
It requires a double coincidence of money
Its value comes from the amount of gold in the U.S.
all of the above
2
2. Economics is defined as..?
the study of financial depressions
All of the above
the study of how people make decisions to satisfy their needs and wants
none of the above
3
6. The type of econ system that allows private ownership & there is little to no government intervention is called..?
a Traditional economy
a Socialist economy
a Command economy
a Free Market economy
4
3. A trade-off involves a sacrifice that must be made to get a certain product or service
False
True
5
21. A general increase in price while the product or service remains unchanged is called what?
None of the above
All of the above
Stagflation
Price spike
6
32. What type of investment typically tends to have the least liquidity?
A bond
A house
A car
A stock
7
35. Which savings vehicle will typically earn you the most interest?
A checking account
None of the above
A savings account
A CD
8
19. The dollar value of a ll final goods/ services produced within a country's borders in a given year is called what?
Domestic Gross Product (DGP)
National Revenue o Goods/Services (NRGS)
Gross Domestic Product (GDP)
National Income Product (NIP)
9
17. Debit cards entitle cardholders to buy goods/services based on the cardholder's promise to pay back in the future...
True
False
10
22. Which federal taxes are taken out of most individuals' paychecks
Social Security
Federal income
All the above
Medicare
11
36. Bob needs a doctor. Appt. w/o insurance is $200. Bob's insurance pay $50 monthly + $20 co-pay. How much money is it?
$150
$20
$50
$70
12
8. The main problem & goal of a command economy are
No answers are correct
People have little control & security/stability
The lack of resources & equity
People desiring the past & corporations
13
13. A method that a gov't used to affect supply that supports business or market, which often pays the producer...
none of the above
interest
a stock
a bond
14
1. Things that simply decrease the quality of living are called?
Essential/Needs
Wants
None of the above
Fundamentals
15
28. What kind of form must you have in order to file your taxes as an employee?
w-4
1095
all the above
w-2
16
20. A recession & depression are basically the same thing with the exception that it's easier to recover from depression
True
False
17
18. The term used when an individual stops paying the outstanding balance on a loan
Principal
Default
Fraud
Reduction
18
14. The point where demand & supply come together and the point of balance between price & quantity is called
Surplus
Equilibrum
Shortage
Equality
19
5. All of these questions define what economic system a country has EXCEPT
None of the above
How should goods and services be produced?
Who should produce what?
What should be produced?
20
33. Which entity is considered the "watchdog" of the U.S. Stock Market?
The SEC
The IRS
The NYSE + NASDAQ
The NEP
21
15. The practice of the gov't no longer deciding what role each company can play in a market....
De-Capitalzation
Destabilization
All of the above
Deregulation
22
44. A W-2 gives your employer the right to deduct taxes from your paycheck?
True
False
23
11. The Law of Demand says...
When a good is priced lower, customers will buy more of it
That when people want a good they sould buy it
None of the above are correct
The demand rises when there is greater supply of a good
24
29. Who is likely to pay lower income taxes?
A renter who pays $3,800 a month in rent
Both would pay the same in income taxes
Renters always pay more income tax than homeowners
A homeowner who pays $3,200 per month on a mortgage loan
25
37. Which of the following drivers will pay the highest auto insurance premium?
Individual over 65
Individuals under 18 yrs
Married couples
Individuals between 18-65 yrs
26
45. Which of the following isn't a possible tax or deduction that could be withdrawn from your paycheck?
all the above
FICA Tax
Retirement contributations
State income
27
10. Supply is the amount of something you own and the ability to pay for it
False
True
28
7. In Adam Smith in the book, “Wealth of Nations”, the free enterprise economy, is guided by an “invisible hand”
True
False
29
34. Theoretically, the higher the individual credit score the lower...
the lower the interest a lender pays
the lower the principal gained for the lender
Both A+C are correct
the interest a borrower pays
30
16. A specific type of loan that is used to buy real estate is called a....
Bond
CD
Mortgage
Rental
31
9. A spending category where the government planners are able to make choices is
Individual
Disposable
all the above
Discretionary
32
4. The key characteristics of the factors of production are:
capital
All of the above are factors of production
land
labor
33
30. Federal income taxes for employees are due every year on Jan. 31st
False
True
34
38. Volatility in the financial sector is best defined as what?
all the above
prices remain unchanged for a short period of time
prices remain unchanged for a long period of time
a "downtown in the markets"
