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Economics
Economics
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1
A disease suddenly reduces the supply of chickens, what will happen in the market for chickens?
A higher price for chicken
A lower price of chickens
Shortages of chicken
Free chicken nuggets for all!!!!!!!!
2
What are the three factors of production?
Profit, Prices, and Markets
Land, Labor, and Capitol
Economic wants, scarcity, and entrepreneurship
Goods, services, and capital
3
According to the law of demand:
buyers demand less quantity at lower prices
People like stuff
price has no effect on quantity demanded
buyers demand more quantity at lower prices
4
David Ricardo was an economist who argued in favor of what concept?
Socialism
Trade Barriers
Communism
Free Trade
5
The demand for labor is this kind of demand.
Different Demand
Demand
Derived Demand
Special Demand
6
The current Federal Reserve Chairperson is?
Donald Trump
Timothy Geithner
Jack Lew
Jerome Powell
7
This is money loaned to local/state governments by investors.
Shares of Stock
Municipal Bonds
CD's
US Savings Bonds
8
The marginal cost of production is:
a cost index based on the price of margarine
a cost borne by buyers not sellers
the cost of producing an additional unit of a good
a small cost that businesses ignore
9
This is savings which remains in the bank for a specific period of time.
CD's
US Savings Bonds
Municipal Bonds
Shares of Stock
10
The fact that all resources are limited.
Scarcity
Services
Goods
Investment
11
What would happen if the government created a price floor that was above market clearing price?
A surplus
Nothing
Free ice cream for everyone!!!!!!!!!!!!!!!
A shortage
12
Which Federal Reserve Bank services Iowa?
Kansas City
Chicago
Minneapolis
Atlanta
13
In the formula, GDP=C+__+G+NX which of the following best fills the blank?
P for profit
I for income
I for investment
I for inflation
14
Credit card use can lead to impulse buying.
False
True
15
The principal is the amount that is borrowed or originally invested.
False
True
16
Which of the following investments/savings plans is most liquid?
stocks
savings bonds
Checking accounts
CD's
17
What does this graph show?
Increase in supply
Decrease in supply
Increase in demand
Decrease in demand
18
Globalization operates on the assumption that ___ has made the worlds' economies more connected
More trade barriers
Less foreign direct investment
advancements in communications and transportation technology
An increase in scarce resources
19
If Mr. George owned a t-shirt factory what would happen to supply if the price of cotton fell?
Nothing
Increase
Decrease
20
In a voluntary exchange between two people or businesses
One win and one loses
No one gains or loses
Both parties expect to gain
Both lose
21
Which of the following best describes the cost of borrowing other people's money?
Inflation
Demand
Interest
Surplus
22
Which of the following is true about an investor who purchases a corporate bond?
they have loaned money to a corporation
they are guaranteed a portion of profits
they are now part owner of the corporation
they are liable for the corporation's debt
23
Which of the following is not a kind of advertising according to Donald Gunn?
Comparison
Product Trial
Demo
Associated User Imagery
24
This is a person who starts a business and organizes resources in order to produce a product.
Manager
Entrepreneur
Stockholder
Partner
25
This is the multinational organization which oversees international trade.
NAFTA
UN
EU
WTO
26
To an economist "real" means what?
used in production of goods
adjusted for inflation
additional
not fake
27
What would happen to the demand for corn if its price goes up because of a severe drought?
The demand would rise
The demand would fall
Nothing happens to demand
28
Economics is the study of...
How governments allocate resources
Studying how people use scarce resources to satisfy wants
Kinds of Businesses
The production of resources
29
What does this graph show?
Increase in supply
Decrease in supply
Decrease in demand
Increase in demand
30
If the citizens of a country want to measure standard of living they would use which measure?
Inflation Rate
Real GDP
real per capita GDP
GDP
31
Credit is the ability to borrow money or obtain goods by paying little or no money.
True
False
32
If the price of fish rises in the supermarkets which of the following would most likely happen?
Nothing
the demand for beef will shift left
the demand for chicken will shift right
the demand for fish will shift right
33
Which of the following would be the highest risk investment?
US Savings Bonds
Municipal Bonds
Certificates of Deposit
Individual Stocks
34
This is money loaned to the US federal government as an investment.
Shares of Stock
CD's
US Savings Bonds
Municipal Bonds
35
Which of the following refers to the study of the economy as a whole?
Economics
Microeconomics
Price Effect
Macroeconomics
36
Supply refers to the behavior of:
Mr. George
The Government
Consumers
Producers
37
The labor force is made up of which of the following?
everybody aged 16 to 65 not in an institution
everyone in the country who has a job
Everybody aged 16 to 65
Everybody over the age of 10
38
Money used for business expenses or to use your money to make money.
Investment
Scarcity
Services
Goods
39
Items of value that can be seen or touched.
Services
Goods
Investment
Scarcity
40
A mutual fund is...
a group of stocks managed by a financial adviser
a bank account owned by more than one person
a pool of extra tax revenue
an employee retirement plan
41
Which of the following words describes the relationship between stockholders and corporations?
Debtors
Sellers
Creditors
Owners
42
The FDIC protects your money in banks up to
$250,000
$25,000
$1,000,000
$50,000
43
This provides an investor with a percentage of ownership in a corporation.
US Savings Bonds
Shares of Stock
Municipal Bonds
CD's
44
A dividend is...
one of the tools of monetary policy.
a saving opportunity.
one of the tools of fiscal policy
a share of profits regularly paid to its shareholders.
45
Items of value that cannot be seen or touched.
Services
Goods
Scarcity
Investment
46
If China can produce 100 planes an hour and the US can produce 80 China has a what?
Absolute Advantage
Lower Productivity
Comparative Advantage
Unfair Advantage
47
According to marginal analysis a person will continue an activity until what point is reached?
The government makes them stop.
Total benefit is highest
marginal benefit equals marginal cost
total cost is as low as possible
48
In the formula, GDP= __ +I+G+NX what fills the blank?
P for profit
C for capital
C for complementary goods
C for consumption
49
Which of the following is NOT a barrier to trade?
Specialization
Quotas
Export Subsidies
Tariffs
50
Which of the following is a benefit of using credit?
Impulse Buying
Safer to Carry
Building Debt
Paying Interest
