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Unit 5 Review Flashcards | StudBud
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Unit 5 Review
Unit 5 Review
30 terms
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StudBud Administration
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Telemarketers who violated robocall rules were slapped with the largest fine in ____ history.
EPA
FDA
FCC
FAA
2
the central banking system of the United States of America
Federal Reserve System
reserve requirement
Discount Rate
Open Market System
3
True or False. Air is a natural resource.
False
True
4
If an economy is in a recession, what does that mean for economic growth?
stays the same
increases
reaches the peak
decreases
5
How is fiscal policy used to manage the economy?
altering the reserve requirements
taxing and govt. spending
altering the discount rate
buying and selling bonds
6
A phase in the economy where production is low and unemployment is high
Monetary Policy
Recession/ Depression
Fiscal Policy
Interest Rate
7
The midwest has tripled their expected supply of wheat due to good weather
Price stays the same
Price goes up
Price goes down
8
There are two Amazon workers; one is a fast packer and the other is a fast item finder. This is an example of...
Scarcity
Supply and Demand
Specialization
9
Which of the following is considered a natural resource?
Machinery
Workers
Water
10
Define GDP
total people listed as unemployed
the change in the value of a certain goods produced in a year
the dollar value to the amount of goods produced in a year
inflation experienced by a nation in a year
11
Nike releases 10,000 pairs of Air Jordans. Over 100,000 people are interested in buying them. What happens to the price?
The price goes down
The price goes up
The price stays the same
12
The Pentagon requests more funding for war efforts
Education
National Defense
Economic Freedom and Personal Property Rights
Economic Productivity
13
Who controls fiscal policy?
Congress and the President
Federal Reserve
14
There are not enough resources to satisfy wants. This is called
scarcity
cost benefit analysis
traditional economy
15
North Korea's economy most resembles which?
command
mixed
tradtional
market
16
A restuarant owner receives $20,000, she buys a new stove rather than a refrigerator. What's the oppoturtunity cost?
The price of the refrigerator
The price of the stove
The price of the restaurant
17
What is the opportunity cost of building a swing set instead of a slide?
Value of a slide
Value of the swing set and slide
cost of potential repairs
more students using the slide
18
Helps consumers determine the advantages of a choice
workers
specialization
cost benefit analysis
scarcity
19
Headline: "Spending Decisions Saved Jobs, New Data Shows"
Economic Stability
Education
Economic Equity
National Security
20
What socio-economic goals apply to social security?
education and growth
stability and security
security and defense
growth and environment
21
A central government makes all of the economic decisions in a country. This is called a
Command Economy
Market Economy
22
An economy where there is limited government control, like the US
mixed
market
command
traditional
23
______ places stricter limits on pollution from large trucks.
FDA
FTC
FAA
EPA
24
In 1970, a gasoline shortage occurs. What happens to the price of gas?
Price went up
Price stayed the same
Price went down
25
What is the lowest level of the business cycle?
expansion
trough
peak
recession
26
How might fiscal policy be used by congress to battle increasing unemployment?
decrease interest rates
increase taxes
increase govt. spending
decrease reserve requirements
27
The midwest suffers a drought which cuts the wheat supply in half. Price...
goes down
stays the same
goes up
28
Define CPI
inflation experienced by a nation in a year
the change in price for certain goods produced
the dollar value to the amount of goods produced in a year
total people listed as unemployed
29
Avocados become America's favorite fruit. What happened to demand?
Stays the same
Went up
Went down
30
A cup of coffee is $0.40 in 1980 and $3 in 2022. The is an example of
inflation
Unemployment
Consumer Price Index
per capita GDP
