What is the purpose of the FDIC? (Federal Deposit Insurance Corporation)

To make sure that customers do not lose money if a bank fails.

What is monopolistic competition?

Many companies selling similar but not identical products.

Which of the following is a result of unemployment that is very low?

Companies have difficulties recruiting workers.

According to the first amendment, the government...

May not censor/block material before it has been published.

What is the basic principle of the law of demand?

When a good's price is lower, people will buy more of it.

What does the national voter registration act require states to do?

To let people register to vote when they renew their drivers license.

Why do countries with a market economy outlaw monopolies?

Monopolies can make excessive profits by overcharging for their product.

Scarcity is the basic economic problem because...

All resources are limited but wants are not.

If you take out a loan for $10,000 and you pay $12,834 by the maturity date. Why are you paying more than the principal?

You had to pay interest for the privilege of borrowing the principal.

Which transaction is counted in the GDP?

The purchase an XBOX from a store.

All of the following are associated with moving from a centrally planned economy to a market economy EXCEPT...

An increase in the role the gov. plays in day to day operation of business

A presidential election in the United States is won by the candidate who...

Receives the majority of electoral votes.

Which of the following would be an example of human capital?

A teachers knowledge of the subject

All of the following are commonly preformed by interest groups EXCEPT...

Nominating candidates for office

In a free enterprise system...

Individuals can start their own businesses with little gov. interference.

What is the difference between a recession and a depression?

A depression is a deep recession with high levels of unemployment.

Which of these best explains a way that mass media influences the public agenda?

By giving lengthy coverage and publicity to an issue.

The price of Mrs. Guy's drinks rose from $1 to $2. What is most likely the effect of the change in price?

The quantity demanded of drinks will decrease.

The 14th amendment includes all of the following EXCEPT...

double jeopardy clause,no person shall be charged for the same offense 2x's

What does it mean when a person is underemployed?

The person has a job but they are overqualified for it.

What is the most important role of the mass media?

Keep a close eye on gov. activities & expose wrongdoing by public officials

Which of the following Supreme Court cases overturned Plessy V. Ferguson that upheld the "separate but equal" clause.

