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Economics 1st or 3rd 9wks Exam Review Flashcards | StudBud
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Economics 1st or 3rd 9wks Exam Review
Economics 1st or 3rd 9wks Exam Review
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1
Which of the following describes the process above?
Writing your college essay
Applying for the SAT/ACT
Completing the FAFSA
Filling out income taxes online
2
Your high school diploma adds to which factor of production?
capital expenses
physical capital
land
human capital (labor)
3
A conclusion that can be drawn from the cartoon is the artist's disapproval of the Healthcare Reform Act due to its:
inclusion of people with preexisting conditions
high cost for those who are already insured
passage without proper approval of Congress
restriction of freedom of economic choice
4
Which philosopher believed in the invisible hand of competition directing the economy?
John Maynard Keynes
Milton Friedman
Friedrich Hayek
Adam Smith
5
Why are scarcity and choice basic economics face by every society?
Unlimited options are a result of unlimited wants and needs in society
Opportunity cost leads to tradeoffs when bountiful resources exist
Our resources are unlimited, yet your wants and our needs are limited
Scarcity leads to having to make choices which cause opportunity cost.
6
The theory proposed by Adam Smith would most likely support which type of economy?
command
free enterprise
traditional
mixed
7
What are the consequences of having a poor credit score?
lower auto insurance
low-interest rates on credit cards
high-interest rates on credit cards
less restrictive terms on loans
8
The main idea of the cartoon is that:
The number of communist countries has decreased over timr
Citizens of communist nations tend to be dissatisfied with the government
China has the longest history of a communist economic system
Communism originated in the Eastern hemisphere
9
Which of the following best describes how a free enterprise society answers the basic economic questions?
Exchange goods by means of individual bartering.
Provide the State with ownership of all means of production.
Follow customs and traditions in deciding what to produce.
Allow the market to set prices for goods and services.
10
The opportunity cost of choosing option C is instead of 6 blankets?
4 scarves
1 blanket
8 scarves
0 blankets
11
If a pizza restaurant sells pizza for $1.50 per slice, what can be concluded about the market?
More pizzas were made than what met the wants of the people
There has been a shortage in the production of pizzas and demand wasn't met
The company has perfectly sold all pizzas produced without demand for more
Sale occurred in order to convince consumers to purchase the rest of pizzas
12
Which of the following are economic terms that are synonymous with United States capitalism
II and III
III and IV
I and III
II and IV
13
Which of the following is a conclusion that could be drawn if the price of concert tickets is $20?
excess supply/surplus of tickets
excess demand/shortage of tickets
change in the supply of tickets
decrease in the supply of tickets
14
If each of the following persons had the same amount of take home pay, who would need the greatest amount of insurance?
Young single woman with no children
young married man with no children
young single woman with 2 young children
elderly retired man with a retired wife
15
Which country would most likely value entrepreneurship?
Country D
Country B
Country A
Country C
16
Which of the following best completes the sequence?
purchase fish to feed family
transport fish to market
apply sales tax to fish
return to sea and catch fish
17
A business owner should select which price for their good to reach equilibrium?
$1.50
$9.00
$4.50
$3.00
18
An opportunity cost of Sharon's decision to study hard to pass her Economics test would be -
Time spent chatting with her friends
Sharon makes her teacher proud
Receiving an A on the test
Sharon raises her grade in the course
19
Delivery trucks, tools, and cell phones are examples of a plumber's -
labor
physical capital
entrepreneurship
land
20
A benefit of buying is that:
It provides protection from unexpected events
You do not need to spend any money out of your pocket
You will never need it throughout your life
It takes care of any worries about any financial matters
21
Point X on the production possibility curve seen represents:
overutilization
equilibrium
underutilization
efficiency
22
One way the role of government has changed over time in the US free enterprise system is its:
Decreased reliance on the goods and services provided by foreign nations
Willingness to fund war a with public tax dollars in times of need
Desire to avoid competition between businesses selling a similar product
Increased regulation to protect businesses from economic failure
23
Which of the following could be a demand determinant of cell phones?
