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