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Economics Reviewer 2022 Flashcards | StudBud
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Economics Reviewer 2022
Economics Reviewer 2022
60 terms
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StudBud Administration
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102 plays
Three economic systems
Flashcards
60 cards
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Practice quiz
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Questions
60
Answers
1
What does rationing mean?
practice of giving out limited amounts of food and supplies
confinement
he buying and selling of stocks as shares in companies
a period of economic decline characterized by high unempl
2
Which of the following types of investment carries the greatest risk?
certificates of deposits
stocks
bonds
mutual funds
3
The government is the largest provider of services in the country.
False
True
4
What political system is when everyone is in charge?
dictatorship
democracy
communism
5
What economic system is when consumers and producers make the economic decisions?
subsistence
command
traditional
market
6
What are the four political systems?
north, east, west, south
capitalism, communism, fascism,mixed free enterprise
7
The more money you make, the more you must pay in taxes. This is an example of
a proportionaL tax
a regressive tax
a progressive tax
an aggressive tax
8
One advantage of market economy
government interference
a variety of consumer goods and services
bureacracy
free education and health care
9
Who benefits the most from inflation?
Lenders
Persons on fixed incomes
The government
Long-term fixed rate borrowers
10
What is the study of how people decide to use scarce resources and provide goods in demand?
Capitalist Market
Ecosystem Services
Politics
Economics
11
Which one of these is considered an investment vehicle?
Your moms subaru
One (1) lobster
Owning a small business
Selling a bar of gold
12
Variable expenses are
Money that goes into your savings account
Expenses that may change from month to month
Expenses like rent and mortgage.
Expenses that cost the same amount every month
13
What is the economic definition of economic growth
A measure of the amount of goods & services produced
When the economy gets bigger or smaller
When there is growth in the economy
The increase in production of goods & services in an economy
14
Income that the government gets from all sources is called?
Subsidies
Taxes
Profit
Revenue
15
Individuals make economic decisions for themselves
subsistence
command system
tradition system
market system
16
Factors Of Production ?
Kentucky, Fried, Chicken
Land, Labor and Capital
Lans, Labor, Capitol
Land, Labor, Capitol
17
All are economic systems except ........
Banking System
Mixed Economy
Command Economy
Free Market Economy
18
An economic system where there is emphasis on heavy machinery and not consumer products.
traditional
subsistence
command
free market
19
What is the elasticity of this curve?
Perfectly Elastic
Perfectly Inelastic
Relatively Inelastic
Relatively Elastic
20
The economic system of North Korea
market
command
traditional
21
When only one person makes all the decision what kind of political system is that?
dictatorship
oligarchy
democracy
22
The chances of losing part of all of your investment is called_____.
risk
margin
trade
impossible
23
Localcommunities raise most of their educational revenues through
Income Tax
Excise/Sin Tax
Property Tax
Sales Tax
24
What is profit
the amount of satisfaction a person receives from a product
the study of how goods and services are produced
money remaining from revenues after expenses are paid
the least amount of money paid for a product
25
Which is not a type of investment?
Bonds
Deposits
Stocks
Collectibles
26
CPI
Consumer Price Index
Customer Price Index
Customer Process Indecision
Consumer Price Indent
27
What type of economic system is the United States?
Command Economy
Mixed Market Economy
Traditional Economy
Free market Economy
28
What is Scarcity?
Unlimited Wants with limited resources
Not having what you need
Limited wants and limited resources
Not having what you want
29
In this economic system, making decision is easy and quick.
Traditional Economy
Command Economy
Free Market Economy
Subsistence Economy
30
Locate the equilibrium
The demand line
The quantity
The supply line
Where all the lines meet in the middle
31
An organized way of providing for the wants and needs of their people.
economic system
social system
banking system
political system
32
What empire was once considered to be the largest in the history of the world?
Russian
US
British
Roman
33
What is a stockholder?
Works on the Board of Directors
Works in management at a corporation
<div>Decides what price to set dividends at</div>
Owns one or more shares of a corporation
34
In a free enterprise system, who determines the products produced?
firms
consumers
congress
local government
35
The best example of country with market economy.
Russia
Cuba
North Korea
United States.
36
Which of the following is a good investment option?
futures
single stocks
mutual funds
gold
37
What are dividends?
Methods used by businesses to gain profit
A way of getting a Competitive Advantage
Money paid regularly by a company to its shareholders
Units of profit given to business managers
38
Profit is?
I dont know
Money you get from business
free moneyy
When you sell something
39
3 ways of measuring economic performance include
Economic growth unemploymentinflation
GDP, CPI, ABC
unemployment inflation, price of goods and services
GDP increases, inflation lowers, unemployment rises
40
Total Cost= Total Fixed Cost ____ Total Variable Cost
Divided By
Plus
Minus
Multiplied By
41
In economics, needs and wants are
unlimited
never-ending
exchanged
limited
42
Elasticity is:
how far I can stretch a rubber band
how responsive one variable is to changes in another
the flexibility in the markets people
only the changes in price on the market
43
What causes inflation?
Too much demand and not enough supply
A rise in the cost of inputs across the board
a large increase in the supply of money
All of the above
44
An economic system that combines elements of all the other basic systems.
Mixed
Market
Traditional
Command
45
economic system in which the government owns some or all of the factors of production
capitalism
autoritarian
socialism
communism
46
Who is known as the father of classical economics?
John Muir
Aldo Leopard
Adam Smith
Gregor Mendel
47
When re-paying a loan, customers have to pay the initial investment back PLUS ______
Time
Services
Change
Interest
48
Which is not a type of investment?
Collectibles
Stocks
Bonds
Deposits
49
Price floor is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
50
What is inflation?
Prices go UP, value of Money goes DOWN
Prices go DOWN, value of Money goes UP
Prices go UP, value of Money goes UP
Prices go DOWN, value of Money goes DOWN
51
Which of the following people is an entrepreneur?
d. A person who works as a highly paid computer programmer
a. a person who earns a lot of money as a pop star .
someone who creates a game and sells it to a manufacturer
someone whos starts a cleaning business that employs others
52
One of the weaknesses of this economic system is people tend to have low standard of living.
Command System
Traditional System
Subsistence
Free Market System
53
Rationing?
limit amount of goods
Starving
Eating Tons of Food
Fattening
54
Market Equilibrium is...
quantity consumer demands equals quantity producer supplies
quantity producer demands is lower than consumer's
consumer demand does not meet producer supply
producer supply does not meet consumer demand
55
Price ceiling is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
56
How do you increase profit without increasing price?
Reduce Price
Increase quality or size of a product
Increase price
Reduce quality or size of a product
57
What is the elasticity of this curve?
Perfectly Inelastic
Perfectly Elastic
Relatively Inelastic
Relatively Elastic
58
What economic system is when ancestors already made the economic decisions?
command
yourselves
market
tradition
59
The Mbuti tribe of Central Africa is the best example of what kind of economy?
mixed economy
command
subsistence
traditional
60
Marginal Utility
A Marvel superhero
The benefit gained from consuming one additional unit of a good or service.
A DC superhero
Energy production
