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La Hist Final review ECONOMICS Flashcards | StudBud
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La Hist Final review ECONOMICS
La Hist Final review ECONOMICS
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1
What is a severance tax?
a tax paid on silverware
a tax paid if you suffer an injury
a tax paid on the land you own
a tax paid for a natural resource
2
When OPEC stopped exporting oil to the U.S. in the 1970s, what did that create?
panic
surplus
scarcity
depression
3
If you are in a working field in which the demand for your job goes down, what is the result?
you may receive a promotion
no change in workers
less workers needed
more workers needed
4
When the supply is greater than the demand, what is the result?
scarcity
crocs
surplus
shortage
5
Which of the following are characteristics of a capitalist economic system?
freedom of choice with a dictator in charge
private ownership and little govt interference
govt. controls resources and has much power
jobs are determined by what your parents do
6
Which country did we use as an example in class as a command system?
United States
England
North Korea
Brazil
7
When was the "heyday" for oil and gas in Louisiana?
1990s
1970s
2000s
1980s
8
What does OPEC stand for?
Oil Producing Exxon Countries
Organization of Petroleum Exporting Countries
Oil Producing European Countries
Organization of Petroleum Excelling Countries
9
What has been a negative side affect of the oil industry in Louisiana?
pollution
money
jobs
population increase
10
What would Wal-Mart sometimes be accused of being? (economic term)
monopoly
communist
socialist
the worst place on earth
