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Economics Semester 1 Exam Review Flashcards | StudBud
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Economics Semester 1 Exam Review
Economics Semester 1 Exam Review
40 terms
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Salem High School Macro/Micro/International economics
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Economic Inflation Can be defined as...
a scam by Uncle Sam
your dollar will not go as far today as it did yesterday
you spend less and save more
you have more money due to tax increases
2
What is fiscal policy
the use of government spending and inflation to influence the economy
the use of government spending and stimulus funds to influence the economy
the use of government spending and taxation to influence the economy
the use of government spending and trade to influence the economy
3
recession is a temporary period of weak growth in real GDP that is accompanied by a rise in the unemployment rate.
True
False
4
Which of the following statements about opportunity cost is correct?
opportunity cost for any activity is usually known with great certainty.
opportunity cost for any activity can include forgone income.
opportunity costmeasures the direct benefit derived from that activity.
opportunity cost is the same for anyone engaged in that activity.
5
Which of the following correctly represents the 4 phases of the business cycle
Peak, Trough, Expansion, Contraction
Peak, Valley, Contraction, Trough
Peak, Trough, Reduction, Inflation
Peak, recession, expansion, contraction
6
On the "Production possibilities curve" Increase in Demand shifts to the left!
True
False
7
You get a part time job prepping pizzas at a local mom and pop restaurant
entrepreneurship
Capital (human)
Labor
Land
8
Comparative advantage occurs when...
a country can produce a good or service at a lower cost than others
a country can produce a good or service at the same cost than others
a country can't produce a good or service at a lower cost than others
a country can produce a good or service at a higher cost than others
9
A depression is a severe and prolonged downturn in economic activity
False
True
10
Below is an exapmple of
The Factors of Production
The Circular Flow Model
The Business Cycle
11
Elon Musk opens a new Tesla Factory
Capital (human)
Entrepreneurship
Labor
Land
12
Factor of Production that deals with increase of knowledge
Land
capital(human)
Labor
Entrepreneurship
13
Which of the following economic behaviors causes scarcity?
limited supply and limited regulation
limited supply and unlimited credit
limited supply and unlimited demand
limited supply and limited incentives
14
A service worker is hired to manage a shipping facility
Capital (Human)
Entrepreneurship
labor
land
15
describes a level of an asset that exceeds the portion used
surplus
shortage
demand curve
Equilibrium
16
Which is the opportunity cost for attending College?
lost income from not being able to work full time
the salary earned after graduating college
tuition and fees
room and board
17
Which of the following is NOT associated with the ports in Georgia?
Chatahoochee River
Port of Brunswick
Northeast Inland Port
Port of Savannah
18
Who is impacted most by inflation?
The Homeless
Business Owners
Factory workers
The Elderly on a fixed income
19
Who is the current chair of the Federal Reserve
Jerome Saint
Bernard Arnault
Jerome Powell
Nancy Pelosi
20
N.A.F.T.A. stands for
North American Fixed trade allegiance
North Atlantic fair trade alliance
North American Free trade agreement
North American Free trade allotment
21
What does the Upward Trend line represent in the business cycle
Growth
Recession
Contraction
inflation
22
Unemployment occurs when students are graduating from high school and college
Frictional
Structural
Seasonal
Cyclical
23
The Surgeon General determines that salads cause people to live longer
Demand will decrease
Big backs will get bigger
Demand will Increase
24
Seasonal Unemployment is due to changes in the function of a job
True
False
25
What are the four main parts of the circular flow model
Product Market, Stock Market, Factor Market, Fish Market
Factor Market, Product Market, Households, Firms
Factor Market, households, Stock Market, supermarket
Product Market, House Market, Factor Market, Good Market
26
Select the four types of unemplyment
Frictional, Marginal, Contractional, Seasonal
Frictional, Structural, Seasonal, Cyclical
Frictional, Structural, Diabolical, Cyclical
Frictional, structural, temporary, Cyclical
27
What is national debt?
The amount of money owed by the citizen population of the US
The amount of money other countries owe the US
The amount of money the US needs to pay out in taxes each year
The amount of money the US has borrowed to cover its expenses
28
An imaginary market condition where consumers have access to the same products and information is a perfect competition
False
True
29
Deficit Spending is not harmful to the economy
False
True
30
the 3 big economic questions are...
What to produce, Who to produce, where to produce
What to produce, when to produce, where to produce
What to produce, for whom to produce, how to produce
31
Factors of production consist of
Land, Labor, Resources, Capital
Land, Labor, Capital, finance
Land, Labor, businesses, cash
Land, Labor, Capital, Entrepreneurship
32
As the price decreases, supply decreases while demand increases
False
True
33
A monopoly occurs when a single seller or producer assumes a dominant position in an industry or a sector
True
False
34
a condition where the quantity demanded is greater than the quantity supplied at the market price
Consumer price index
surplus
equilibrium
shortage
35
Unemployment occurs when the financial markets crash
Frictional
cyclical
Seasonal
Stuctural
36
Nasa uses rainforest materials for advanced research
capital (human)
entepreneurship
land
labor
37
When an economy can match the nation's aggregate supply and aggregate demand
shortage
demand
Surplus
equilibrium
38
who oversees U.S. monetary policy
The Department of Defense
The Federal Reserve
Local State Governments
The US Supreme Court
39
Using a circular flow model, which of the following is true?
Firms are demanders in the product markets
Firms are suppliers in the factor markets
Households are demanders in both the product and factor markets
Households are both demanders and suppliers
40
Recession is not an official component of the business cycle
False
True
