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Economic Quiz Review Flashcards | StudBud
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Economic Quiz Review
Economic Quiz Review
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Dual Credit Intro to Business - Economics Unit
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
Which type of GDP gives a more accuarate comparison of the economy between 2 years?
nominal (money)
inclusive
real
fake
2
Who would think new tariffs placed on Chinese goods coming into the US is fair?
Chinese companies
US companies
both US and Chinese companies
neither US or Chinese companies
3
An employer adding a 3rd employee thinking he will increase profits, actually sees a decrease in profits. This is...
law of diminishing returns
law of supply and demand
law of profit and loss
law of economic indicators
4
What would cause a decrease in the amount of Chinese goods purchased in the US?
decreaseing tariff on Chinese goods imported into the US
no change in tariffs on Chinese goods imported into the US
no tariffs on Chinese goods imported into the US
new tariffs on Chinese goods imported into the US
5
What are things the government can do to stimulate the economy when in a recession or trough?
increase taxes
increase government spending
cut interest rates
raise interest rates
6
Which of the 4 market structures have high barriers to entry?
perfect competition
monopoly
oligopoly
monopolistic competition
7
BMW, a German car company, has a plant in the US. The cars built in this plant will be included in which country's GDP?
both
neither
US
Germany
8
Opportunity costs are the next best alternative to the choice that was made.
False
True
9
Which of the following are factors of production?
capital
natural resources (land)
entrepreneurs
labor
10
Cuba's government is heavily involved in it's economy. What type of economy does Cuba have?
mixed
market
command
traditional
11
To celebrate Spring, a grocery store put eggs on sale and sold out within the 1st hour. This created a shortage of eggs.
True
False
12
You get a bad grade on a test. You vow to learn from your mistakes & do better on the next one. The F is an example of
a sunk cost
subjective value
self-interest
scarcity
13
This type of company factors environmental concerns into business decisions
purple
blue
brown
green
14
What are some goods/services that households sell to the government?
construction and highway equipment
firetrucks and police cars
subsidies and wellfare
teachers and firemen
15
At which point in the business cycle is the economy when GDP declines for 6 consecutive months or longer?
depression
trough
expansion
recession
16
During Covid China's economy shut down. This had a negative effect on the business cycle of the United States.
False
True
17
Choose the phases of the business cycle that are correct
contraction
peak
expansion
trough
18
The business cycle is...
the permanance in a country's economic rate of growth
the existence of a country's economic rate of growth
the consistency in a country's economic rate of growth
the fluctuation in a country's economic rate of growth
19
Select all resources that are scarce.
money
wants
attention
time
20
Inflation results when there is an increase in overall prices.
False
True
21
Price of substitute goods is a...
determinent of demand
determinent of dollars
determinent of the economy
determinent of supply
22
Nominal GDP compares current prices of GDP without adjusting for inflation.
True
False
23
Find the GDP for this country.
27
$200
$40
200
24
What may cause a shift in supply to the left?
no change in production costs
an increase in production costs
a decrease in production costs
25
What may cause a shift in demand to the right?
an influencers advertising a new product on Tik Tok
an influx of supply
a product increasing in price
a deinfluencer discussing a product
26
This is the study of the behavior of the overall economy.
supply and demand
macroeconomics
law of dimishing returns
microeconomics
27
Which of the 4 market structures have low barriers to entry?
oligopoly
monopoly
perfect competition
monopolistic competition
28
List 2 things the government can do to slow the economy down when there is larger than normal inflation?
increase taxes
cut interest rates
increase government spending
decrease government spending
29
Consumer confidence can be affected by the business cycle by
If consumers worry about losing their jobs, they go on vacation
If consumers worry about losing their jobs, they make big purchases
If consumers worry about losing their jobs, they delay making big purchases
If consumers worry about losing their jobs, they purchases houses
30
What are some goods/services that businesses sell to the government?
teachers and firemen
construction and highway equipment
subsidies and welfare
firetrucks and police cars
31
Goods are products a business sells like...
money
weather
cars
haircuts
