stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Final Sem 2 Review 2025 Flashcards | StudBud
Explore
/
Economics Final Sem 2 Review 2025
Economics Final Sem 2 Review 2025
20 terms
·
StudBud Administration
·
360 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
A(n) __________________ is the hope of reward or fear of penalty that encourages a person to behave in a certian way.
specialization
cost-benefit analysis
standard of living
incentive
2
Which type of tax takes a higher percentage of income from poorer people than from wealthier people?
proportional
excise
regressive
progressive
3
Which of the following could potentially damage your credit score?
Opening 3 credit cards at once
Paying a speeding ticket
Opening a checking account
Paying back a roommate
4
How are Social Security, Medicaid, and the unemployment insurance program related?
All provide benefits to retired persons.
All represent forms of insurance.
All are mandatory spending programs
All provide some kind of healthcare.
5
Which of the following is
NOT
a component of a free-market economy?
customs and ritual dictate what people can purchase
individuals choose how things are made
individuals choose what gets made
invdividuals determine how much to consume of the goods & services produced
6
What is the benefit of competition in a free market system?
Create a variety of new and cheaper products
Make sure everyone gets an equal share of resources
Cause producers to try to put each other out of business
Follow the traditional methods of production
7
Which of the following is a tax on an imported good?
gift tax
tariff
excise tax
estate tax
8
In economic terms, what is a "stock"?
A place where individuals raise money
Ownership of an entire company
A share, or part ownership of a company
Pieces of paper that represent money
9
If Nike is producing shoes faster than people want to buy them,
there will be an excess supply & the price of Nike shoes decreases.
there will be an excess supply and the price of Nike shoes will increase.
there will be an excess demand and the price of Nike shoes will go up.
an excess demand and the price of Nike shoes will be expected to decrease
10
Which condition would lead to the highest price?
low supply, low demand
high supply, high demand
low supply, high demand
high supply, low demand
11
What happens when a country’s money supply increases faster than the goods and services it produces?
Stability
Inflation
Equilibrium
Unemployment
12
If there is an unexpected frost that damages the oranges growing in Florida, what would it affect and how?
The supply of oranges goes down.
The demand for oranges goes down.
The supply of oranges goes up.
The demand for oranges goes up.
13
Which of the following factors contributes the most to economic growth?
Greater economic freedom
Low investment in human capital
High rates of inflation
Large amounts of natural resources
14
In a market economy, what determines the price and quantity of most goods produced?
Substitute goods
Quality of goods
Economic policies
Supply and demand
15
Which of the following is
NOT
a form of technological progress that aides economic growth?
scientific research
underemployment
education and experience
innovation
16
What is most likely to happen when consumers want to buy more scooters than the store has available for sale?
Stores will make a different model.
Manufacturers will stop making it.
Price of the scooter will increase.
Profit on scooter sales will be smaller.
17
Good credit is usually required for which of the following...
Paying a speeding ticket
Adopting a pet
Buying new furniture
Renting an apartment
18
Why are more technology companies based in the San Francisco Bay Area than in any other part of the country?
Other areas are underutilizing their resources.
The production possibilities frontier has shifted to the left elsewhere.
The economy is weaker in other areas of the country.
Its resources are best suited to produce high-tech goods.
19
People who decide how to combine resources to create new goods and services are called ________________.
consumer
a bank
producers
entrepreneurs
20
The form filed by students to receive federal financial aid for school is known as...
FICO
FAFSA
FAA
FIFA
