stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Final Exam Review Flashcards | StudBud
Explore
/
Economics Final Exam Review
Economics Final Exam Review
24 terms
·
StudBud Administration
·
11 plays
Imported from external platform
Flashcards
24 cards
F
Practice quiz
P
Host live
L
Questions
24
Answers
1
A production possibility curve primarily illustrates all the…
choices a society can make in the face of scarcity
choices a person can make between items
combinations of two goods or services that can be produced
technological changes that help to increase production
2
Juan is the QB for a football team. In terms of resources, Juan is __, goal posts are ___, and playing field is ___.
land; labor; capital
labor; capital; land
labor; land; capital
capital; land; labor
3
If the price of nachos increases, which of the following is the most likely to cause?
Nachos have become less popular
Jalapeno Peppers, a complimentary good, increased in price
Cost of inputs (chips, cheese, etc.) have decreased
Number of suppliers of nachos has increased
4
Which of the following would be considered an example of voluntary trade?
A person is knocked down so another person can take their money
legislature requires citizens to pay more taxes
A person is kidnapped and returned after a ransom of $1 has been paid
A music teacher is paid to give private lessons to a violin student
5
Which of the following are some of the questions every economy must answer?
When to Produce? What to Produce? How Much to Produce?
What to produce? For Whom to Produce? How Much to Produce?
When to Produce? How to Produce? How Much to Produce?
What to Produce? How to Produce? For Whom to Produce?
6
Economic systems differ the most in…
Quality of goods/services produced
quantity of goods/services produced
How they answer fundamental economic questions all societies must answer
Production possibility frontier
7
What is the main reason people are forced to make decisions about how to use resources efficiently?
Resources are limited and wants are unlimited
Allocation is a requirement of satisfaction
Satisfying needs and wants requires additional thought
Foreign exchange depends on mutual satisfaction
8
Which point on the PPC is Point A?
Efficient
Inefficient
Unobtainable
9
The expression, "There's no such thing as a free lunch," implies...
opportunity costs are when resources are used to produce goods and services
everyone must pay for his own lunch
no one has time for a good lunch anymore
the person consuming a good must always pay for it
10
The consumer price index measures which of the following?
Inflation corrected for changes in the real gross domestic product
change over time of the prices of a particular group of goods/services
The change over time of the weighted wholesale price index
Inflation corrected for changes in the wholesale price index
11
Which point on the PPC is Point C?
Unobtainable
Efficient
Inefficient
12
A product such as salt has inelastic demand. How will a small increase in price affect the demand for salt?
Quantity demanded will significantly increase
Demand will fluctuate between an increase and a decrease
Quantity demanded will significantly decrease
Little to no effect on demand
13
What is the main reason people are forced to make decisions about how to use resources efficiently?
Resources are limited and wants are unlimited
Allocation is a requirement of satisfaction
Foreign exchange depends on mutual satisfaction
Satisfying needs and wants requires additional thought
14
According to the law of diminishing marginal utility, which of the following is true?
Total satisfaction decreases as more units of a good are consumed.
Satisfaction received decreases as consumption increases.
additional satisfaction received decreases as consumption decreases.
satisfaction received increases as consumption increases.
15
Which point on the PPC is Point B?
Unobtainable
Efficient
Inefficient
16
Although _____ makes up the largest category of GDP, changes in ____ are responsible for most recessions and expansions.
Investment; Net Exports
Government Spending; Consumption
Consumption; Investment
Investment; Consumption
17
Which of the following only applies to macroeconomics?
The demand for cell phones is elastic
New technology will cause a shift in the demand curve
Minimum Wage should be increased to give more people disposable income
Imports and increasing wage demands are contributing to price inflation
18
Economic Models (graphs) are…
Complex illustrations of the real world
Simple illustrations of a more complex world
Perfect illustrations of the real world
One that does not require axis labels
19
Which of the following is an example of a price floor?
Quotas
Rent Controls
None of the Choices
Minimum Wage
20
Which of the following transactions would increase Gross Domestic Product (GDP)
A student buys a used textbook for their college class
A librarian buys a share of Barnes and Noble stock
An American company produces a new show located in the US
A teacher buys a new dress produced in Vietnam
21
Which of the following helps to develop the idea that Marx was important to economics?
His ideas encouraged future economists to question the role of capitalism
His ideas were more successful in the 20th Century than during his life
Many countries adopted his ideas when creating new governments
The decline of communism proves his theories on social economics were wrong
22
All the following are microeconomic variables except…
All the Choices are microeconomic variables
Tax rates on cigarettes and alcohol in California between 2000 and 2010
Unemployment rate from the United States in 1992
Production possibilities frontiers of tvs and radios in Texas in 1975
23
Which of the following is a determinant of demand?
Cost of Inputs
Availability of Inputs
Expectations of Future Prices
Number of Suppliers
24
Which of the following best describes a major role of the federal reserve?
Serving as the central bank for the federal government
Monitoring the nation’s balance of payments
Insuring the deposits of savings and checking accounts
Advising Congress on tax policy
