Who is in charge of a capitalist economy?

individuals and private businesses

A rationing device is __________________.

who gets what of the goods available

Monetary Policy employs three tools to control the money supply in a country, they are

government bonds, reserve requirement and interest rates

For currency to be considered valid it must be

durable, portable, recognizable, divisible and limited

Which example below would NOT be included in GDP?

Victoria gets her nails done at a beauty shop in downtown

Which is an example of economic freedom?

selling lemonade to raise money for the Key Club

Which is NOT an example of economic security?

providinf unaffordable healthcare

Who is in charge of a socialist economy?

government and society as a whole

What determines the price and quantity of most goods?

The interaction of supply and demand

Which of the following answers explains inflation?

An increase in overall prices because of devalued money

Which of the following are the conditions necessary to be considered unemployed...

16 years old, not working, actively seeking a job

Which is NOT an example of economic equity?

corporate executives making millions

studbud

Duplechain Final Exam Review

25 termsStudBud Administration160 plays

Imported from external platform

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
Who is in charge of a capitalist economy?
none of the above
customs and traditions
individuals and private businesses
government and society as a whole
2
What is scarcity?
condition of unlimited wants
condition that occurs in developed countries
buying and selling consumer goods
workers on a variation of jobs
3
What is the formula for GDP?
C+G+X-M+I=GDP
C+I+G+(M-X)=GDP
I+(X-M)+G+C=GDP
C+I+G+(X+M)=GDP
4
Economic philosopher called for the overthrow of capitalism because it exploited the worker
Milton Friedman
Karl Marx
Friedrich Hayek
John Maynard Keynes
5
A rationing device is __________________.
A machine that determines the supply and demand of a product
who gets what of the goods available
A schedule that keeps your expenses in check
Something that saves you money
6
Monetary Policy employs three tools to control the money supply in a country, they are
reserve requirements, credit rates and who can print money
reserve requirement, interest rates and credit rates
government bonds, reserve requirement and interest rates
government bonds, who can print money and reserve require...
7
For currency to be considered valid it must be
durable, foldable, divisible, recognizable and great in supp
durable, portable, divisible, great in supply and recognize
durable, portable, recognizable, divisible and limited
durable, foldable, divisible, recognizable and limited
8
Which example below would NOT be included in GDP?
Nick buys antique earrings online
Keisha purchases a new car from the dealership
Jose buys a new DVD player at the mall
Victoria gets her nails done at a beauty shop in downtown
9
Which is an example of economic freedom?
selling lemonade to raise money for the Key Club
restrictions on the sale of certain types of cars
going to the grocery store to buy some Takis
downloading purchased music from the internet
10
Which is NOT an example of economic security?
providing less fortunate with food
providing healthcare for the sick
providinf unaffordable healthcare
providing housing for the old
11
Who is in charge of a socialist economy?
none of the above
individuals and private businesses
customs and traditions
government and society as a whole
12
What determines the price and quantity of most goods?
The interaction of supply and demand
The consumer's perception of necessity
The availability of substitute for the goods
The quality of the goods that are produced
13
The price of gas has risen from $3.15 last year to $3.70 this year. Comparing the rise in price
Unemployment Rate
Gross Domestic Product
Consumer Price Index
Business cycle
14
Which of the following answers explains inflation?
An increase in overall prices because of devalued money
An increase in GDP for two quarters
A decrease in overall prices because of decrease in supply
A rise in unemployment
15
This is the struggle among sellers to attract consumers while lowering costs
Property rights
Incentive
Economic Freedom
Competition
16
Which of the following is NOT one of the major economic questions?
How should we produce it?
What should we produce?
How much money will we make?
Who should we produce it for?
17
You write a check for your dry cleaning purchase instead of paying with cash, this is example
representative money
none of the above
fiat money
commodity money
18
Free enterprise values_________________ above all and Socialism values____________
life, balance
justice, safety
control, money
liberty, equity
19
An example of a capital resource would be?
Zelch (0)
Factories
Trees
An idea
20
When a consumer is able and willing to buy a good or service, he or she creates...
Consumption
Elasticity
Demand
Allocation
21
When the United States used the "Gold Standard" the currency of the nations was a form of
commodity money
fiat money
none of the above
representative money
22
Which of the following are the conditions necessary to be considered unemployed...
18 years old , not working, actively seeking a job
16 years old, not working, actively seeking a job
You are working, you are technically considered unemployed
16 years old, attending school, actively seeking a job
23
Which is NOT an example of economic equity?
fair distribution of society's wealth
graduated income tax brackets
corporate executives making millions
socialist economies
24
This is a device or tool that motivates a course of action
Property Rights
Competition
Incentive
Economic Freedom
25
An example of a land resource would be?
Bill Gates
Trees
Policeman
Factories

Duplechain Final Exam Review Flashcards | StudBud