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B. Econ Final Exam Review Flashcards | StudBud
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B. Econ Final Exam Review
B. Econ Final Exam Review
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1
Economic Systems. Which is not true?
A mixed system is a combination of a traditional econ. and a command econ.
A market system is where buyers and sellers guide economic decisions
The Traditional System is based on bartering and doesn't use money.
A command economy is controlled entirely by the government
2
Explicit Costs are also known as 'out of pocket costs'
True
False
3
What is scarcity?
unlimited wants but limited resources
unlimited wants and unlimited resources
Limited wants but unlimited resources
limited wants and limited resources
4
An example of a Monopoly is...?
fast food restaurants
an electric company
service providers
shoe stores
5
Frictional Unemployment
being between jobs and looking for one
caused by a recession
retirement
caused by changes in the labor force
6
Future Expectations are shifters of BOTH supply and demand.
True
False
7
Taco Bell is an example of which Market Structure?
Oligopoly
Monopolistic Competition
Perfect Competition
Monopoly
8
Upside Down House --> The price floor will be above the equilibrium and the price ceiling will be below the equilibrium.
True
False
9
GDP is the...?
Domestic Gross Production
Gross National Product
Domestic Gross Product
Gross Domestic Product
10
Law of Demand states that there is an inverse relationship between price and quantity demanded.
True
False
11
Which is a shifter of Demand?
Tastes and Preferences
Income
Number of Consumers
Price of Related goods
12
Businesses control demand of products.
True
False
13
Babylon is a ___ Tax System.
Regressive (more money=less taxes)
Progressive (more money=more taxes)
Proportional (flat rate)
14
An example of an Oligopoly is...?
Service Providers
Cell Phone Company
Furniture Store
Car Companies
15
MACROeconomics is the study of the economy as a whole
False
True
16
When the Invisible Hand doesn't work, ___ occurs.
Inflation
Natural Monopoly
A Market Failure
Deflation
17
MICROeconomics is the study of...
firms and markets
the economy as a whole
only individuals
small economy units like individuals, firms, and markets
18
Implicit Costs are...
opportunity costs of making a choice
out of pocket costs
costs of producing a product
19
Which is a Shifter of Supply?
Availability of Resources
Technology
Number of Sellers
Government Action
20
Law of Supply states that there is a positive relationship between price and quantity supplied.
False
True
21
What is Opportunity Cost?
the most desirable alternative given up when making a choice
costs that change with the amount produced
costs that don't change with the amount produced
out of pocket costs
22
GDP per Capita...
does not show any measure
is the best measure of a nation's standard of living
is the worst measure of a nation's standard of living
23
Human Capital is...
the number of workers employed in a company
how many people are willing to buy a singular product
human-made resources that make products
skills/knowledge gained by workers
24
The following can be caused by a..?
Price Ceiling
Perfect Competition
Price Floor
Monopolistic Competition
25
Inflation is a rise in the general level of prices
False
True
