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Economics Final Exam Review
Economics Final Exam Review
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Econ final
Flashcards
80 cards
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Practice quiz
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Host live
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Questions
80
Answers
1
A patent is usually good for ____ years.
13
7
22
17
2
All of the following are factors of production EXCEPT
entrepreneurship
government permits
labor
land
3
What percent of Americans officially live in poverty in the U.S. for 2015?
17%
12%
23%
6%
4
Which of the following best describes structural unemployment?
people working at jobs beneath their training
people between jobs
people who have no real skills at all
people not looking for a job
5
A production possibility curve shows that all things in life involve
energy
a tradeoff
costs
effort
6
Adam Smith said that people act out of
self interest
hatred
compassion
greed
7
Required reserves that banks must keep is associated with
income tax rates
fiscal policy
regressive tax rates
monetary policy
8
What is the main function of the pancreas?
process protien intake
produce red blood cells
regulate blood flow
aids in digestion
9
The law of supply says that as price goes up, _____ goes ______.
supply goes down
demand goes up
supply goes up
demand goes down
10
All of the following things are sold by cartels EXCEPT
real estate
diamonds
illegal drugs
oil
11
About how much money in interest does the govt have to pay each year?
65 billion
500 billion
1.3 trillion
130 billion
12
All of the following contain Vitamin E EXCEPT
Pecans
Wheat germ
Almonds
Olive oil
13
What sort of tax system is hardest on the poor?
progressive
regressive
proportional
value added tax
14
A bull market is when the stock market is doing what?
going down
spinning in circles
doing nothing
going up
15
Which state produces the most pickles every year?
California
North Carolina
Mississippi
Maine
16
What is the main export of Poland?
machinery
meat
lead
oil
17
"Economies of scale" refers to that it is better to have ________.
one provider of a good
government regulation
multiple companies in a market
progressive taxation
18
All of the following are Lil Flip albums EXCEPT
Connected
Lil Red Ridin da Hood
Undaground Legend
The Black Dr. Kevorkian
19
What country does the U.S. owe the most money to?
Germany
Japan
India
China
20
An example for oligopoly would be what industry?
gas stations
resturants
soft drinks
shoes
21
The discount rate refers to
stock market loans
social security benefits
monetary policy
fiscal policy
22
Price floors usually create a/an ________ of a good or service.
excess
shortage
23
Which market structure has hundreds of companies that make similar products?
monopolistic competition
perfect competition
oligopoly
duopoly
24
PWM is the airport code for what U.S. airport?
Memphis
Lake Tahoe
Pittsburg
Portland
25
All of the following debts can be discharged in bankruptcy EXCEPT
very old past taxes
credit cards
small personal loans
federal student loans
26
In socialism most businesses are owned by _______.
the government
private owners
a few rich people
everyone
27
The minimum wage is an example of a price
floor
ceiling
28
Which of the following could be called an in-kind subsidy or payment?
Social Security
WIC
food stamps or SNAP
TANF
29
What tax system has the rich pay the most in taxes?
Regressive
flat
progressive
value added
30
What was Jennifer Lawrence's high school GPA?
3.9
1.5
3.3
2.7
31
What is the length of a regulation NBA court?
90 feet
116 feet
94 feet
102 feet
32
Social Security makes up about _____ percent of all govt spending.
14
28
19
23
33
A copyright would protect what?
a new drug
lyrics
a picture of a famous person
computer hardware
34
What is the largest discretionary part of our federal budget?
social security
Medicare
retirement benefits
national defense
35
Pi is 3.141592653____ . . . . what is the next number?
9
2
5
0
36
Which number is closest to our national debt?
14 trillion
7.8 Kabillion
36 trillion
20 trillion
37
All of the following are examples of a price ceiling EXCEPT
cap on gas prices
rent control
tuition at a state college
a govt set price for farm goods
38
A ______ monopoly involves advanced weapons or new drugs.
government
technical
natural
geographical
39
What is it called when you pay for the right to use the name of an established company?
franchise
partnership
corporation
sole proprietorship
40
Which future teen idol's first acting gig was on Barney and Friends?
