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Final review
Final review
24 terms
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StudBud Administration
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18 plays
Economics
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is the advantage of diversification of investments?
Increasing your money
Reducing risk of losing money
You get less return
There is none
2
Public disclosure laws require
Individuals to use only written contracts
Governments to disclose their standards for certification
Companies to give information about their products
Companies to protect private property
3
what are the phases of a business cycle?
Expansion, peak, contraction, and through
Consumer expectations and external shocks
Recession, depression, stagflation
Business investments and interest rates and credit
4
An alternative that we sacrifice when we make a decision
Opportunity cost
trade-off
underutilization
Thinking at the margin
5
shortages occur when
The United States imports more than it exports
trouble supplying the goods and services at current prices
Interest rates go up
Many people are unemployed
6
What is an example of commodity money?
An IOU
A dollar bill
coins
Cattle
7
Each point on a production possibilities curve shows
the potential for future growth.
underutilization of resources.
the relationship of shortage to scarcity.
efficient utilization of resources.
8
Using resources in such a way as to maximize the production of goods and services is called
efficiency.
thinking at the margins.
underutilization.
growth
9
Economics is the study of how people
calculate their income tax.
choose from limited resources to meet their needs.
espond to war and drought.
gain knowledge and skills from study and experience
10
One way Americans seek to maintain their high standard of living is by constantly improving
Macroeconomic policy
Technology
Microeconomic policy
Patents and copyrights
11
What is the purpose of investing?
To use financial assets to earn profit
To make more competition
To lose money
To buy things
12
Describes demand that is very sensitive to change in price
Inelastic
Inelasticity of demand
Unitary elastic
Elastic
13
____________ is a measure of the way suppliers respond to a change in price.
Ceteris paribus
Elasticity of supply
The marginal product of labor
The market supply curve
14
Competition and self-interest are two important forces in
Traditional economies
Centrally-planned economies
Free market economies
Communist economies
15
Which of the following businesses has elastic supply?
apple farming
newspaper publishing
electricity production
hair cutting
16
The government decides which goods and services will be produced in a
mixed economy
command economy
fluctuating economy
17
The law of demand says
The higher the price, the more consumers will buy
The lower the price, the less consumers will buy
The lower the price, the more consumers will buy
The lower the price, the more consumers will substitute
18
What factor would not cause the demand curve to change?
Price
Income
Population
Consumer tastes and advertising
19
A measure of the market value of all goods and services produced by americans in one year is
GDP
GNP
20
What was type of economy used for the political system of communism
anarchy
local economy
centrally planned economy
national economy
21
the self-regulating nature of the marketplace is called
the safety net
the invisible hand
equity
self-interest
22
In any market, quantities supplied and quantities demanded will
always be equal.
be equal at only one price and quantity.
never be equal.
be equal at several different prices and quantities.
23
what can recession lead to?
expansion
depression
contraction
the peak of economic expansion
24
How is contingent employment different from permanent employment?
Contingent is full time worker permanent is part time worker
There is no such thing as contingent employment
Contingent is part time worker permanent is full time worker
They are the same
