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Economics Part I Review Flashcards | StudBud
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Economics Part I Review
Economics Part I Review
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1
What form do transfer payments take when going to households?
Roads
Taxes
Welfare
Subsidies
2
This economic system has traditionally been controlled by a dictator.
Traditional
Socialism
Capitalism
Communism
3
Which of the following is NOT one of the types of unemployment?
Structural
Recessionary
Cyclical
Frictional
4
Which of the following is considered a "command" economic system?
Traditional
Market
Capitalism
Socialism
5
Conservatives are considered:
Right Wing
Left Wing
6
An economic system based on the theories of Karl Marx, where all property is held in common.
Traditional
Capitalism
Communism
Socialism
7
Which political group favors raising taxes to pay for social programs?
Conservatives
Liberals
Republicans
Democrats
8
Work, done by oneself or by employing others.
Natural Resources
Labor Resources
Need
Capital Resources
9
Who makes transfer payments to businesses and households?
Households
Businesses
Foreign Countries
Governments
10
An economic system where culture and custom are valued over innovation.
Capitalism
Market
Traditional
Communism
11
Liberals are considered:
Left Wing
Right Wing
12
A planned economic system that is commonly found in democratic European countries.
Communism
Capitalism
Socialism
Imperialism
13
Which of the following is NOT a function of money?
Store of Value
Factor of Production
Measure of Prices
Medium of Exchange
14
Socialists are considered:
Left Wing
Right Wing
15
Who is counted in the unemployment rate?
People who have a part time job
People who cannot find work but want to
People who can't work because of a disability
People who don't want to find work
16
Libertarians are considered:
Right Wing
Left Wing
17
What are the factors of production?
Land, Labor, Capital, and Entrepreneurship
Capital, Labor, Financing and Entrepreneurship
Labor, Capital, Workers, and Enterprise
Land, Labor, Resources, and Ingenuity
18
Which of the following is NOT one of the components of GDP?
Net Imports
Consumer Spending
Government Spending
Business Spending
19
When the buying power of a currency goes down (it takes more money to buy the same thing).
Satiation
Deflation
Inflation
Interest
20
Which one of the following economic systems is controlled by an "invisible hand".
Socialism
Capitalism
Communism
Imperialism
21
A system of economics that values private ownership, innovation, and competition.
Traditional
Capitalism
Socialism
Communism
22
Republicans are considered:
Left Wing
Right Wing
23
Democrats are considered:
Right Wing
Left Wing
24
The value of all the goods and services that a country produces in a given time frame is its:
CNN
GMT
CPI
GDP
25
What is an opportunity cost?
The financial cost of a choice.
The cost of production.
What you give up when you make a decision.
The cost of choosing one choice over another.
