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Macroeconomics and Final Review Flashcards | StudBud
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Macroeconomics and Final Review
Macroeconomics and Final Review
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1
Which of the following is an example of a company that might check your credit before working with you?
College admissions
Credit Card Company
Bank Teller
Mortgage Lender
2
Prices are influenced by supply and demand.
Market
Command
Mixed
Traditional
3
This economy describes the basic trading of good or bartering
Communism
Traditional
Market
Mixed
4
Macroecomics has the goals of stable prices, econmic growth, and low unemployment
True
False
5
Who founded the first official Communist Nation?
Russia
no one
Vladmir Lenin
Vladmir Putin
6
Can there be zero opportunity cost?
YES, A third of it is.
NO, Doesn't exist in real world.
7
This form of ecomics is also known as a Command Economy
Mixed
Traditional
Market
Communism
8
The US uses a mixed economy
True
False
9
What do workers get in exchange for their wages?
Credit report
Labor
Wages
Utilities
10
Bartering is....?
the word doesn's exist at all
buying a drink at the school lunch area
selling merchandize for less money
trading services or goods for other goods or services
11
Communism
A system that contains many democratic ideals.
A community of people who live together.
Property is owned by the state and citizens work and are paid by skill/need
Nazi Germany's main political system.
12
Which one is the Definition of a mixed economy?
Combines free market and command economy.
Makes decisions on own and private ownership of business
13
The Four Factors of Production are:
Land, Labor, Capital and Entrepreneurs
People, Labor, Capital and Entrepreneurs
Land, Labor, Money and Entrepreneurs
People, Time, Capital and Owners,
14
An advantage of a mixed market economy is that..
Limited monopolies
Government is a monopoly
Lots of monopolies
15
What is the main force of supply and demand?
Profit
Demand
Competition
Economic System
16
Demand is
the number of people who want or need something
a name of a coin used in the Caribbean
the amount of something that is available
another name for a service
17
What is supply?
how much of a good or service people want to buy
work that people do for other people
something that people make or grow
how much of a good or service is available to buy
18
Scarcity is the difference between demand and supply
False
True
19
The Equal Opportunity Act is designed to prevent:
Discrimination
Raising the Principal unfairly
High Interest
Bad Credit
20
In the American Economic System the four factors of productions are: Land, Labor, Captial and
Enterpreneurs
Opportunity Cost
Free Enterprise
Trade offs
21
This form of economics is dependent on competition
Mixed
Market
Traditional
Communism
22
Which of these constitute a Need:
Savings
Mortage/ Rent
Dining out
Vacation Fund
23
Opportunity cost
What something gives up to obtain you
What you give up to obtain something
Wings'n'things with teriyaki sauce
What something costs
24
A loan that requires collateral in order to get approved is called?
Unsecured Loan
Payday Loan
Secure Loan
Mortgage
25
Macroecomics is the study of
Large corporations
Negative externalities
Entire economies
Individual households
