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Civics & Econ. - Unit 4 Spring Final Review 2022 Flashcards | StudBud
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Civics & Econ. - Unit 4 Spring Final Review 2022
Civics & Econ. - Unit 4 Spring Final Review 2022
15 terms
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StudBud Administration
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152 plays
Economics only
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
__________ is indicated at the intersection of the demand and supply lines.
A surplus
A shortage
Opportunity cost
The equilibrium price
2
The US federal income tax is a flat tax.
False
True
3
In the _____ system, businesses make all choices and own all factors of production.
command
mixed
traditional
laissez faire capitalism
4
Which type of account is associated with a debit card?
savings
credit
checking
money market
5
A change in price leads to a new quantity demanded, but does not lead to a shift of the demand curve.
False
True
6
Which of the following scenarios could cause the shift for the supply line for chocolate bars?
Suppliers of chocolate bars expect an increase in demand around Easter
Chocolate suppliers get new machines to help produce chocolate bars
The milk used in chocolate bars experiences a shortage and price increase
Other sellers start businesses to produce chocolate bars
7
In the circular flow of economics for a mixed system, the government provides services and payments to businesses.
True
False
8
Which of the following would harm your credit score?
missing a monthly utility payment
missing a credit card payment
paying all utility bills on time in full
foreclosing on a home mortgage loan
9
When the quantity supplied is greater than the quantity demanded, _____ occurs, indicating that the price should ______.
surplus; decrease
surplus; increase
shortage; decrease
shortage; increase
10
The law of supply states that as price increases, quantity supplied decreases.
False
True
11
Which of the following is NOT a key characteristic of the US economic mixed system?
the motivation of profit incentive
the practice of free enterprise with limited government involvement
the belief in the freedom of choice
the establishment of economic equality for all
12
Which of the following is a state tax?
sales tax
excise tax
Medicare tax
Social Security tax
13
Which of the following factors would cause the demand curve to shift in this way?
a negative change in the taste or preferences of consumers
a change in the price
a subsidy was provided to the supplier
a change in the technology available to the supplier
14
Opportunity cost refers to...
the idea that as you consume more of a product, your utility decreases
the system of economics that is not based on currency
the loss of the next best choice/option you didn't take
the loss of ALL of the choices you didn't take
15
________ is the amount a country produces in dollars over the course of a year.
Gross income
Profit incentive
Gross domestic product
Inflation
