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WN Economics Final Review Flashcards | StudBud
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WN Economics Final Review
WN Economics Final Review
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Common Final Review
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
What term represents the central problem of economics?
demsuand
scarcity
supply
demand and supply
2
Which of the following would result in an imperfect competition environment?
Buyers having freedom to enter/exit
A large number of buyers and sellers
A small number of buyers and sellers
Products being identical
3
Which of following expenses represents discretionary spending for the federal government?
Medicare
Social Security
Medicaid
Defense
4
Which type of investment option is associated with "matching funds" making it very valuable?
Roth IRA
Traditional IRA
401-K Plans
Pension
5
What type of economic system do we have in the United States?
mixed
traditional
command
market
6
Which of the following could cause the associated shift in supply?
An increase in the number of sellers
An increase in price of substitute products
An increase in price of complementary products
An increase in poor weather conditions
7
What type of economic system are all the decisions made by firms and people without govt input?
traditional
market
command
mixed
8
If the company wishes to produce 6 leather jackets instead of 3, what's the opportunity cost?
The OC will be 6 computers
The OC will be 6 leather jackets
The OC will be 3 computers
The OC will be 3 leather jackets
9
If I decide to go to SIU, but, U of I is my second choice and ISU and NIU my other choices..
U of I is the opportunity cost
All 4 are the opportunity cost
SIU is the opportunity cost
NIU and ISU are the opportunity cost
10
Under what circumstances could a firm produce ON the actual production possibility frontier?
If the factory machinery breaks down
If all the workers perform at their highest levels
It is not possible
If they hire more workers
11
Which of the following could cause the following shift in supply?
All of the above
An increase in taxes
An increase in worker productivity
A decrease in subsidies
12
Which of the following can cause the decrease in demand illustrated below?
An increase in product price
A decrease in consumer income
An increase in price of complementary products
A decrease in product price
13
How much has this employee paid in state income tax so far this year?
$1067.57
$106.76
$3607.91
It's impossible to tell
14
Local governments greatest source of revenue collection comes though
sales taxes
lottery taxes
sin taxes
property taxes
15
If the government were to have a surplus for a single year, then...
entitlements would exceed revenues
expenditures would exceed revenues
revenues would exceed expenditures
revenues would equal expenditures
16
What do individuals bring to the factor market?
Skills/Labor
Money
None of the above
Goods/Services
17
What type of economic system is associated with an area like an Amish community?
command
mixed
market
traditional
18
In the circular flow model, who brings money to the product market?
Individuals
Business
The FOP's
Entrepreneurs
19
Fiscal policy is under the influence of
the President
the Federal Reserve Board
both Congress and the President
Congress
20
Which of the following is an example of fiscal policy?
both government spending and taxing
interest rate level changes
government taxation levels
government spending levels
21
Which of the following does NOT represent a legal type of monopoly in the United States?
a Government monopoly
all are legal monopolies
a Technological monopoly
a Geographic monopoly
22
How much does the recipient of this pay stub get paid per hour?
It's impossible to tell
$28
$20.16
$80
23
If Ford Motor merges with Chrysler, it would be an example of a
none of the above
vertical merger
diagonal merger
horizontal merger
24
Which type of economic system is able to make the most dramatic changes overnight?
market
mixed
traditional
command
25
What do businesses bring to the product market?
Goods/Services
None of the above
Money
Skills/Labor
26
Given the ratings below, which bond would likely offer the highest APR?
BB
AA
C
AAA
27
Which of the following is NOT part of the FICA deduction from an individual's income?
Medicaid
Medicare
Social Security
All are part of FICA
28
A positive externality, in economics terms, refers to _________.
an increase in government subsidies
a 3rd party benefiting in some way from a business deal
an increase in a company production possibility frontier
a 3rd party being harmed in some way from a business deal
29
Under what circumstances could a firm produce inside the production possibility frontier?
It is not possible
If all the workers perform at their highest levels
If the factory machinery breaks down
If they hire more workers
30
Which year would have been the best to purchase Starbuck stocks?
2002
2007
2011
2006
31
Under what circumstances could a firm produce outside the production possibility frontier?
It is not possible
If all the workers perform at their highest levels
If they hire more workers
If the factory machinery breaks down
32
The government in our economic system is involved in what part of the circular model?
neither product nor factor markets
both product and factor markets
the product market
the factor market
33
Which of the following represents the amount of money this worker was paid for this period?
$659.06
$1580.94
It's impossible to tell
$2240
34
If I decide to go to SIU, but, U of I is my second choice and ISU and NIU my other choices..
SIU is the trade off
All 4 are the trade off's
U of I is the trade off
NIU and ISU are the trade off's
35
Which year would have been the best to purchase Starbuck stocks?
2007
2011
2006
2002
36
Which term refers to the cumulative amount of money our government owes its creditors?
all of the above
the national surplus
the national debt
the national deficit
37
Monetary policy is under the influence of
both Congress and the President
Congress
the Federal Reserve Board
the President
38
In the circular flow model, who brings money to the factor market?
Entrepreneurs
Business
The FOP's
Individuals
39
If the company wants to make 12 computers instead of 6, what's the opportunity cost?
The OC will be 3 computers
The OC will be 3 leather jackets
The OC will be 6 computers
The OC will be 6 leather jackets
40
Which of the following does the Federal Reserve manipulate to control the money supply?
social security spending
government subsidies
bank reserve requirements
income tax rates
41
Which of the following could cause the associated shift in supply?
An increase in popularity
An increase in production costs
An increase in technology
An increase in consumer income
42
Which of the following could cause the shift associated in demand illustrated below?
An increase in taxes
An increase in productivity
An increase in popularity
A decrease popularity
43
Mutual funds do which of the following for investors?
Invest in a diverse portfolio of stocks
Invest in a single, highly rated stock
Offer matching funds
Create IRA accounts
44
Which of the following could cause the shift associated in demand illustrated below?
An increase in price of substitute products
A decrease in consumer population
An increase in subsidies
An increase in technology
45
Which year would have been the worst to purchase Starbuck stocks?
2006
2002
2004
2009
46
If Ford Motor merges with Willy's Auto Part Manufacturers, it would be an example of a
diagonal merger
none of the above
horizontal merger
vertical merger
47
Which form of business has unlimited liability for its owners?
sole proprietorships
neither sole proprietorships of partnerships
partnerships
both sole proprietorships and partnerships
48
What does the solid black line in the middle of the graph represent?
optimal mix of products
overproduction
demand for computers and leather jackets
efficient levels of production
49
Which type of imperfect competition market is dominated by a few major sellers of a product?
Monopoly
None of the above
Oligopoly
Monopolistic
50
Which term refers to the specific amount of money in a single fiscal year the government owes?
the national surplus
the national deficit
all of the above
the national debt
