what is opportunity cost?

The value of the thing you give up by doing something else.

Who has the authority to pull your credit report and check your score?

All of them can and will access your credit report

payments required to pay to local, state and national governments

According to the law of supply

there is a direct relationship between price and quantity supplied.

Scarcity and shortage

scarcity is permanent and shortage is temporary

Which statement is correct about regressive taxes?

they take a higher percentage of income from the poor than the rich

Susan views bagels and cream cheese as complements. If the price of bagels decreases, economists would expect

Susan's demand for cream cheese to increase

Which is an example of a negative externality?

a neighbor that doesn't take care of their property

What is an example of a positive externality?

a neighbor who paints his house and landscapes his yard

What is an externality?

A third party incurs a cost or receives benefit from market transaction

What does NOT reflect what a credit score is?

numerical representation of credit card and loan balances

Price discrimination is

Charging different prices to customers

If demand for a product is inelastic this means that?

Demand is not affected by a change in price.

WHO DOES INFLATION IMPACT THE MOST?

PEOPLE WHO ARE ON A FIXED INCOME

studbud

EOC Review ECON

36 termsStudBud Administration252 plays

Imported from external platform

Flashcards36 cardsFPractice quizPHost liveL

Questions 36

Answers

1
An example of a progressive tax is
Sin Tax
US income tax
Sales Tax
Gas Tax
2
What factors affect a credit score?
all of them
type of debt, repayment of debt
duration of debt, balances on debt
new debt, diversity of debt
3
what is opportunity cost?
Making a choice between two things that you really want
The value of the thing you give up by doing something else.
Picking the best alternative because of scarcity.
Choosing a more valuable alternative.
4
An example of Elastic Demand is
Gasoline
Name Brand Clothing
Utilities
Medicine
5
Who has the authority to pull your credit report and check your score?
Cell phone company, Electric Company, Landlord
Mortgage Lender, Credit Card Company and Loan Providers
All of them can and will access your credit report
Insurance Companies and Employers
6
Payroll is the total price paid by employers for labor. What is what workers receive in return for their labor called?
paycheck
money
human capital
wages
7
What are taxes?
money that employers and businesses take from your pay
Incorrect answer
payments required to come out of your paycheck that go to your employer
payments required to pay to local, state and national governments
8
What is it called when a nation can produce a good with a lower opportunity cost than another nation?
opportunity cost advantage
comparative advantage
absolute advantage
trade advantage
9
According to the law of supply
there is a direct relationship between price and quantity demanded.
there is an inverse relationship between price and quantity supplied.
there is a direct relationship between price and quantity supplied.
there is an inverse relationship between price and quantity demanded.
10
Scarcity and shortage
scarcity is temporary and shortage is permanent
scarcity is based on needs, shortage is based on wants
scarcity is permanent and shortage is temporary
are both the same basic concept - there isn't enough of something
11
Inelastic Demand
Vital Medicine
Fast Food
Broccoli
Vacation
12
WHERE DO YOU GET FACTORS OF PRODUCTION?
All of the above
Corporations
Schools
Factor Market
13
Which statement is correct about regressive taxes?
they take a higher percentage of income from the poor than the rich
they take relatively the same amount from the rich than the poor
they take a higher percentage of income from the rich than the poor
the rich pay more than the poor as they earn more
14
Susan views bagels and cream cheese as complements. If the price of bagels decreases, economists would expect
Susan's demand for cream cheese to increase
Susan's demand for bagels to shift to the left
Susan's demand for cream cheese to shift to the left
Susan's demand for cream cheese to decrease
15
Your credit score impacts your insurance premium.
True
False
16
Which is an example of a negative externality?
dirty public bathrooms
wearing a mask in public
government funding of covid vaccine
a neighbor that doesn't take care of their property
17
What is an example of a positive externality?
water pollution from factory production
repainting the inside of your own home
a neighbor who paints his house and landscapes his yard
a bag of chips that is big enough for two people
18
AMOUNT OF MONEY AVAILABLE FOR SPENDING AFTER TAXES AND BILLS ARE PAID
Personal Disposable Income
Savings
Phone Bills
Credit Score
19
What is an externality?
Business actions that result in consumers paying cost above price of good
consumer incurs cost/receives benefit as result of market transaction
Government actions impose costs/benefits to producers in market transaction
A third party incurs a cost or receives benefit from market transaction
20
Elastic Demand
A steel pipe
Insensitive to a change in price
Proportional change in demand to a change in price
Sensitive to a change in price
21
When people continue to buy about the same amount whether price drops or rises, demand is said to be ...
Inelastic
Stiff
Stretchy
Elastic
22
The use of taxes and government spending to affect the economy
Contractionary Policy
Fiscal policy
Monetary Policy
Expansionary Policy
23
INFLATION IS A GENERAL RISE IN PRICES
False
True
24
If pens & paper are complements, what will happen to paper demand if pen price goes up?
increase
stays the same
moves along the demand curve
decrease
25
If the economy is in a recession, the Fed could do all of the following EXCEPT
Buy securities
Lower the Discount Rate
Lower the Federal Funds rate
Lower taxes
26
What will happen to wages when there is a shortage of workers?
The supply of workers would increase
Wages would increase
Wages are not impacted by the supply of labor
Wages would decrease
27
If the price of a strip of pizza goes from $1.00 to 1.50, QUANTITY demand will
not be impacted because the demand is inelastic
increase
decrease
not be impacted because the demand is elastic
28
What does NOT reflect what a credit score is?
number lenders use to decide how likely a person is to pay their debts
numerical representation of the creditworthiness of an individual.
numerical representation of credit card and loan balances
3 digit number that represents past history with handling borrowed money
29
the ability of an individual or group to carry out a particular economic activity more efficiently than another
growing
opportunity cost
money
Absolute Advantage
30
Lower taxes, lower interest rates, decreasing the reserve requirement and increasing government spending are examples of
Expansionary Policy
Monetary Policy
Fiscal Policy
Contractionary Policy
31
Price discrimination is
Selling item for less than it really costs
Comparing price standards
Charging different prices to customers
fixing prices with competitors
32
What is considered a good credit score?
740-850
670-739
300-579
580-669
33
If demand for a product is inelastic this means that?
Substitutes are available for the product
Demand is not affected by a change in price.
Demand is affected by a price change
People want to buy it
34
A REGRESSIVE TAX IMPACTS
RICH PEOPLE TO WORST
LOWER INCOME FAMILES THE MOST
EVERYONE IN BUSINESSES
NOBODY
35
WHO DOES INFLATION IMPACT THE MOST?
ONLY HELPS PEOPLE
SMALL BUSINESSES
THE RICH
PEOPLE WHO ARE ON A FIXED INCOME
36
The expansion or contraction of the money supply in order to influence the cost and availability of credit it
Contractionary Policy
Expansionary Policy
Monetary Policy
Fiscal Policy

EOC Review ECON Flashcards | StudBud