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2015 Economics
2015 Economics
25 terms
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StudBud Administration
Economics Basics & Circular Flow Model
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
When David gets a job at the car wash,what is he doing?
selling his goods
buying his goods
selling his resource
buying his resource
2
I lowered fed income tax rates and the marriage penalty tax and capital gains tax
Clinton Tax Cuts
Reagan Tax Cuts
Bush Tax Cuts
Obama Tax Cuts
3
Our RESOURCES are LIMITED, yet our Wants and Needs
Unlimited
opportunities
undefined
Limited
4
China's leader Deng Xiaoping moved China closer to this type of economy
free enterprise
business
socialist
communist
5
The following are benefits of free enterprise system, EXCEPT
buyers have freedoms to choose
absence of laws
investment opportunities
prices depend on supply and demand
6
The US free enterprise system creates the incentive to work, save and invest.
True
False
7
Which is a characteristic of the US free enterprise system?
ownership of private property
Affordable health care
Having a college degree
Social Security
8
Which is not a factor of production?
Labor
Land
Investment
Capital
9
Mao Zedong was China's leader who introduced incentives and rewards to grow crops
True
False
10
Scarcity
– the condition of unlimited wants and limited resources
False
True
11
Responsive prices, creation of wealth & investment opportunities are examples of
Free socialist system
Free enterprise system
Free expectation system
Free government benefits
12
What is not a characteristic of a Command Economy?
little incentive for quality work
can adjust day-to-day changes
Does not fluctuate much
requires a large bureaucracy
13
When speaking of the Four Factors of Production, "labor" means
very tiresome work
people w/all their efforts, abilities and skills
risk takers in search of profit
easy work
14
I am an Austrian economist who believes in free markets, and author of "The Road to Serfdom"
Salma Hayek
Freddy Mac
Milton Friedman
Freidrich Hayek
15
In a free enterprise system, competition leads to the best product at the highest prices
True
False
16
What is not a characteristic of a Market Economy?
many basic services provided
high degree of consumer satisfaction
Requires a large bureaucracy
can adjust day-to-day changes
17
How does a corporation usually raise capital? (money)
They sell the product they make
They have a BBQ plate sale
They sell shares of its stock
They ask for donations
18
The basic idea of "choice" presents which problem in economics?
People get to decide what they want
Choice is a way of life
Decisions produce costs
Businesses can sell what they want
19
Cuba has a command economy
True
False
20
I love entrepreneurship & believe that competition brings the best product & prices, who am I
Socialist Economy
Free benefits Economy
Communist Economy
Free Enterprise Economy
21
Microeconomics is generally the study of
unlimited wants and limited resources
Individuals and business decisions
Country and gov't decisions
relationship of the scarcity of a service to its cost
22
Land, Capital, Labor and Entrepreneurship are aka
Factors of Concern
Factors of Production
Factors of Business
Factors of Distinction
23
What type of economic system did Mao Zedong create in China?
Free market
Communist
Democracy
Imperialist
24
An example of a free market economic system is
China
Mozambique
Austrialia
Venezuela
25
Baby boomers were born between these years
1946 - 1964
1920 - 1960
1955 - 1970
1964 - 1989
