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Econ Final 1 Flashcards | StudBud
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Econ Final 1
Econ Final 1
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1
In a partnership which of the following would be considered a true statement?
partners usually draw up legal papers called articles of partnership.
partners must pay specific business taxes.
partners have it easy transferring ownership.
the business continues even if one partner dies.
2
The United States can best be described as having a
market economy
traditional economy
mixed economy
command economy
3
The Smoot Howley Tariff Act was
unsuccessful in generating revenue for the U.S. Government
successful in generating revenue for the U.S. Government
made no change to the economy during the Great Depression.
helped out during the Great Recession in 2008-2009..
4
Based on this graph, how many Beanie Babies were demanded at a price of $6 before they became a fad?
400
200
100
300
5
The Federal Reserve
was established in the 1930's.
is made up of 12 district banks and member banks.
is made up of district banks that operate independently from one another.
is managed by a 12 member board of directors.
6
A “sin” tax is
a relatively high tax on socially undesirable products.
a tax that tends to eliminate socially undesirable behaviors.
a tax on private debt.
the ability to govern people without their knowledge through certain taxes.
7
Which of the following is not a stage of production on a production function?
Positive Marginal Returns
Diminishing Marginal Returns
Increasing Marginal Returns
Negative Marginal Returns
8
How much money was deducted from this person’s paycheck?
$395.46
$376.98
$237.91
$157.42
9
The situation when a country imports more goods than they export creates a
trade surplus
trade deficit
trade floor
trade ceiling
10
Where would a mixed economy be located in the diagram?
X
Z
W
Y
11
The study of economics is important because it enables us to
describe our standard of living.
determine what goods ought to be produced.
become better decision makers.
increase our consumption of consumer goods.
12
What should replace the question mark in the output-expenditure model?
Government - G
Product - P
Demand - D
Taxes - T
13
Which of the following is not an advantage that makes sole proprietorships popular among new business owners?
all profits for owner if successful
shared liability
more control of the business
satisfaction of owning business
14
Which group of people ultimately determines the products that a free enterprise economy produces?
Congress
local government
property owners
consumers
15
Of the stocks shown in the quotation, which had the highest price per share within the last 52 weeks?
EnrgySvcAcq ESA
FedExCp FDX
FordMotor
ExxonMobil XOM
16
Before the countries specialize, what is the total output of sugar?
25 pounds
20 pounds
5 pounds
21 pounds
17
The index shown in the graph is the sum of what two monthly rates?
Inflation and Unemployment
Unemployment and GDP growth
Poverty and unemployment
Poverty and inflation
18
Which of the following choices could cause the movement shown in this graph?
an increase in the price of a substitute
a decrease in income
a decrease in the price of a complement
an increase in population
19
Banks earn profits by:
borrowing from the discount window at a rate that benefits the consumer.
charging 3%-5% higher interest on loans than deposits
charging 2%-3% higher interest on loans than deposits
developing CD programs that have nice interest payouts.
20
Inflation in excess of 300-500% per year is called
demand-pull inflation
stagflation
cost-push inflation
hyperinflation
21
To restrict trade, if a gov't requires a type of ___, it decides the process, the cost and the qualifications.
quota
tariff
license
embargo
22
Money that has alternative use as an economic good is
fiat money
commodity money
specie
wampum
23
If a recession turns very severe, it may turn into a
depression
expansion
critical recession
hyper-recession
24
When companies in oligopoly markets agree to charge the same or similar prices for a product they are:
alluding
competing
colluding
externalizing
25
FICA includes taxes to pay for
Medicare and Worker's Compensation
Social Security and Medicare
Social Security and Unemployment
Unemployment and Medicare