Brown v Board of Education of Topeka, Kansas

studbud

Civics Final

82 termsStudBud Administration427 plays

Imported from external platform

Flashcards82 cardsFPractice quizPHost liveL

Questions 82

Answers

1
What is the purpose of the FDIC? (Federal Deposit Insurance Corporation)
To make sure that customers do not lose money if a bank fails.
To make sure that banks charge a fair amount of interest on loans.
To make sure that the gov. has enough gold to cover its expenses.
To make sure that banks do not fail.
2
When buyers will purchase exactly as much as sellers are willing to sell, what is this condition called?
Excess demand
Equilibrium
Supply and Demand
Price floor
3
What is monopolistic competition?
One company selling several diff. products under diff. names.
Very few companies selling identical products.
One company selling the identical product under different names.
Many companies selling similar but not identical products.
4
Which type of economy does the United States have?
Command
Mixed market
Market
Traditional
5
In a command economy everyone gets to decide where they want to work.
False
True
6
Which of the following is a result of unemployment that is very low?
Wages drop below the level of minimum wage.
Companies have difficulties recruiting workers.
The few people who are unemployed stop looking for jobs.
Companies stop looking for people to fill unfilled jobs.
7
GDP (gross domestic production) measures the value of all final goods &services produced in country during a specific yr
True
False
8
According to the first amendment, the government...
May not censor/block material before it has been published.
Can leak information to the press for its own purposes.
Should prevent employees from exposing corruption.
Must protect national security by any means necessary.
9
What is the basic principle of the law of demand?
The higher the price, the more people will want the good.
Services are of interest in the same way that goods are.
Everyone has a limited income that they will spend.
When a good's price is lower, people will buy more of it.
10
Which of the following regulates the economic market and influences the price of goods?
Supply and Demand
Antitrust policy
Substitution consumption
Monetary policy
11
What did George Washington feel about political parties?
They would have a harmful effect on the nation.
All of the Above
He opposed them.
The were no Bueno
12
Which Amendments are known as the "Civil War Amendments" and were meant to protect African Americans' rights?
14th, 15th & 16th
18th & 21st
13th, 14th & 15th
13th & 24th
13
What does the national voter registration act require states to do?
To let people register to vote when they renew their drivers license.
To allow people to specify party affiliation when they register.
To allow people to register to vote in presidential elections.
To let people vote even if they have committed crimes.
14
Why do countries with a market economy outlaw monopolies?
Monopolies can make excessive profits by overcharging for their product.
Monopolies are always run by selfish people who jip consumers.
Monopolies often become more powerful than governments.
Monopolies are too competitive and sell their goods and services for cheap.
15
In perfect competition companies have complete control over prices.
False
True
16
Which act bans monopolies?
Civil rights Act
Sherman Antitrust Act
Equal pay Act
Americans with Disabilities Act
17
Scarcity is the basic economic problem because...
All resources are limited but wants are not.
All expensive goods cannot be shared equally.
People face shortages on a seasonal basis.
Nations must spend money for resources they do not have.
18
If you take out a loan for $10,000 and you pay $12,834 by the maturity date. Why are you paying more than the principal?
You had to pay principal for the privilege of borrowing the interest.
You had to pay late fees.
Just because.. why not?
You had to pay interest for the privilege of borrowing the principal.
19
Which transaction is counted in the GDP?
Buying a used vehicle from a person.
The purchase of a drum set from a garage sale.
The purchase an XBOX from a store.
Cooking a large dinner for your fam.
20
A credit card will tempt you to impulse spend.
True
False
21
Where do people sell their labor in the circular flow model?
Factor Market
Product market
Business sector
Consumer sector
22
When one store changes their price to beat another stores price is...
voluntary exchange
Competition
The profit motive
Economic freedom
23
All of the following are associated with moving from a centrally planned economy to a market economy EXCEPT...
A rise in unemployment.
An increase in the role the gov. plays in day to day operation of business
An increase of competition for high paying jobs.
The protection of individual property rights.
24
Disposable income is the money left after taxes are taken out.
False
True
25
A presidential election in the United States is won by the candidate who...
Wins the primary election in a majority of states.
Receives the majority of electoral votes.
Wins the popular vote in more than 25 states.
Receives the majority of the popular vote.
26
Finance companies charge you the highest interest rate.
True
False
27
Which of the following would be an example of human capital?
A teachers knowledge of the subject
The salary paid to a teacher
The equipment used by doctors to heal patients
The machinery used to create a product
28
Which of the following countries has a command economy?
North Korea
Mexico
Japan
Canada
29
Interest is the largest source of income for banks.
True
False
30
Which of the following is not a source of public opinion?
Pollsters
Mass Media
A person's background
Interest groups
31
All of the following are commonly preformed by interest groups EXCEPT...
Lobbying
Nominating candidates for office
Filing lawsuits
Forming PAC's to give $ to who they support
32
Political parties seek to gain control of the gov. while interest groups seek to influence public policies.
False
True
33
AN electric company serving an entire state is an example of...
Fiscal policy
A natural monopoly
A merger
Perfect competition
34
I WILL MAKE SURE TO FINISH MY CONTRUCTED RESPONSE AND STUDY THIS STUDY GUIDE SO I CAN MAKE AN A :)
True
False
35
In a free enterprise system...
Individuals can start their own businesses with little gov. interference.
Only groups may start their own businesses.
businesses are heavily regulated by the government.
Individuals must have gov. approval to start businesses.
36
What is the difference between a recession and a depression?
A recession is great and a depression is bad.
A recession is more severe than a depression.
A depression is a deep recession with high levels of unemployment.
Unlike a recession, a depression has high levels of inflation.
37
Seasonal unemployment occurs because of schedules, and structural unemployment occurs b/c people lack skills.
True
False
38
In the 1973 Roe vs Wade decision, how did the Supreme Court justify a woman's right to obtain an abortion?
Right to an attorney
Freedom of religion
Freedom of speech
Right to privacy
39
Which of these best explains a way that mass media influences the public agenda?
By interviewing people about an issue.
By showing commercials and advertisements.
By airing reality shows and contests.
By giving lengthy coverage and publicity to an issue.
40
The price of Mrs. Guy's drinks rose from $1 to $2. What is most likely the effect of the change in price?
There will be a shortage of drinks.
The demand curve for drinks will move right.
The quantity demanded of drinks will increase.
The quantity demanded of drinks will decrease.
41
A payment on a debit card is the electronic form of a check.
False
True
42
When someone owns their own business and has control over it completely.
sole proprietorship
General Partnership
