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Economics Semester 1 Exam Review Flashcards | StudBud
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Economics Semester 1 Exam Review
Economics Semester 1 Exam Review
40 terms
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StudBud Administration
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103 plays
Salem High School Macro/Micro/International economics
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Which is the opportunity cost for attending College?
tuition and fees
lost income from not being able to work full time
room and board
the salary earned after graduating college
2
Elon Musk opens a new Tesla Factory
Land
Entrepreneurship
Capital (human)
Labor
3
Who is impacted most by inflation?
The Homeless
Business Owners
Factory workers
The Elderly on a fixed income
4
Which of the following economic behaviors causes scarcity?
limited supply and unlimited credit
limited supply and limited incentives
limited supply and limited regulation
limited supply and unlimited demand
5
Who is the current chair of the Federal Reserve
Jerome Saint
Bernard Arnault
Jerome Powell
Nancy Pelosi
6
What are the four main parts of the circular flow model
Product Market, Stock Market, Factor Market, Fish Market
Factor Market, Product Market, Households, Firms
Factor Market, households, Stock Market, supermarket
Product Market, House Market, Factor Market, Good Market
7
recession is a temporary period of weak growth in real GDP that is accompanied by a rise in the unemployment rate.
False
True
8
Select the four types of unemplyment
Frictional, structural, temporary, Cyclical
Frictional, Structural, Seasonal, Cyclical
Frictional, Structural, Diabolical, Cyclical
Frictional, Marginal, Contractional, Seasonal
9
describes a level of an asset that exceeds the portion used
shortage
demand curve
Equilibrium
surplus
10
A service worker is hired to manage a shipping facility
Entrepreneurship
land
Capital (Human)
labor
11
When an economy can match the nation's aggregate supply and aggregate demand
shortage
Surplus
equilibrium
demand
12
Recession is not an official component of the business cycle
True
False
13
You get a part time job prepping pizzas at a local mom and pop restaurant
Labor
Capital (human)
entrepreneurship
Land
14
Unemployment occurs when the financial markets crash
Seasonal
Stuctural
Frictional
cyclical
15
Nasa uses rainforest materials for advanced research
labor
entepreneurship
capital (human)
land
16
What is national debt?
The amount of money the US has borrowed to cover its expenses
The amount of money owed by the citizen population of the US
The amount of money the US needs to pay out in taxes each year
The amount of money other countries owe the US
17
Which of the following correctly represents the 4 phases of the business cycle
Peak, Valley, Contraction, Trough
Peak, recession, expansion, contraction
Peak, Trough, Reduction, Inflation
Peak, Trough, Expansion, Contraction
18
What does the Upward Trend line represent in the business cycle
Recession
inflation
Growth
Contraction
19
A monopoly occurs when a single seller or producer assumes a dominant position in an industry or a sector
True
False
20
Factors of production consist of
Land, Labor, Resources, Capital
Land, Labor, Capital, finance
Land, Labor, businesses, cash
Land, Labor, Capital, Entrepreneurship
21
Economic Inflation Can be defined as...
a scam by Uncle Sam
you spend less and save more
you have more money due to tax increases
your dollar will not go as far today as it did yesterday
22
A depression is a severe and prolonged downturn in economic activity
False
True
23
The Surgeon General determines that salads cause people to live longer
Demand will Increase
Demand will decrease
Big backs will get bigger
24
the 3 big economic questions are...
What to produce, when to produce, where to produce
What to produce, Who to produce, where to produce
What to produce, for whom to produce, how to produce
25
who oversees U.S. monetary policy
The Department of Defense
The Federal Reserve
The US Supreme Court
Local State Governments
26
Deficit Spending is not harmful to the economy
False
True
27
N.A.F.T.A. stands for
North American Free trade agreement
North American Fixed trade allegiance
North Atlantic fair trade alliance
North American Free trade allotment
28
As the price decreases, supply decreases while demand increases
False
True
29
Seasonal Unemployment is due to changes in the function of a job
False
True
30
Comparative advantage occurs when...
a country can produce a good or service at the same cost than others
a country can produce a good or service at a higher cost than others
a country can't produce a good or service at a lower cost than others
a country can produce a good or service at a lower cost than others
31
Unemployment occurs when students are graduating from high school and college
Seasonal
Structural
Frictional
Cyclical
32
On the "Production possibilities curve" Increase in Demand shifts to the left!
False
True
33
What is fiscal policy
the use of government spending and taxation to influence the economy
the use of government spending and trade to influence the economy
the use of government spending and stimulus funds to influence the economy
the use of government spending and inflation to influence the economy
34
Which of the following is NOT associated with the ports in Georgia?
Port of Savannah
Northeast Inland Port
Port of Brunswick
Chatahoochee River
35
Below is an exapmple of
The Business Cycle
The Factors of Production
The Circular Flow Model
36
Which of the following statements about opportunity cost is correct?
opportunity cost is the same for anyone engaged in that activity.
opportunity cost for any activity can include forgone income.
opportunity cost for any activity is usually known with great certainty.
opportunity costmeasures the direct benefit derived from that activity.
37
Using a circular flow model, which of the following is true?
Households are both demanders and suppliers
Households are demanders in both the product and factor markets
Firms are suppliers in the factor markets
Firms are demanders in the product markets
38
a condition where the quantity demanded is greater than the quantity supplied at the market price
equilibrium
surplus
Consumer price index
shortage
39
Factor of Production that deals with increase of knowledge
Entrepreneurship
Land
capital(human)
Labor
40
An imaginary market condition where consumers have access to the same products and information is a perfect competition
False
True
