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ECON Final Exam Review Flashcards | StudBud
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ECON Final Exam Review
ECON Final Exam Review
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Thank you Mr. Dewitt
Flashcards
61 cards
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Questions
61
Answers
1
To allocate means
to give away
to distribute in a systematic way
to distribute unequally
to take away
2
difference between the total amount of money coming into a nation and the total amount leaving
Trade
Balance of trade
Trade surplus
Balance of payment
3
Marginal benefits
all of the above
additional benefits
additional money
additional cost
4
The kinds of decisions made about taxing or spending in order to promote economic growth?
The FOMC
Monetary policy
Government
Fiscal policy
5
How long have trusts has been illegal
1997
1880
1890
1883
6
Who is someone who invest in business but has no say in its day to day decisions?
Majority partner
Investor
Silent partner
Minority partner
7
Occurs because of a downturn in the economy?
Cyclical unemployment
Structural unemployment
Season unemployment
Frictional unemployment
8
Price floors lead to
shortages
market clearing price
Surpluses
supluses and shortages
9
A pure market economy exist
false
true
10
What are the productive resources (factors of production)?
Capital, time, money, bank
Land, labor, capital, and business
Land, labor, capital, and entrepreneurship
Land,capital, wages, and business
11
Alternating periods of growth and recession in an economy
Aggregate supply
Depression
Business cycle
Upturn
12
Market failure
when a private company benefits from other people's cost
the great depression
when a private company benefits from their costs
when a public place doesn't sell products
13
Capital investments
spending all your money
productivity and growth
using some of an economies profits to by capital
sells equipment for a company
14
When people decide not to take a particular job because they are looking for a better job
Seasonal unemployment
Cyclical unemployment
Structural unemployment
Frictional unemployment
15
What is a recession
When inflation increases
When inflation declines
When there's an upturn in the economy
When real GDP declines for 6 months
16
Public schools, parks, and libraries are
public goods and services
private goods and services
private services
public goods
17
Land is referred as
wages
land
interest
rent
18
What's an efficient amount of the two products
25 soybeans 75 corn
all of the above
50 soybeans 50 corn
75 soybeans 25 corn
19
When most things are limited then they are
no longer available
hidden
recourceful
scarce
20
When the govt has full control
Market
Traditional
Command
Mixed
21
True or false: entrepreneur is a person who starts a business
true
false
22
What's the purpose of a production possibilities curve?
combination of two products is possible with a given amount
to show the efficiency of two products
to show deficiency in two products
23
producers are also known as businesses or?
Firms
Corporation
Sole proprietors
Businesses
24
All a shareholder will loose is his or her value of the stock. What is this called?
Partnership
Limited liability
Investment
Unlimited liability
25
Who regulates the amount of money available in the economy?
Board of governors
The Fed
The FOMC and the government
The government
26
What is anything that buyers and sellers in an economy are willing to accept as payment?
Trade
Standard of value
Medium of exchange
Barter
27
Board of directors hire a ___ to make day to day decisions?
Investor
Sole proprietor
Shareholder
CEO
28
What's the difference between physical and human capital?
human capital means humans
human capital refers to all the tools a business need
Physical capital means the capital of the united states
Physical capital refers to the tools needed for a business
29
What is the difference between balance of imports and balance of exports?
Balance of payment
Trade deficit
Balance of trade
Trade surplus
30
The US can produce more sugar and more fertilizer than Nicaragua. The US has an ?
Comparative advantage
Trade deficit
Absolute advantage
Trade surplus
31
A market that has total control over price of good or service. Also known as price maker?
Entrepreneur
Monopoly
Oligopoly
Sole proprietor
32
Cost of todays/Cost of previous years x100
CPI
Nominal GDP
UR
GDP
33
The three basic question
WWJD
what, how and for whom
Why, when and where
What, how and when
34
If prices increase but the economy does not grow. This is known as
Depression
Stagflation
Recession
Downturn
35
marginal cost
additional cost
market clearing price
additional benefit
opportunity cost analysis
36
When you give something equal of value for something of value
opportunity cost
resources
trade offs
scarce
37
When you give something up for another choice
allocate
trade off
opportunity cost
marginal cost
38
What are the three key economic indicators?
UR, Labor force, GDP
GDP CPI UR
Real GDP, Nominal GDP, Inflation
Inflation, CPI, cost of living adjustment
39
What are resources?
all things people use to make goods
all things people use to make services
all the things that occur naturally
person, place, and things
40
Unemployment rate = ?
#of people looking for work/number of people with jobs x100
Number of people in labor force
#of people in labor force/number of people looking for work
#of people looking for work/number of people in labor force
41
Output of products/ Input of resources
productivity
output
efficiency
input
42
Supply and Demand
capitalist
all of the above
Market
laissez-faire
43
If a nation imports $1 million worth of goods and exports $3 million worth of goods this is a?
Trade surplus
Balance of payment
Trade deficit
Balance of trade
44
Four parts of the circular flow chart
income, products, resources, and money
land, labor, capital and entrepenuership
households, factor market, product market, and business
stock market, products market, factor market, and public
45
A market that's subject only to laws of supply and demand. Also know as price takers?
Market structure
Monopoly
Perfect competition
Oligopoly
46
What is the total market value of all goods and services?
Nominal GDP
Real GDP
CPI
GDP
47
Transfer payment
a service is required in return
investment put into a business
no service is required in return
payments you give to the government
48
When an owner is responsible for all a businesses debts is called
Sole proprietor
Unlimited liability
Liability
Limited liability
49
The total amount of goods and services in an economy that people are willing to buy?
GDP
Aggregate demand
Real GDP
Aggregate supply
50
When people make rational decisions,
they weigh the benefits and the cost
they weigh the costs
none of the above
they weigh the benefits
51
What is a profit motive?
driving force behind greed
the driving force between new products and services
Driving force behind new products
Driving force behind new businesses
52
Contracts
IOU
legal disagreements
legal agreements
written paper
53
Division of labor
they just eat and sleep
different workers do different things
different workers do the same thing
one worker does everything
54
When the producer is able to sell all its supply and consumers are able to buy the exact amount
Equilibrium price
All of the above
Market clearing price
None of the above
55
What is the "Fed's" main job?
To set fiscal policy
To raise and reduce taxes
To regulate GDP by increasing or decreasing govt. spending
To set monetary policy
56
Share holders are paid annual
Profit
Stock
salaries
Dividends
57
Which person holds more than half of a company?
Sole proprietor
Majority partner
Producer
Entrepreneur
58
If Rosa starts a taco business then she's showing
sole proprietorship
entrepreneuership
partnership
capitalism
59
Single owner who takes all risks and receives all the profits?
Business
Producer
Entrepreneurs
Sole proprietor
60
In a corporation, investors avoid?
Entrepreneurship
Competition
Unlimited liability
Partnerships
61
When a few larger firms control the market rather than just one?
Profit motive
Oligopoly
Perfect competition
Monopoly