A new model of smart phones is released on the market.
Government increases regulations on cell phone manufactures.
Government increases taxes on cellular phone production
Japanese touchscreen factories are destroyed in an earthquake.
24
Which of the following are scholarship scams to watch out for?
paying for standardized tests
paying for graduation expenses
paying for scholarship searches
paying for college application fees
25
After a storm, you would expect _______________ to pay for this damage.
homeowners's insurance
life insurance
collision insurance
liability insurance
26
This is required of all drivers in Texas...
Uninsured/underinsured Drivers coverage
Collision insurance
Gap insurance
Liability insurance
27
Which of the following is a benefit of the US free enterprise system?
Paying less income taxes as the salary increases
Creating wealth through hard work and good fortune
Eliminating all social and economic welfare programs
Having all needs met by the federal and state governments
28
A good title for the chart would be:
production possibility function
factors of production
Non-Price determinants of supply
US economic trade-offs
29
Which retirement plan would be the best choice for the investment b/c of tax advantages and matching funds?
Certificate of Deposit
Mutual Fund
Savings Account
401K
30
An earthquake hit Japan destroying car manufacturing plants, which graph represents the effect production possibilities?
Graph D
Graph A
Graph C
Graph B
31
Which of these would be the best title of this list?
steps to receive a free credit report
ways to improve one's credit score
how to apply for a real estate mortgage
suggestion to avoid overdraft checking fees
32
The effects of raising the price of oil by $1.00 is that the --
demand for oil falls
supply of oil is increased
demand for oil increased
supply of oil falls
33
The price of gas has increased and people are moving away from their old gas guzzlers to more fuel efficient cars.
Income effect
Learning effect
Substitution effect
Complementary effect
34
An appropriate title to the chart would be:
scarcity of resources
factors of production
opportunity cost
macroeconomics
35
Which would be an accurate conclusion that could be drawn from the image above about a free enterprise system?
All franchises have the same property rights as others
Multiple businesses give fewer product options
Competition leads to increased choices for consumers
The government limits economic freedoms and choice
36
Which of the following would be an impact of the image?
decreased efficiency
increased staff sizes
decreased capital
increased productivity
37
The author is describing the characteristic of a system that was first introduced by:
Adam Smith
Friedrich Hayek
John Maynard Keynes
Karl Marx
38
If quantity supplied is greater than quantity demanded it usually results in:
higher prices
equilibrium
shortage
surplus
39
The author's point of view is that the American policy of minimum wage has:
benefited the wealthy at the expense of the poor
influenced additional policy to solve the issue
expanded gender wage gap
been effective at increasing the money supply
40
The photographs best identify:
Economic policies intended to promote economic freedoms
Restrictions placed on the use of individual property
Methods for private businesses to earn additional profit
Incentives for local law enforcement to increase economic efficiency
41
One of the disadvantages of the Federal Student Grant Program is
Your parents must co-sign the loan.
The interest rate is fixed
You must demonstrate financial need to qualify.
You will have to pay it back with interest
42
Which of the following events likely occurred between 2014 and 2015?
mortgage loan taken out
applied for college
money transferred to checking account
bankruptcy declared
43
It is a popular belief that outsourcing has recently changed the basic characteristics of the US economy because it:
increases tax rates on American goods shipped to foreign nations
gives job opportunities to people outside the US
limits the number of products available to US citizens
provides the government with more control over the means of production
44
What can you infer about college financing based on this table?
The Direct Subsidized loans is the best loan if you can qualify for it
Filing out FAFSA is an unnecessary stressor for Seniors
You will never pay off your student loan debt if you take one out.
If you can get a co-signer, the Direct Plus loans are the best deal.
45
Which of the following would be a benefit of renting a home?
building personal equity for the future
personal responsibility for maintenance and repairs
Freedom of home improvements
flexibility in location and movement
