stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CWP Economics Quiz Flashcards | StudBud
Explore
/
CWP Economics Quiz
CWP Economics Quiz
18 terms
·
StudBud Administration
·
91 plays
A Quiz I made for my Current World Problems Class to talk about the economy and Tariffs.
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
When supply exceeds demand, what typically happens to prices?
They decrease
They stay the same
They multiply
They increase
2
Why does fiat money have value?
It's backed by gold
It's made of precious metals
Government decree and public trust
Banks create the value
3
When companies reduce product size but keep the same price, this is called...
Cost-push inflation
Inflation
Skimpflation
Shrinkflation
4
What is a potential positive effect of raising minimum wage?
Increased business profits
Reduced inflation
Increased purchasing power for workers
Lower consumer prices
5
The ability to purchase goods and services with available money is called...
Purchasing Power
Inflation
Supply & Demand
Cost of Living
6
When businesses cut corners on service quality, this is called...
Inflation
Skimpflation
Recession
Shrinkflation
7
A tariff is a tax on imported goods
False
True
8
During periods of high inflation, which strategy helps businesses cope?
Adjusting pricing and inventory management
Lowering quality standards
Maintaining fixed prices
Increasing product sizes
9
Which combination typically indicates economic stress?
Low inflation + high wages + low cost of living
High inflation + low wages + high cost of living
Low inflation + low wages + high cost of living
High inflation + high wages + low cost of living
10
What typically causes demand-pull inflation?
Rising production costs
Government regulations
Decreased consumer spending
Too many buyers chasing too few goods
11
Which factor does NOT typically affect cost of living?
National park locations
Housing prices
Transportation costs
Local tax rates
12
What is the primary purpose of tariffs?
Lower consumer prices
Increase imports
Reduce government revenue
Protect domestic industries
13
Which is an example of shrinkflation?
Lower quality service at restaurants
A cereal box with less cereal but same price
Reduced store hours
Higher prices due to increased demand
14
How do tariffs typically affect consumers?
Lower prices
No effect
More product choices
Higher Prices
15
What are Mr. Mitchell's dog's names?
Tony and Mikey
Thor and Mochi
Tina and Momo
Trig and Monster
16
When prices are rising and the stock market is optimistic, this is called a...
Bear Market
Debt
Bull Market
Tariff
17
Which term describes a declining market with falling stock prices?
Bear Market
Surplus
Bull Market
Recession
18
Who is Joe?
Joe Biden
Joe Mama
Joe Mangiello
Joe Pantoliano
