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Economics Final Exam Huskies Flashcards | StudBud
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Economics Final Exam Huskies
Economics Final Exam Huskies
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Flashcards
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Questions
30
Answers
1
US Income Tax is...
Regressive
Progressive
Proportional
Flat tax
2
Sales tax is which tax structure?
Progressive
Proportional
Unfair
Regressive
3
Purchasing power is affected by....
Inflation
Circular Flow
The Federal Reserve
Monetary policy
4
Law of demand...
higher income, less demand
lower price, lower demand
Lower price, higher demand
Higher price, higher demand
5
If the price of cheese increases, what will happen to the demand for crackers and why?
demand decrease, complements
demand decrease, substitutes
demand increase, substitutes
demand increase, complements
6
What helps us understand the potential use of resources?
Circular Flow Model
Production Possibilities Curve
Supply Curve
Demand Curve
7
total responsibility for all debts...
Unlimited Liability
Bankruptcy
Debt ceiling
Limited Liability
8
Unlimited wants, limited resources
Production possibilites
Opportunity Cost
Trade off
Scarcity
9
What is the relationship between risk and reward with investments?
High risk, low potential loss
Lower risk, high potential loss
higher risk, higher potential reward
Lower risk, higher potential reward
10
Scarcity is...
temporary
the difference between costs and benefits
Not enough to satisfy everyone's wants and needs
Huh?
11
Not included in Fiscal policy
Government Taxing
Government spending
Federal Reserve
President
12
Which term is associated with the power of saving early in life?
mutual funds
simple interest
compound interest
being a baller
13
Competition should lead to all of the following except?
Lower prices
Equality
Better Quality
More Variety
14
Explains the concept that people own things and do with them as they want
Profit Motive
Rule of law
Competition
Private property
15
Which is not a purpose of the Federal Reserve
Regulating Lending Practices
Clearing Checks
Monetary Policy
Fiscal Policy
16
In this Economy, the government answers the 3 economic questions...
Mixed
Command
Traditional
Free Market
17
Which one is NOT a business cycle?
Peak
Reform
Recession
Trough
18
What is an important advantage to a free market economy?
Provides employment to all
Offers a wide variety of goods and services
It doesn't change
It's easy to regulate
19
What does GDP not measure?
Dollar amount produced within a country's borders for a year
Economic Growth
quality of life
Production among different countries
20
This market structure has similar but not identical products and little control over prices...
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
21
Product with inelasticity of SUPPLY
Potato Chips
Chickens
t shirts
Socks
22
Quantity supplied is greater than quantity demanded?
superior good
Surplus
Shortage
Inferior good
23
The next best alternative when you make a choice is...
circular flow
supply and demand
opportunity Cost
trade off
24
Peanut Butter and Jelly are...
Competitors
Substitues
Complements
Yummy!
25
How can an individual avoid high interest payments on a credit card?
Pay on time
Pay on time and the full balance
Forget to pay bill
Borrow from a friend
26
This type of business gives both independence and management support
Sole Proprietorship
Corporation
Partnership
Franchise
27
Quantity supplied is higher than quantity demanded results in...
price ceiling
price floor
shortage
surplus
28
Which is NOT a factor of production?
Management
Labor
Land
Capital
29
Cereal is an example of which market structure?
Oligopoly
Monopoly
Monopolistic Competition
Monopolistic Competition
30
When workers' skills don't match the jobs available...
Cyclical Unemployment
Seasonal Unemployment
Frictional Unemployment
Structural Unemployment
