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Economics Review Sections 1-5 Flashcards | StudBud
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Economics Review Sections 1-5
Economics Review Sections 1-5
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Review of Sections 1-5
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
To divide among or distribute in shares is to
assign
allocate
distribution
confiscate
2
The three major economic institutions are
Chipotle, Five Guys, Core Eatery
countries, corporations, government
households, government, corporations
households, businesses, government
3
Which of the following are methods of resource allocation?
market system and need
brute force and welfare
queuing and tradition
planned systems and random selection
4
Payment for the use of land or buildings is called
rent
loan
charity
mortgage
5
How much interest would one pay to borrow $150 at 10% interest payable in 3 year?
$60
$15
$30
$45
6
One advantage of a sole proprietorship is
It is relatively easy to set up.
It is difficult to set up.
It has an unlimited life.
It lives on forever.
7
Payment for risk-taking or entrepreneurship is called
wages
rent
profit
interest
8
Study of ways individuals & societies allocate limited resources to satisfy unlimited wants is
economics
budget
macroeconomics
microeconomics
9
One disadvantage of a partnership is
It is relatively easy to set up.
It has unlimited partner liability.
It has limited partner liability.
It is relatively simple to manage.
10
How much interest would one pay to borrow $200 at 15% interest payable in 1 year?
$40
$20
$30
$45
11
The government tries to stabilize inflation, prices, and employment by
running all banks
setting interest rates
setting tax rates
controlling all employment
12
How much interest would one pay to borrow $300 at 12% interest payable in 2 years?
$312
$36
$336
$72
13
Which of the following newspaper headlines are macroeconomic issues?
Apple Will Release New IPad
Federal Reserve Raises Interest Rates
Library Extends Hours
U.S. Trade Deficit Widens
14
Advantages of corporations include
limited owner liability
highly specialized management
subject to extensive government regulation
subject to extensive government taxation
15
Societal decision-making is referred to as
microeconomics
macroeconomics
federal economics
world economics
16
Types of societal resources include
labor, land, capital, entrepreneurship
land, money, labor, entrepreneurship
none of the others
land, money, capital, and entrepreneurship
17
The United States government redistributes income by
taxing individuals and businesses and funding programs
taxing only individuals and funding programs
taxing only business and funding programs
organizing fundraisers to help charities
18
Which of the following newspaper headlines are microeconomic issues?
Ohio State University Raises Tuition
ABC Has New Spring Line-Up
Congress Fights for Spending Cuts
Mexico Devalues Currency
19
One disadvantage of a corporation is
It is easy to finance.
It has limited owner liability or loss.
It is difficult to set up.
It is relatively easy to set up.
20
How does the government effect economic behavior?
redistribute income and provide all jobs
stabilize income, prices, and employment
redistribute income and regulate businesses
regulate businesses and sell stocks
