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Econ Final review Flashcards | StudBud
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Econ Final review
Econ Final review
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Flashcards
60 cards
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Practice quiz
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Questions
60
Answers
1
Which price would be a binding price floor?
$4
$8
$2
$6
2
The main role of the executive branch is:
Make Laws
Interpret Laws
All of the above
Enforce Laws
3
Economics class is:
About choices
Fun and informative
Hard and Awkward
Helpful and interesting
4
During this part of the business cycle GDP increases?
expansion
trough
peak
contraction
5
Who is in charge of monetary policy?
Government
Police
Federal Reserve
Teachers
6
During this part of the business cycle inflation should increase?
peak
contraction
trough
expansion
7
How many would be produced at $8?
none
60
20
40
8
Which of the following is not a social goal that market economies focus on?
Freedom
Stability
Efficiency
Growth
9
During this part of the business cycle the nation is in recession?
contraction
trough
expansion
peak
10
Which of the following is not an argument for protectionism?
protect domestic jobs
Protect low prices
Protect Environment
Protect Human Rights
11
What would be the most likely export of an underdeveloped country.
Oil
Computer components
Heavy machinery
Agricultural products
12
If I have a desirable skill but have not found the right job yet I am..
Cyclical Unemployed
Structural Unemployed
Seasonal Unemployed
Frictional Unemployed
13
How many would be produced at $4?
60
20
none
40
14
If I lost my job because of an economic contraction I am..
Frictional Unemployed
Structural Unemployed
Seasonal Unemployed
Cyclical Unemployed
15
Fiscal policy uses what tool?
Buys & sells bonds
Changes tax and spend budget
Changes reserve rate banks must hold
Changed discount rate for borrowing
16
From the beginning of our federal system parties have disagreed over:
the role of executive branch
How much power to give to state and national government.
The role of the legislative branch
The role of the courts
17
Which is
not true
of political parties in the US?
They help inform on issues of the day
The evolve position on issues over time
They were part of the Constitution
They work to help like minded people gain office
18
Headline:
The GDP falling for second straight year
! Where are we on the model?
2
3
1
4
19
The supreme court can change rules of government by:
by ruling an action unconstitutional
Executive order
Judicial Review
Passing a law
20
Which price would be at equilibrium?
$8
$2
$4
$6
21
The main role of the legislative branch is:
Interpret Laws
All of the above
Enforce Laws
Make Laws
22
Which graph explains what will happen when the income of consumers falls?
a
d
c
b
23
The main role of the judicial branch is:
Make Laws
Interpret Laws
Enforce Laws
All of the above
24
Three new sneaker stores open in the mall what will most likely happen to the price of sneakers
Price will rise
Price will fall
price will stay the same
quantity increases
25
Who is in charge of Fiscal Policy?
Teachers
Federal Reserve
Government
Police
26
If the government sets a binding price floor what will occur?
Efficiency
long lines
Surplus
Shortage
27
You may not import heroin to the US which term best describes this restriction?
a tariff
a subsity
an embargo
a quota
28
Headline
:
Thousands evacuate mall.
What will happen to the graph for Mall purchases?
Supply IR
Demand DL
Supply DL
Demand IR
29
With the Monetary policy of open market operations the Federal reserve can do what?
Changes reserve rate banks must hold
Changes tax and spend budget
Changed discount rate for borrowing
Buys & sells bonds
30
If governments are not dynamic or able to change over time they will:
grow and prosper
succeed
Fall apart
31
What will happen to the price of T-shirts if the US puts a tariff on imported t-shirts?
Price will fall in US
Price will not change
Price Will rise in US
32
Headline:
US Congress decreases spending budget
! According to Fiscal Policy we must be at point
2
3
1
4
33
Which price would be an effective price ceiling?
$8
$6
$4
$10
34
Which of the following is not true of equalibrium?
It is Efficient
It can change with changes in S or D
It may result in Surplus
It is where S & D intersect
35
If the Federal Reserve wants to speed up the economy they might do all of the following except:
decrease reserve rate
Buy Bonds
decrease discont rate
Sell Bonds
36
During this part of the business cycle inflation should stop rising?
contraction
peak
expansion
trough
37
Headline
:
Two power plants shut down
?
What will happen to the graph for energy production?
Supply DL
Supply IR
Demand DL
Demand IR
38
If a price ceiling were set at $4 what would happen?
A surplus of 20
A shortage of 40
A surplus of 40
A shortage of 20
39
At $5 there will be a __________ of _____.
Surplus of 6
Surplus of 4
Shortage of 4
Shortage of 6
40
The Constitution did all of the following except:
Set rules for holding national office
Set up political parties
Set up the role of 3 branches
Set up rules for amendments
41
Which of the following will be a benefit of transition from command to market economy?
More Stability
More choices
Highe Inflation
Higher Unemployment
42
If am out of work because my business shuts down in February every year, I am..
Structural Unemployed
Seasonal Unemployed
Cyclical Unemployed
Frictional Unemployed
43
If a nation transitions from market to command they will likely see which?
Less economic Freedom
Less economic stability
Less economic efficiency
Less economic security
44
This is the problem that all economic systems try to solve.
Inflation
Scarcity
drug addiction
unemployment
45
During this part of the business cycle the economy turns around from bad to good?
expansion
contraction
peak
trough
46
What is the graph below showing?
Equalibrium Price
Price Ceiling
Efficiency
Price Floor
47
Which graph explains what will happen when the number of consumers increases?
c
d
a
b
48
Which is not a trade restriction?
Embargo
Quota
NAFTA
Tariff
49
The US only allows China to sell 300,000 T-shirt in US a year. this is called
a subsity
a tariff
a quota
an embargo
50
Nations should produce what has the lowest opportunity cost. This is called..
Competative Advantage
Absloultue Advantage
NAFTA
Comparative Advantage
51
Contractionary Monetary policy would include which of the following?
decrease discont rate
Sell Bonds
Buy Bonds
decrease reserve rate
52
What is the graph below showing?
Price Ceiling
Efficiency
Equalibrium Price
Price Floor
53
Which is not a tool of fiscal policy?
Tax changes
Spending changes
open market opperation
Reserve Rate
54
In NYC the government does not allow certain landlords to charge high rent. This is a type of.
Price equalibrium
Price floor
Price Efficiency
Price Ceiling
55
Use this to remember which way to shift supply and demand?
GDP
CPI
IRDL
My gut
56
If am out of work as a travel agent because the internet travel sites have replaced me I am..
Cyclical Unemployed
Frictional Unemployed
Seasonal Unemployed
Structural Unemployed
57
Each branch can involve itself with the roles of the other through the principle of:
Elections
Separation of powers
Checks and balances
Federalism
58
Which is not a role of the government in a market economy?
redistribute income
encourage competition
Protect property rights
fix prices
59
What is the equalibrium price?
Cannot be answered
$6
$9
$1
60
If the government sets a binding price floor what will occur?
Surplus
Shortage
long lines
Efficiency
