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Saddle Up Economics Exam Prep Flashcards | StudBud
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Saddle Up Economics Exam Prep
Saddle Up Economics Exam Prep
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Flashcards
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Questions
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1
The study of how markets make decisions with scarce resources
Microbiology Definition
Unemployment Definition
Microeconomics Definition
Macroeconomics Definition
2
What Kind Of Model Is Shown?
Circular Flow Model
Economic Process Model
Keynesian Economic Model
Solow Growth Model
3
Waffle Cones Costed $6 In 2003 and $7.5 In 2013. Please Calculate Inflation. [(New Level-Old Level)/Old Level]x100
25.5%
21.21%
25%
46%
4
This is Expansionary policy
True
False
5
What Are The 3 Functions of Money
Store Value, Unit of Account, and Exchange
Mean of Valuation, Medium of Exchange, and Store Value
Exchange, Mean of Valuation, and Unit of Account.
Medium of Exchange, Store Value, and Unit of Account
6
GDP Definition: The value of all FINAL good and services produced in an economy in a specific period of time.
False
True
7
What Economic System Does The Picture Reflect?
Traditional/Subsistence Economy
Market Economy
Command Economy
Mixed Economy
8
This Graph Relflects Demand Decreasing
True
False
9
7. What Are The Two Major Policy Goals Of The Federal Reserve?
Financial Policy and Fiscal Policy
Monetary Policy and Financial Policy
Recruitment Policy and Fiscal Policy
Fiscal Policy and Monetary Policy
10
Economics is the study of how humans make choices within scarcity
False
True
11
Is The Total Number Of Adults Available In The Civilian Labor Force Included In The Unemployment Rate Calculation?
Idk
Yes
No
12
Let's Say M&M's Cost $2 In 2006 And $3 In 2016. Please Calculate Inflation. [(New Level-Old Level)/Old Level]x100
16.23%
50%
15%
33.33%
13
What Economic System Does the USA Implement
Traditional/Subsistence Economy
Market Economy
Mixed Economy
Command Economy
14
The Four Types of Resources/Factors of Production
Entrepreneurs, Labor, Capital, Money.
Capital, Labor, Land, and Entrepreneurs.
Rent, Land, Entrepreneurs, and Capital.
Labor, Entrepreneurship, Land, and Country.
15
What Is University of Wyoming's School Song?
Beer Song
Pistol Pete Song
UW Song
Ragtime Cowboy Joe
16
What Are The 3 Catagories of Non-Cyclical Unemployment?
Natural Rate, Frictional, and Structural
Structural, Instituational, Un-Frictional
Stock Market, Intitutional, and Recession
Structural, Institutional, and Frictional
17
What Is The Biggest Consumption That Drives Our Economy?
Personal Consumption
Net Exports Consumption
Business Investment Consumption
Government Spending Consumption
18
How is Supply Shifting?
Decreasing
Idk
Increasing
Staying The Same
