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Fall Final 2019 Flashcards | StudBud
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Fall Final 2019
Fall Final 2019
20 terms
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Flashcards
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Questions
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Answers
1
Gold and oil are examples of which of the following?
fiat money
credit
commodity money
currency
2
According to the law of supply, the higher the price.....
the smaller the quantity supplied
the larger the quantity supplied
the more likely there will be a shortage
the more customers are willing to pay
3
Assets-__________ = Net Worth
choices
revenue
liquidity
liabilities
4
Creation of wealth and investment opportunities are examples of:
arguements for expanded government regulation
solutions to reduce governmennt spending
command economy
free enterprise system
5
Heather is beginning her own small cake business. Which item is NOT considered physical capital?
ovens
assistants
cake pans
mixers
6
Economy relying on habit, barter and customs
market
mixed
traditional
command
7
Characteristics of an economic expansion include all of the following except-
gdp increasing
unemployment rate increasing
workers are making more money
unemployment rate decreasing
8
The dollar value of all final goods produced within th nation's borders in one year is-
business cycle
inflation rate
gross domestic product
recessionary rate
9
What is human capital?
people who introduce new ideas and create business
natural resources used to create goods
knowledge and skills gained through explained
human made objects used to create other goods, and the human efforts
10
This government controls all property, prices, and factors of production.
free market
command
traditional
free enterprise
11
Which of the following would NOT improve your credit score?
maxing out your credit cards each month
paying all of your bills on time
avoiding consolidation of credit balances
keeping unused accounts open
12
Which of the following is NOT one of the three key economic questions?
what factories will produce the product
who will benefit from the product
what to produce
how to produce it
13
In the scenario of guns and butter; which would be considered "butter"?
civilian gun
naval aircraft
military uniform
army truck
14
Which of the following is a characteristic of a sole proprietorship?
easy to generate capital
multiple owners
limited liability
easy start up
15
American currency is considered which of the following?
commodity money
commodity backed money
gold
fiat currency
16
What are the three factors of production?
land, labor, capital
money, land, entrepeneurship
land, capital, business
labor, people, money
17
What is economics?
the study of how people buy and sell stuff
the study of business
the study of money
the study of people satisfying wants vs. needs
18
What incentive motivates a manufacturer to sell a product?
putting others out of business
making profits on sales
popularity of the product
pleasing the customer
19
How many districts does the federal reserve have?
10
12
11
13
20
The resources used to make all goods and services are the.....
factors of production
production possibilities
trade- off
opportunity cost
