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Economics Final Review Flashcards | StudBud
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Economics Final Review
Economics Final Review
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Flashcards
25 cards
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Questions
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Answers
1
GDP omits (leaves out) all of the following except
stock markets
legal transactions that are not recorded
illegal goods
final goods only
2
Buyers & sellers interacting to determine the prices of goods belongs to what economic system
traditional
command
market
3
Points on an actual PPF curve are
Unattainable
Attainable
Associated with some unemployment
4
Economics is divided into
Five branches
Three branches
Two branches
Four branches
5
The current minimum wage in CA
$20/hour
$15/hour
$12/hour
$13/hour
6
Scarcity requires that people must
Make Choices
Cooperate
Trade
Spend ALL of their money
7
The demand curve
Goes down
Goes up
Goes both directions
What is the demand curve anyway?
8
Property taxes are
progressive
important for federal revenue
proportional
important for state and local governments
9
This is an economic system that has some combination of traditional, command, and market economies
The Answer is Always Communism
Mixed Economies
What are economic systems anyway?
The Great Depression
10
Expansionary fiscal policy aims to do what?
Increase taxes and cut government spending
Honestly, I'm not even sure what fiscal policy is
Cut taxes and increase government spending
11
The following are all examples of MACROECONOMICS EXCEPT for
A restaurant chain throughout the world (ex: McDonalds)
Housing Prices in your hometown
US $/Euro Exchange Rates
Prime interest rates at the Fed
12
Karl Marx believed in what systems
Capitalism
Socialism
Mixed Economies
Communism
13
Land, labor, capital, and _______ are the four factors of production
entrepreneurship
trade-off
consumerism
14
Economic system in which supply and demand and price system help allocate resources
Capital
Market economy
Socialism
15
A PPF curve represents all of the following except
a factor of production
scarcity
opportunity cost
choice
16
Consumers are powerful because
they buy everything in the market
they have more rights then corporations
they drive decisions about what to produce in an economy
17
Quantity supplied increases when the price
Increases
Decreases
Stays the same
18
A progressive income tax is one in which
the rich pay a larger amount (or higher percentage)
everyone pays the same rate
the poor pay a larger amount
everyone pays a fixed amount
19
Contractionary fiscal policy aims to do what?
increase government spending
decrease taxes
increase taxes and decrease gov't spending
20
Scarcity means
Something we would like to have but it is not necessary
having limitations or insufficient resources
having all the resources necessary
21
The current federal minimum wage is
8.50
7.25
11.50
12.50
22
Which economic system is dictated mostly by habits and customs?
a market economy
a traditional economy
a command economy
23
A regressive tax system is one where the poor
have a lower % of their income taxed than the rich
pay a tax that varies directly with their income
have a higher % of their income taxed than the rich
pay a larger amount in taxes than the rich
24
What is most likely a COMPLIMENT to coffee?
water
milk
donuts
25
All of the following are examples of federal taxes, except for
corporate income tax
social security tax
sales tax
personal income tax
