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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Overview Economics Key Concepts
Flashcards
63 cards
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Practice quiz
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Questions
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Answers
1
True or False: Robotics are currently replacing jobs, and will replace millions more
False
True
2
Scarcity is...
d. the concept that nothing is impossible
c. the concept that all resources are limited
b. the concept that all money is limited
a. the concept that all resources are unlimited
3
Which of the following is the best example of a nest egg?
basically an allowance
spending money on things like, cars, cell phones, and tech
savings that grows until it's time to invest in assets
spending money each time you get a check
4
Is the image an elastic or inelastic good?
Elastic
Inelastic
5
Which type of economy does the photo best represent?
Traditional
Mixed
Command
Free Market
6
Efficiency is the maximum use of...
all of the above
human talent you have
money available to you
time available to you
7
Which type of market structure does this image represent?
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
8
Which of the following would NOT be considered a part of infrastructure in the United States?
Sewers
Car Dealerships
Libraries/Schools/Government Centers
Roads
9
Slavery in Dubai is best categorized by...
tricking poor Indian citizens into contracts & basic slavery
tricking wealthy land owners into doing their own work
Dubai uses animals for labor
tricking robots into working
10
What does this image represent?
drones creating jobs
robots losing jobs to humans
robots are the bomb
drones and robots replacing workers
11
Which of the following best defines an economy?
Rules of answering the Big 3 Questions
Economic policies that help the poor
Capitalist system of running the show
Free Market policies
12
What does "per capita," really mean?
per dollar
per person
per country
per state
13
What is the Price Per Share?
121.70
148.30
148.16
0.01
14
At what price is there a shortage of 200?
40
60
80
20
15
This is how we measure economies (The amount of a stuff a country makes)
Human Development Index
Gross Domestic Product
Gross Breakfast
Gross Zombies
16
What is the name for where the x marks the spot, in the picture?
price
market price
equilibrium price
total price
17
At what quantity is this market in equilibrium?
100
600
200
400
18
Is the image an example of an asset, or a liability?
Asset
Liability
19
Nearly all modern nations today, are an example of ________________ economies
Traditional
Command - Communist
Mixed - Socialist
Free Market - Capitalist
20
At what price is this market at equilibrium?
30
90
10
50
21
What did the episode of VICE (Immigrant Labor) really shed light on?
That illegal immigrant workers are exactly that... Workers.
That illegal immigrants should not be given jobs
That illegal immigrants are dangerous criminals
That illegal immigrants should be thrown out of the US
22
Zuckerberg of Facebook SALARY in 2015?
150 Million
10 Billion
150,000
1
23
Which type of market structure does this image represent?
Monopolistic Competition
Perfect Competition
Oligopoly
Monopoly
24
Is the image an elastic or inelastic good?
Elastic
Inelastic
25
Which type of market structure does this image represent?
Monopoly
Monopolistic Competition
Oligopoly
Perfect Competition
26
What brought the United States out of the Great Depression?
World War II
World War I
The Civil War
The Revolutionary War
27
Law of Demand
price down and demand up
price up and demand up
price down and demand down
28
True or False: The U.S. uses more tax money (per capita) on healthcare than any other nation
True
False
29
These are the same as having partial ownership of a company and its profits
mutual funds
stocks or shares
401 (k)'s
bonds
30
What is the dividend yield %?
148.30
2.54
121.70
26.13
31
Is the image an example of an asset, or a liability?
Asset
Liability
32
Which of the following is the best definition of Economics?
decisions by consumers
decisions by businesses and governments
Decisions based on scarcity
decisions based on financial concerns
33
Is the image an elastic or inelastic good?
Elastic
Inelastic
34
Is the image an example of an asset, or a liability?
Asset
Liability
35
Which country on this list is most likely to have mass unemployment caused by robotics?
China
Australia
U.S.A.
Ireland
36
What is the goal of rent control?
make apartments more affordable in expensive cities
to make unemployment go up
to scare investors from expensive cities
to lower demand for apartments in expensive cities
37
What is the Price for 1,000 shares?
148 Billion
1.48 Million
$14,816
$148,160
38
How much was one share of McDonalds in 2012?
95.87
121.70
148.16
0.01
39
Which is the best definition of the Invisible Hand?
Communism
The government providing goods for people
Selfishness/human nature, guiding buyers and sellers
Large companies providing all goods and services
40
The key difference between wants and needs is...
Preference
Choice
Political Opinions
Life or Death
41
At which price is there a surplus of 800?
70
10
50
90
42
True or False: Because the U.S. spends so much on healthcare, we get free coverage
True
False
43
Which of the following is a negative argument against the raising of minimum wage?
Rising Tax Revenue
Rising Income
Rising Unemployment
Rising Investment
44
How many pages was the tax code in 2016?
75000
1250
12500
7500
45
Which of the following would best describe the relationship between Law of D, and Law of S?
Same
Equal
No Common Theme
Opposites
46
Is the image an elastic or inelastic good?
Elastic
Inelastic
47
Who is the government supposed to be looking out for?
corporations
other nations
itself
the people
48
Which type of economy does the photo best represent?
Free Market
Traditional
Command
Mixed
49
Elon Musk would argue that Artificial Intelligence is a great risk because it will...
end profit for big business
cause laziness
steal jobs
end humanity
50
Which type of economy does the photo best represent?
Free Market
Command
Traditional
Mixed
51
At what price is there a shortage of 400 units?
90
70
50
30
52
What are the goals of patents and copyrights?
All of the Above
The governments way of trying to make you rich
The governments way of trying to protect your property
The governments way of trying to encourage innovation
53
GDP is good for measuring economic activity, but is it the best measure of quality of life?
No
Yes
54
Who pays the highest tax rate, as a percent of their income, after the tax tricks, and breaks?
Poor
Middle Class
Rich
Companies
55
Which type of market structure does this image represent?
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
56
Is the image an example of an asset, or a liability?
Liability
Asset
57
Which type of economy does the photo best represent?
Traditional
Command
Mixed
Free Market
58
Which best represents the image?
you never pay taxes, just like you never die
you will never get out of paying your taxes
you don't pay taxes when you die
you pay taxes, but it's not a big deal
59
Companies that avoid taxation in the United States, use islands called __________ ____________
lost islands
tax havens
tax heavens
tax exempts
60
These guide all agreements, and lead the U.S. economic systems operation
Negotiators
Lawyers
Court Decisions
Contracts
61
Is the image an elastic or inelastic good?
Elastic
Inelastic
62
Zuckerberg of Facebook CAPITAL GAINS in 2015?
1 Billion
120 Million
100 Billion
12 Billion
63
How does the movie up reflect investing?
he blows a bunch of money
he is a stock broker
money is not the only way you invest
he invests a fortune of his money
