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Spring Exam Review
Spring Exam Review
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1
What is the Law of Demand?
Price Down, Supply Down
Price Down, Demand Down
Price Up, Demand Down
Price Up, Supply Up
2
Economic freedom is a positive attribute of a command economy.
True
False
3
Who owns the factors of production in a command economy?
The people
The allied powers
Congress
The government
4
Which one of these is not used to calculate GDP?
Stock Options
Net Exports
Consumer Goods/Services
Investments
5
Tastes/Preferences, Income, Population, Price of Related Goods are examples of what?
Determinants of Demand
Determinants of Capitalism
Determinants of Supply
Determinants of Marxism
6
Which is not one of the 3 basic economic questions?
For whom to produce?
How to produce?
Where to produce?
What to produce?
7
Why are "New and Final" goods only counted towards GDP?
To ensure only the best is counted
To achieve the highest total
To keep the government happy
To avoid double counting
8
What is not a positive associated with a market economic system?
Individual ownership of factors of production
Economic Freedom
Competition
Wealth gap
9
What is the most basic problem that exists in economics?
Wealth gap
Low taxes
Scarcity
Government oversight
10
What is a positive associated with Capitalism?
High taxes
Unsafe working conditions
Economic freedom
Wealth gap
11
Which of the following would cause the demand curve to shift to the right?
Decrease in population
Decrease in income
Increase in production
Increase in population
12
Opportunity cost is the value of the choice you made.
True
False
13
"Increase in price results in an increase in supply" is explaining what?
Law of Diminishing Marginal Utility
Law of Supply
Law of Demand
Law of Diminishing Returns
14
What is a determinant of both supply and demand?
Population
Income
Expectations
Substitutes
15
Who believed that the "Invisible Hand" was a driving force to economic success?
Karl Marx
Adam Smith
El Chapo
James Madison
16
What did Adam Smith believe was the driving force to economic success?
Lower Taxes
Fat Stacks
Profit Incentive
Higher Taxes
17
What is a negative associated with Socialism?
Ugly clothes
High levels of poverty
Low unemployment
Lack of economic freedom
18
What helped bring the United States out of the Great Depression?
Roaring 20s
Vietnam War
World War II
Spanish American War
19
In addition to a decline in Real GDP for longer than 6 months, what else characterizes a depression?
All are correct
Low production
Inability to buy basic necessities
High unemployment
20
What is the economic slowdown that occurs immediately after an economic peak?
Economic Bust
The Fizz
Recession
Contraction
21
Who is Coach Hardin's favorite Atlanta Brave?
Andruw Jones
Ronald Acuna Jr.
Ozzie Albies
Dansby Swanson
22
Criminal and Civil trials utilize a jury.
True
False
23
What would cause the supply curve to shift to the left?
Competition increases
Increase in technology
Cost of resources decrease
Taxes increase
24
Why did Karl Marx believe capitalism would fail?
Exploitation of the working class
Increased
Recessions
Rapid Inflation
25
What would fall under the category of "Macroeconomics"?
Gross Domestic Product
U.S.'s National Debt
All of the above
China's Net Exports
26
What is a positive of Socialism (theoretically speaking)?
Redistribution of goods
All of these are positives
Low unemployment
Low levels of poverty
27
What is a negative associated with Capitalism?
Lack of protection for those not able to work
Professional sports teams
Profit Incentive
Electric cars
28
What is a negative associated with the adversarial system?
"Winning" is more important than justice
The judge is not in charge of the investigation
The jury has no voice in the verdict
Evidence is not allowed
29
The amount of goods and services you're able to buy defines what?
Clout level
Swag quota
Path to immortality
Purchase power
30
What letter of the alphabet do all of Coach Hardin's daughters' names start with?
C
B
S
H
31
Which of the following is a reason for the GDP never being 100% accurate?
Capitalism
Black Markets
Deflation
Flea Markets
32
What court system is used in the United States?
Inquisitorial
Adversarial
33
A contraction always comes before a recession.
False
True
34
Which one is not an example of a factor of production?
Technology
Labor
Net Exports
Capital
35
A recession is a decline in real GDP for 4 months.
True
False
36
What is NOT a factor the determines the price elasticity of demand?
Time consumers can adjust to price change
Substitutes
Marginal Utility
Total percentage of budget spent
37
The judge plays the most significant role in what court system?
Criminal
Adversarial
Inquisitorial
Civil
38
What is the name of the accused in both Criminal/Civil trials?
Jury
Plaintiff
Prosecution
Defendant
39
Why is the value of our money continuously decreasing?
Lack of Inflation
Rapid deflation
Lack of deflation
Constant Inflation
40
What entity is solely responsible for interpreting the Constitution?
Order of the Phoenix
Supreme Court
Executive Branch
Legislative Branch
41
Inelastic goods are greatly affected by change in prices
True
False
42
What is it called when all Supreme Court justices decide the exact same way?
Majority opinion
Dissenting opinion
Concurring opinion
Unanimous opnion
43
What brand of shirt does Coach Hardin wear to school 98.7% of the time?
Columbia
Polo
Under Armour
Nike
44
Price changes have zero effect on goods that are considered elastic.
False
True
45
The Inquisitorial system is the only system that includes a judge.
True
False
46
What is the choice that you didn't make?
Alternative
Option B
Trade off
Mistake
47
What legal opinion is associated with a disagreement of the majority opinion?
Dissenting
Majority
Concurring
Unanimous
48
As price increases, demand decreases.
False
True
49
What court case established "Judicial Review"?
Miranda V Arizona
New Jersey V TLO
Marbury V Madison
Brown V Board
50
How do substitutes affect the price elasticity of demand?
Substitutes = Inelastic Demand
More substitutes = More Inelastic
Substitutes = Price Change
More substitutes = More Elastic
51
Coach Hardin is the Civics/Economics Department Chair.
True
False
