What is the difference between an subsidized and unsubsidized loan?

Unsubsidized collects interest while you are in school

value of all final goods and services produced in a country

Which of following statements about comparative advantage is FALSE?

A country can have CompAdv in both goods

What action does the Federal Reserve take if it wants to decrease the money supply?

It sells government securities.

How does nominal GDP differ from real GDP?

Real GDP does not include inflation

How would you describe Amie's profile if she has a good job and a good amount of savings?

Aggressive: higher risk for higher returns

Which advantage of a sole proprietorship could also be a disadvantage?

A sole proprietor has full control.

The decision making body of the Federal Reserve

How does productivity affect the economy?

High productivity leads to high economic growth

The graph below shows...

Production possibilities frontier

NAFTA helps benefit countries in the agreement because it...

Lowers trade barriers and tariffs

What is the risk/reward tradeoff?

More risk means a higher interest rate on investments

Factors of production: labor can BEST be described as...

effort people devote to tasks for which they are paid

Which statement best describes the change in government regulation over time?

Government regulation has increased

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Economics Final Review (10th)

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Economics Final Review - 10th grade

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Questions 40

Answers

1
We use GDP to measure the growth of an economy. Which of the following can effect GDP?
All three
Capital
Technology
Natural resources
2
If you are unemployed due to an economic contraction, which type of unemployment is it?
Seasonal unemployment
Cyclical unemployment
Structural unemployment
Frictional unemployment
3
Looking at the Production Possibilities Frontier, which does point b represent?
Underutilization
Impossible
Efficient
increasing productivity
4
Which of the following DOES NOT describe a monopoly?
Many products
Full control over prices
Single producer
High barriers to entry
5
When the economy is in economic contraction for 2 consecutive quarters, what is it called?
Trough
Depression
Shrinking
Recession
6
What is the difference between an subsidized and unsubsidized loan?
Unsubsidized collects interest while you are in school
Subsidized is a loan based on financial need
Subsidized collects interest while you are in school
Subsidized is a loan for your parents
7
Comparative advantage means a country can produce...
less
less efficiently
more
more efficiently
8
What is GDP?
value of all final services produced in a country
value of all final goods and services produced in a country
value of all final goods produced in a country
value of all goods and services produced in a country
9
Which of following statements about comparative advantage is FALSE?
A country can have CompAdv in both goods
A country can't have CompAdv in both goods
For trade, CompAdv is more important than absolute
A country can have CompAdv in only one good
10
What action does the Federal Reserve take if it wants to decrease the money supply?
All three
It sells government securities.
It lowers the reserve requirement
It lowers the discount rate
11
What happens to disposable income when your personal income taxes increase?
Disposable income increases
Disposable income does not change
Disposable income decreases
There is no way to tell
12
Which of the following is NOT a type of tax base
Sales
Excise
Estate
Imports
13
The graph below shows...
Supply
shift in supply
quantity supplied
movement in quantity supplied
14
How does nominal GDP differ from real GDP?
Real GDP does not include inflation
Real GDP does not include services
Real GDP does not include final goods
Real GDP does not include exports
15
How would you describe Amie's profile if she has a good job and a good amount of savings?
Aggressive: higher risk for higher returns
Conservative: lower returns for lower risk
Aggressive: higher risk for higher liquidity
Conservative: lower returns for lower liquidity
16
Which financial asset has the least liquidity?
Certificate of deposit
Stock
Money market mutual account
Bond
17
Which advantage of a sole proprietorship could also be a disadvantage?
A sole proprietor has to follow relatively few regulations.
A sole proprietor has full control.
A sole proprietor is the sole receiver of profit.
A sole proprietor can easily start a business.
18
When comparing types of student loans, which one is the best type of loan?
Perkins loan
Subsidized loan
Unsubsidized Stafford loan
PLUS loan
19
Income tax is an example of which type of tax structure?
Regressive tax structure
Progressive tax structure
None of them
Proportional tax structure
20
Which type of economy has the MOST amount of government control?
free-market economy
mixed-market economy
command economy
Traditional economy
21
If you can't find a job because your skills don't match, which type of unemployment is it?
Frictional unemployment
Cyclical unemployment
Structural unemployment
Seasonal unemployment
22
What is the FOMC?
The decision making body of the commercial banks
The decision making body of Congress
The decision making body of Office of Management and Budget
The decision making body of the Federal Reserve
23
When was the Great Depression?
1950s
1940s
1920s
1930s
24
Factors of production: land can BEST be described as...
land underneath a factory
all natural resources
land used for farming
the sun and wind
25
In the circular flow diagram's FACTOR MARKET, what might go from producers to consumers?
payment for goods and services
factor payment
goods and services
factors of production
26
In the circular flow diagram's PRODUCT MARKET, what might go from producers to consumers?
factor payment
goods and services
factors of production
payment for goods and services
27
Which of the following is not a use of money?
Medium of exchange
Store of value
Unit of account
Means of trade
28
How does productivity affect the economy?
Low productivity leads to high economic growth
High productivity leads to high economic growth
High productivity leads to low economic growth
No relationship between productivity and economic growth
29
Which of the following is NOT one of tools of monetary policy?
FOMO
Discount rate
FOMC
Reserve requirement
30
The graph below shows...
Business cycle
Demand
Production possibilities frontier
Supply
31
All of the following are way to improve your credit score EXCEPT
Never take out a loan
Pay any late or delinquent bills
Pay off your debt
Pay all your bills on time
32
NAFTA helps benefit countries in the agreement because it...
Lowers trade barriers and tariffs
Lowers tariffs and raises trade barriers
Raises trade barriers and tariffs
Lowers trade barriers and raises tariffs
33
Which type of economy has the least amount of government control?
command economy
mixed-market economy
free-market economy
Traditional economy
34
What is the risk/reward tradeoff?
More risk means a higher liquidity on investments
More risk means a higher interest rate on investments
More risk means a lower liquidity on investments
More risk means a lower interest rate on investments
35
Looking at the Production Possibilities Frontier, which does point A represent?
increasing productivity
Efficient
Impossible
Underutilization
36
Factors of production: labor can BEST be described as...
the number of people it takes to make a product
education and experience
effort people devote to tasks for which they are paid
skills and knowledge
37
Looking at the Production Possibilities Frontier, which does moving from A to C represent?
Underutilization
Efficient
increasing productivity
Impossible
38
Which of the following DOES NOT describe monopolistic competition?
Low barriers to entry
Single producer
Many products
Slight control over prices
39
What is a PLUS loan?
A loan that is based on financial need
A scholarship
A loan for your parents
Loan that does not collect interest while you are in school
40
Which statement best describes the change in government regulation over time?
Government regulation has not changed
Government regulation has decreased
Government regulation has increased
There is no way to describe government regulation

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