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Economics Final Flashcards | StudBud
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Economics Final
Economics Final
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12th Grade Economics
Flashcards
54 cards
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Practice quiz
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Questions
54
Answers
1
national chartered bank, 14 yrs Board of Gov, POTUS appoints/Senate approve, 12 districts.
the stock market
Federal Reserve
Treasury department
Bureau of Engraving
2
Pay more than minimum payment, keep in budget, and pay off purchases. What does this do?
increase your chances of getting a job
eliminate monthly debt
eliminate credit score
increase your net worth
3
How are prices are established in a free enterprise system
stocks and bonds
the Illuminati
supply and demand
Trump
4
What are the characteristics of a sole proprietorship except
no special taxes
unlimited liability
limited liability
hard to raise capital
5
What is scarcity and what is it caused by?
unlimited resources, limited wants
Limited resources, unlimited wants
expensive stuff, no money
6
What happens to supply and demand as price increases
Supply up, Demand up
Supply down, Demand down
Supply down, Demand up
Supply up, Demand down
7
Which of the following is included in GDP
illegal activities
final goods and services made in a country in 1 year
used goods
intermediate goods
8
All of the following are characteristics of communism except
tell you what is expected of you
equal rewards
no choice
Some voice in decisions
9
When does the gov use expansionary and contractionary fiscal policy
recession, recovery
expansion, recovery
peak, trough
expansion, peak
10
How many people are on the Board of Governors and how long is their term?
7, 6yrs.
7, 2yrs.
7, 12yrs.
7, 14yrs.
11
Why do countries trade with each other and specialize in products
To make fun of each other
Unequal distribution of resources
Because we can
Friendship
12
Bankers Bank, The Fed, Nations Central Bank, the member banks own it
World Trade Organization
World Bank
Wall Street
The Federal Reserve System
13
Two or more people, unlimited liability, more capital, no special tax. What is this?
oligopoly
partnership
monopoly
sole propritorship
14
CPI decreases, demand falls, unemployment rises, GDP decreases. What is this in business cycle?
peak
trough
expansion
recession
15
What does this table represent
Communism and Capitalism
absolute and comparative advantage
supply and demand
16
What does a point inside a PPC curve represent
maximum effort
possible but not using all resources
not possible
17
Only 1 producer, no differentiation, high barriers of entry. What is describes?
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
18
Why do people put money in high risk investment?
improve credit score
leads to better loan rate
high reward
19
CPI increased, demand rises, unemployment falls, GDP increase. What is this in business cycle?
trough
peak
recession
expansion
20
All of these are sources of income for the federal income except
corporate income tax
personal income tax
social security tax
property tax
21
What are some of the annual costs of owning a home?
mortgage payments
all the above
repairs
insurance
22
What factors cause a shift in the supply curve?
NICE JAG
CEO
TRIPE
OPEC
23
What is a tariff
tax on imports
tax on exports
24
What is the equation for GDP?
C+I+G+(M-X)
C+G+I+(M-X)
C+G+I+(X-M)
C+I+G+(X-M)
25
True or false, deficit spending is when the government spend in excess of revenues
True
False
26
What represents a decrease and increase in supply and demand curve
Shift to the left or right
Shift up and down
Shift to the right or left
Shift down and up
27
Which country has absolute advantage in both products? According to the chart
Neither
England
Portugal
28
What are the benefit(s) of free enterprise system
All the above
freedom to buy what we want
opportunities for investment
price determined by supply and demand
29
True or false, Collateral, capital, character, capacity, and conditions are the 5cs of credit.
False
True
30
Open ended credit can be reused while closed ended credit ends when you pay it off
False
True
31
On the circular flow model what are the markets involved in it?
good, service
beef, milk
product, factor
good, evil
32
What happens when input price increases. What about when it decreases
Demand increases, Demand decreases
Supply decreases, Supply increases
Supply increases, Supply decreases
Demand decreases, Demand increases
33
True or false, needs are for survival and wants are unlimited and you can live without
False
True
34
True or false, a point outside of PPC is possible with more resources
False
True
35
How does international trade impact economic growth on the PPC?
More workers
More money
More supplies
Shifts it out as it becomes more efficient to gain products
36
Strong dollar will lead to more exports and less imports, and weak dollar will do the opposite
False
True
37
True or false, there are both costs and benefits in bankruptcy
True
False
38
How are savings and investments related?
savings are a form of investment
savings are safer than investments
the more you save the more you can invest
39
All of the following are risks in investing except
Higher Taxes
lost purchasing power
failure (default)
decline in value
40
Free enterprise is characterized by voluntary exchange, economic freedom, and profit
True
False
41
Who led Communist China and what is their current economic system
Mao Zedong, Free Enterprise
Yip Man, Socialism
Deng Xiaoping, Traditional
Xi Jinping, Communism
42
How does a corporation raise capital?
mostly from selling their products
mostly from selling stock
mostly from selling bonds
mostly from selling their souls
43
Who has comparative advantage in apples. In oranges?
Neither
Mexico for Oranges, US for Apples
Mexico for Apples, US for Oranges
44
What is the anagram for the non-price determinenants of the demand curve
OPEC
TRIPE
NASA
NICE JAG
45
The Fed's Federal Open Market Committee's most important responsibility is...
fiscal policy
banking policy
monetary policy
gerrymandering
46
What is the formula for net worth?
Revenue-cost= net worth
assets-liability=net worth
Premium X Interest Rate X time= net worth
premium-deductible=net worth
47
All of these are part of Perfect Competition except
supply and demand affect price
No Barriers
Everything is Free
similar products
48
What are the advantage(s) of saving money in a financial institutions?
loans can be secured
interest
All of the above
safety
49
What are the other responsibilities of the FED?
clear checks
financial serves for member banks
supervising banks
All of the Above
50
What article/amendment in the Constitution gives Congress the right to tax?
Article II/Amendment 16
Article III/Amendment 16
Article 1/Amendment 16
Article 1/Amendment 18
51
What are the tools of fiscal policy?
expanding and reducing the amount of the money supply
selling public lands and war
taxes and government spending
52
Which level of government uses income and excise taxes and import tariffs for revenue?
federal
state
county
city
53
All of the following are tools of monetary policy except
reserve requirement: % of deposits must keep in their vaults
Increased Tariffs: raising funds for the economy
discount rate, which is interest rate
open market operations: buying and selling gov bonds
54
What does a point on the PPC represent?
maximum effort
not possible without additional resources
not using resources effectively
