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G442 Semester 1 Final Exam Review Flashcards | StudBud
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G442 Semester 1 Final Exam Review
G442 Semester 1 Final Exam Review
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Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
According to the theory of supply and demand, what does the equilibrium price determine?
The price in which the most products are sold
The price of an item being sold
The price in which the consumer receives the best deal
The price decreasing or going on sale
2
What is the best definition of the Gross Domestic Product?
The total value of goods and services produced in a year
The study of scarcity and choice in an economy
The measure of the change in prices of goods and services in a year
The percent of the labor force actively looking for work
3
Which of the following is the best definition of federalism?
The state governments hold all of the power
Strong central government shares power with state governments
It is up to the states to decide how much power they want to have
The central government holds all of the power
4
Which of the following will cause inflation to occur?
We enter into a recession
Consumers spending less money
Unemployment rises
Demand for goods increases
5
Congress represents which branch in the United States government?
Judicial
Federalist
Executive
Legislative
6
Given the PPC, what does point A suggest?
Resources are being used to the maximum capacity
Point A is not possible
More coffee can be produced than sugar
The economy is operating inefficiently
7
If the unemployment rate goes from 3% to 7% within a year, what phase of the business cycle would we most likely be in?
Expansion
Contraction
Peak
Depression
8
A universal healthcare program is most likely supported by the Conservative viewpoint
True
False
9
The primary role of the Supreme Court is to interpret the constitutionality of the laws
False
True
10
The Supreme Court represents which branch of the United States government?
Legislative
Judicial
Federalist
Executive
11
Which of the following describes structural unemployment?
Jane lost her job from Target after they added 10 self-checkouts
Sally lost her job from Spirit Halloween on November 1st
Bill was let go from his job during a recession in the business cycle
Joe is looking for a new job that pays more money
12
If Ms. Panek has 1 hour to grade & spends 30 min watching Netflix, she's losing out on 30 min. of grading. This is?
Opportunity Cost
None of the above
Time Management
Scarcity & Choice
13
If Nike is willing to sell a pair of shoes for $100, but people are only willing to pay $80, a surplus would occur
False
True
14
Which of the following is the BEST definition of Economics?
The study of scarcity and choice
The study of employment and revenue
The study of households and businesses
The study of money
15
The President represents which branch of the United States government?
Judicial
Federalist
Executive
Legislative
16
Which of the following reflects the law of supply?
Both red and blue
The quantitiy of goods and services that are available
The quantity of goods and services that people want
The downward sloping curve on the supply/demand graph
17
If Nike is selling their regularly-priced $100 shoes for only $50, which of the following will occur?
Equilibrium
Scarcity
Surplus
Shortage
18
Given the PPC, what does Point X suggest?
Resources are being use to the maximum capacity
The economy is operating efficiently
Point X is not possibel
More sugar can be produced than coffee
19
An economic system determines which goods and services will be produced.
False
True
20
Which ideology would most likely support turning Welfare & Social Security over to charities and private companies?
Liberal
None of the above
Conservative
Moderate
