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Econ Final Review
Econ Final Review
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Review of micro and macro concepts for final exam
Flashcards
55 cards
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Practice quiz
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Questions
55
Answers
1
Which of the following would lead to an
increase
in Supply?
decrease in price
increase in income
increase in number of sellers
increase in input prices
2
The greatest source of revenue for
local
government are ____________ taxes.
property
excise
tariff
income
3
Which President/which decade was
Supply-side
economics used?
JFK - 1960's
FDR - 1930's
Ronald Reagan -1980's
LBJ-1960's
4
If the
price
of tennis
rackets
increase
, the Demand for tennis
balls
will
decrease
nobody plays tennis anymore
remain the same
increase
5
A
Supply
curve runs
up and to the right
because as price increases
suppliers can earn more money
consumers want less
consumers want more
suppliers can earn less money
6
Which points along the curves show a
decrease
in Demand?
A to D
C to A
D to A
B to A
7
Which points along the curves shows an
increase
in Demand?
A to D
A to C
A to B
B to D
8
Relative to human wants, productive resources are ...
competing
plentiful
limited
unlimited
9
so called "bads and disservices," income that is not reported to government
underground economy
durable goods
nondurable goods
depreciation
10
Market structure with only
one
company, very high barriers to entry
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
11
Real Per Capita GDP is calculated by dividing the Real GDP by
business spending
exports
population
individual income
12
Primary source of
national government
taxes
Medicare
Tariffs
Income
Social Security (FICA/OASDI)
13
Economic growth has what impact on standard of living?
Lowers
Remains the same
Raises
14
The nominal GDP in your Senior year is about.....?
$2 . 9 trillion
$29 billion
$29 trillion
$290 billion
15
The United States is an example of a command economy.
True
False
16
Education is an example of a negative externality
False
True
17
Substitute goods are ones that
are bought and used together
can be used to replace one another
fill in for a teacher
have higher prices than other goods
18
Categories of national government spending include
income security (welfare) for the poor
all of these choices
military defense for ourselves and the world
Social Security and Medicare for the elderly
19
Model that shows how dollars flow through the economy among individual households and business
circular flow
monetary flow
fiscal flow
business cycle
20
What are the Dow Jones Industrial Average and the Standard & Poors ( S & P ) 500?
average of all stocks, mutual funds, and bonds
cumulative records of all stocks on NYSE
stock indexes that show the performance of some top stocks
indexes that show the average sales of all stocks
21
The USA population in your Senior year.......
337,000
3 3 7 million
3 . 7 million
3 7 billion
22
A shortage occurs when the price is
just right
at the equilibrium
too low
too high
23
One way to avoid counting a particular item included in GDP more than once is to
count only wholesale costs
use only the final, retail sticker price
include the resale value
count all prices in production
24
Measures affecting the
amount and flow
of money in the economy are called
Womack's Class Codes of Behaviors
monetary policy
psychological policy
fiscal policy
25
When computing the GDP, one would not include
doctor's fee for operation
sale value of new car
sale of loaf of bread
sale of used car
26
Market structure with a
few
firms producing goods
perfect competition
monopoly
monopolistic competition
oligopoly
27
Market structure with
many
firms, producing similar, but
not
identical products
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
28
Demand and Supply curves when changed shift
remain the same
to the right for a decrease, to the left for an increase
up and down along the curve
to the right for an increase, to the left for a decrease
29
A period during which the stock market rises is called a
super market
stock market
bear market
bull market
30
Fiscal policy refers to the policies of
economic experts
national government
Federal Reserve Bank
31
In theory and in practice, US
personal income tax
is what type?
proportional
progressive
regressive
32
Loss of value of capital equipment that results from normal wear and tear
depreciation
nondurable goods
underground economy
durable goods
33
The opportunity cost of a good is
money spent on that good
time lost in finding it
quantity of other goods sacrificed to get it
loss of interest in using savings
34
The average growth of real GDP since 1929.....?
2 . 9 %
2 9 %
1 . 5 %
5 %
35
The law of supply is when quantity supplied
does not vary with price
INCREASES when price increases
DECREASES when price increases
INCREASES when price decreases
36
A
system
that collects macroeconomic statistics on production
and
income
GDP
National Income Accounting
Depreciation
Underground economy
37
The median household income in my Senior year.....?
about $80,000
about 8 %
about $8 million
about $800,000
38
The real GDP per capita in my Senior year........
about 8 . 0 %
about $8 . 0 million
about $80,000
about $800,000
39
In MACROEcon, Consumer spending is likely to FALL when
taxes are reduced
Social Security payments increase
unemployment increases
prices are expected to rise/inflation occurs
40
Which of the following limits economic growth?
all of the answer choices
lower retirement age
increase in number of people living solely on welfare
increase in high-school drop out rate
41
All of the following are
functions
of money EXCEPT
medium of exchange
store of value
spending
measure of value/unit of account
42
Which of the following is NOT a factor of production?
labor
capital
money
land
43
Economics is the study of
how people make choices
the best way to run a society
none of the above
how people decide to combine resources
44
Which economists/presidents were involved with
Demand-Side
Economics?
All answer choices
John Maynard Keynes
LBJ in the 1960s
FDR in the 1930s
45
My feelings regarding this Final Exam are
Meh! I always just try to "wing it" on every exam.
Very Confident!!! Bring It ON!!
I didn't study enough!
I'm scared because I don't seem to know anything!
46
Market structure with
many
producers, making
identical
products
perfect competition
monopoly
oligopoly
monopolistic competition
47
The
national government
may reduce the the danger of inflation by
expanding consumption
reducing taxes
encouraging investment
increasing taxes
48
The national government transfer payment (spending) category that has increased the most in the last ten years
Income security (welfare) for the poor
military defense on ourselves and the world
none of these choices
Social Security and Medicare
49
A Production Possibilities Curve shows
how much production takes place given existing resources is possible
the prices of the products
the population
how much stuff people buy
50
Current fiscal policy during my high school years so far has been
laissez-faire
expansionary
contractionary
communist
51
According to the law of demand, as price increases
Demand curve shifts right
quantity demanded decreases
Demand curve shifts left
quantity demanded increases
52
A MARKET
Supply
curve shows the quantity of goods and services
businesses would offer for sale at all prices
consumers would Demand at all prices
changing based on price only
all of these choices
53
Who benefits from inflation?
creditors/banks
life insurance policy holders
debtors/borrowers
savers
54
The national debt ending in my Senior year.......?
$ 3 7 billion
3 . 7 %
$ 3 7 trillion
$ 3 . 7 trillion
55
Under business cycle theory, a period of depression is followed by
prosperity
inflation
expansion
contraction
