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PBMF Midterm Review 2022 Flashcards | StudBud
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PBMF Midterm Review 2022
PBMF Midterm Review 2022
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Questions
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Answers
1
The cost of using someone else's money is called interest rate.
False
True
2
Which of the following is not part of the business cycle?
Depression
Prosperity
Recovery
Repression
3
Completely prohibiting the import or export of a product is known as
quota
an embargo
trade deficit
absolute advantage
4
Identify the graph.
Supply
Equilibrium
Market Price
Demand
5
A vital source of economic growth is a(n) ______ in output per worker
break even
increase
decrease
6
Students are not included in the labor force.
True
False
7
One way to fund a capital project is to use bonds.
False
True
8
GDP measures a country's economic output during
one month
one year
five years
one week
9
A video game is an example of a product that fulfills a need.
True
False
10
If you purchase a corporate or government bond, you are a stockholder.
True
False
11
Natural disasters can affect supply (oil, water, gas) which will __ price.
not affect
reduce
decrease
increase
12
The phase of the business cycle in which unemployment is highest is
recovery
prosperity
recession
depression
13
A decrease in GDP per capita means that an economy is
declining
growing
unchanged
stagnant
14
Global business growth does not help contribute to emerging markets.
True
False
15
The labor force consists of all people above the age of __ who are actively working or seeking employment.
14
16
15
18
16
Deflation results in lower buying power of money.
False
True
17
All of the following are names for the U.S. economic system except
mixed economy
private enterprise
capitalism
free enterprise
18
Countries with better __ systems usually provide more and better goods and services for their citizens.
technology
geographic
education
infrastructure
19
A tariff is an example of a formal trade barrier.
False
True
20
Which of the following is not a characteristic of a depression?
GDP fails rapidly
High demand for goods and services
Prolonged period of unemployment
Business failures
21
The Consumer Price Index (CPI) is a measure of __.
retail sales
consumer debt
interest rates
inflation
22
The quantity of a good or service that consumers are willing to and able to buy is called
economic want
demand
economic need
supply
23
Things that add comfort and pleasure to your life are
services
wants
products
needs
24
The total amount owed by the federal government is called a surplus.
True
False
25
Water, air, and minerals are examples of
capital resources
natural resources
consumer resources
human resources
26
Money serves four functions in every economy.
True
False
27
The rivalry among businesses to sell their goods and services is known as
cornering the market
entrepreneurship
competition
capitalism
28
Business cycles are the recurring ups and down of gross domestic product.
False
True
29
If a country exports more than it imports it has a trade deficit.
True
False
30
Often governments use borrowing to finance projects such as national parks.
False
True
31
In a(n) __ economy, goods and services are produced the way they have always been produced.
traditional
mixed
market
command
32
Identify the graph.
Market Price
Equilibrium
Supply
Demand
33
Peru has the worst and highest inflation.
False
True
34
Which is not an example of an informal trade barrier?
Traditions
Religion
Tariff
Culture