Selena Gomez
Nick Canon
Lindsey Lohan
Miley Cyrus
41
The soft drink industry is a good example of a
monopolistic competition
duopoly
oligopoly
monopoly
42
OPEC is a cartel that sells what?
diamonds
gold
drugs
oil
43
What percent of the American population has A positive blood?
51%
25%
34%
18%
44
Laissez faire is an economic term meaning what?
supply equals demand
demand creates supply
leave it alone
competition is good
45
What is the leading cause of death in Panama?
heart disease
colon cancer
violence
stroke
46
How heavy is Shaquille O'Neil?
315
388
344
287
47
A recession is when GDP is down for how many months?
12
6
3
9
48
Which state has the honeybee as its official insect?
Nebraska
Texas
Georgia
New Mexico
49
What dog breed on average lives the longest (15 years)?
Collie
Maltese
Shih Tzu
Toy poodle
50
All of the following are negative externalities EXCEPT
police violence against citizens
crime near a casino
oil spill in Alaska
traffic around a large mall
51
All of the following are correlated with poverty EXCEPT
race
political affiliation
married or single status
history of family poverty
52
Fiscal policy is controlled by
president only
president and congress
state governments
federal reserve
53
The SEC monitors what group?
stock market
federal reserve
congress
the military
54
The U.S. only won any Olympic medal in one of the following. . . which one?
Handball
Badminton
Fencing
Table tennis
55
Fiscal policy involves the manipulation of ____ to effect the economy.
taxes
interest rates
bank reserves
bond availability
56
Where is the tallest roller coaster in the world (456 feet high)?
Florida
Germany
New Jersey
Australia
57
All of the following are determinants of demand EXCEPT
number of buyers
income
price
preferences
58
Your fixed costs as a business are also called your
overhead costs
total costs
variable costs
operating costs
59
What did my true love get on the 7th day of Christmas?
swans swimming
sing birds
lords a leaping
pipers piping
60
What city has the most Burger King's per capita?
Chicago
Las Vegas
San Jose, CA
Orlando
61
All of the following are fiscal policy tools EXCEPT
govt can hire more workers
raising taxes
increase govt spending
lowering the discount rate
62
The first IPhone came out in what year?
2010
2007
2012
2005
63
What was the name of the penguin in Toy Story?
Sammy
Chester
Fla fla
Weezy
64
Americans consume how many pounds of avocados each Cinco de Mayo?
81 million
122 million
237 million
55 million
65
How many calories are in one Big Mac?
710
563
245
466
66
A negative externality is a _____ that someone must deal with.
tax
cost
regulation
law
67
Who regulates the Federal Reserve?
the president
congress
no one
various federal courts
68
A person's credit score can go anywhere from ____ to ______.
300 to 850
300 to 800
250 to 800
350 to 800
69
Milk duds were first produced in the U.S. in what year?
1926
1971
1937
1955
70
Who is the current head of the Federal Reserve?
Ben Bernanke
Eric Holder
Kamala Harris
Janet Yellen
71
What percent of the world's population has red hair?
4%
2%
8%
6%
72
How many companies make up the Dow Jones Industrial Average?
10
50
20
30
73
The Communist Manifesto talked about struggle between
govts and citizens
workers and owners
rich and poor
whites and blacks
74
How many full time employees does Google have?
61,814
100,300
47,100
24,505
75
Lincoln Park Zoo is located in what large city?
Los Angeles
Houston
Chicago
New York
76
All of the following were doll friends of Barbie EXCEPT
Midge
PJ
Lacy
Christie
77
Which would be an example of a positive externality?
someone playing loud music everyone likes
a new law requiring strict air pollution controls
a thriving stock market
increased police presence
78
All of the following are determinants of supply EXCEPT
supplier expectations
govt actions
availability of resources
buyer income
79
How many Starbucks are in Los Angeles?
156
265
188
121
80
Which NFL team has lost the Super Bowl game 5 times?
Bills
Dolphins
Cowboys
Packers