Closely held corporation
Producer cooperative
43
Choosing to buy takis over something else is ...
Scarcity
Marginal Cost
A trade-off
Total cost
44
The 14th amendment includes all of the following EXCEPT...
Citizenship clause, which defines U.S. citizenship
Equal protection clause, which guarantees all citizens equal protection.
double jeopardy clause,no person shall be charged for the same offense 2x's
Due process clause,states can't take a person's "life, liberty or property"
45
Which propaganda technique attempts to convince voters that the candidate is like them?
Name Calling
Bandwagon
Endorsements
Just Plain Folks
46
What does it mean when a person is underemployed?
The person has a job but they are overqualified for it.
The person is not making as much money as they need.
The person is looking for work in a specal feild.
The person has been working but now is laid off.
47
Which business strategy is demonstrated by a factory supervisor who breaks a large job into a small, seperate tasks?
Division of labor
Human capital investment
Economic interdependence
Specialization
48
What is the most important role of the mass media?
Keep a close eye on gov. activities & expose wrongdoing by public officials
Keep a close eye on products being sold in the market & share prices
Keep a close eye on local entertainment& inform the ppl the best performers
Keep a close eye on migration patterns of animals & warn ppl about attacks
49
WHat does the process of specialization do for the economy?
It makes it more efficient.
It eliminates unemployment.
It makes it easier to control.
It fosters competition.
50
Which of the following Supreme Court cases overturned Plessy V. Ferguson that upheld the "separate but equal" clause.
Miranda v Arizona
Tinker v Des Moines
Brown v Board of Education of Topeka, Kansas
Gideon v Wainwright
51
What is a mortgage used to purchase?
Real estate
Car
Business expenses
College tuition
52
The equilibrium wage for doctors is high because the supply of doctors is low and the demand is high.
True
False
53
Where do exchanges of goods and services take place in the circular flow?
Factor market
Consumer sector
Business sector
Product market
54
China is moving from a command economy to a market economy.
False
True
55
When you invest in a mutual fund your money is invested in a variety of stocks and bonds.
True
False
56
Which amendment abolished poll taxes?
17th
15th
23rd
24th
57
The Civil Rights Act of 1964...
Banned discrimination by race, color, sex, religion and national origin.
Created the Equal Rights Amendment.
Eliminated burdensome voting requirements
Segregated public schools
58
Which best describes the cereal industry? (There are 3 major competitors)
Monopoly
Monopolistic competition
Perfect competition
Oligopoly
59
The loss of four years of income resulting from the decision to go to college is the...
Fixed cost
Marginal Cost
Total cost
Opportunity cost
60
When voters must register with the party they are affiliated with.
Closed Primary
Open Primary
Caucus
Indirect Primary
61
Registering with the government's Selective Service System…
Is a voluntary responsibility for men b/t the ages ages of 18 to 25.
Is no longer a legal duty for men b/t the ages of 18 to 25.
Is a legal duty for men b/t the ages of 18 to 25 if the country is at war.
Is a legal duty if you are a man b/t the ages of 18 & 25.
62
A college professor, leaves her job at a small college & starts looking for a job at a bigger university, she is...
A discouraged worker
Frictionally Unemployed
Cyclically Unemployed
Structurally Unemployed
63
Rent is a fixed cost for a store.
True
False
64
Which of the following is most likely to have a budget deficit?
A person who earns more than he or she spends.
A person who invests nore than he or she saves.
A person who spends more than he or she earns
A person who saves more than he or she spends.
65
Which of the following is an example of lower production costs brought about by new technology?
The delivery costs of gasoline to the consumer by diesel trucks.
The use of e-mail to replace slower postal mail.
Pastry shops baking opposed to large manufactory bakers.
The importation of veggies from South Am. rather than using canned veggies.
66
A surplus typically indicates that...
Government price controls are needed.
The market is in equilibrium.
The price is too high.
Suppliers cannot meet the demand.
67
Most clothes are made in other countries. This is probably b/c the company wanted to locates it's plant where
Ina region with less technology
Where labor is cheaper
Where labor is more expensive
Further from raw materials
68
In the United States, third parties are also called minor parties because they...
Draw attention to social issues.
Influence government policies.
Have never won an election.
Support independent candidates.
69
On average income tends to increase as...
Educational level decreases
Imprisonment level increases
Educational level increases
Family wealth decreases
70
The Democratic party would support a law banning all abortions.
True
False
71
What happens if no presidential candidate wins the election?
The election is decided by the state's legislatures.
The election is decided by the House of Representatives.
The election is decided by the Supreme Court.
The election is rescheduled.
72
The most recent change we have seen in the way news is being shown & how candidates are creating networks of supporters
The such info is spread more and more by word of mouth.
That more Americans are reading newspapers on electronics.
The use of Twitter, Facebook & other social media sites for these purposes.
That computers have led to slower distribution of newsworthy info.
73
Which of the following is a characteristic of a traditional economy?
They have a high standard of living.
Children tend to have the same job as their parents.
Communities tend to be fast growing.
They are usually based on light industrial production.
74
What happens when you make a purchase using a credit card?
The place where you made the purchase receives the money within 24 hours.
The amount of the purchase is deducted from a prepaid account.
The money is immediately deducted from your checking account.
The credit card issuer pays the store.
75
What are the two main participants in the circular flow economic activity?
People and businesses
Government and foreign input
Business and government
Consumers and the government
76
When someone loses their job because the company has relocated is an example of...
Structural Unemployment
Seasonal Unemployment
Cyclical Unemployment
Frictional Unemployment
77
By reading a party platform, you can learn about the party's...
Plans for the national convention.
Beliefs and positions on election issues.
Budget for campaign spending.
Campaign strategies for the coming election.
78
The resources needed to produce goods and services are called...
Inputs and outputs
Factor markets
Factors of production
Produce markets
79
What is the goal of lobbying?
To provide a watchdog over government officials.
To make a groups views known.
To get favored candidates elected to office.
To influence government policy.
80
Who makes most of the economic decisions in the United States?
Planning boards
Citizens (Da people)
The Feds (Federal government)
State governments
81
Which factor is most likely to cause the supply of a product to decrease?
An increase in the number of suppliers.
An increase in the number of consumers.
A decrease in consumer demand
A decrease in the price of resources used to make the product.
82
Your paystub deducts money for FICA. What does this mean?
Money is being withheld for federal, state and city taxes.
Money is being withheld for personal exemptions and deductions.
Money is being withheld to fund social security and Medicare.
Money is being withheld for excise and state taxes.

Civics Final Flashcards | StudBud