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Economics Final
Laissez Faire
cost-push inflation
Economics Final
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Units 1 - 8
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Answers
1
cost-push inflation
a statistic used to measure inflation
inflation caused by the rising cost of resources
inflation caused when spending is more than goods available
2
Laissez Faire
policy that calls for non-interference by govt in business
a tax on income above a certain amt and corps pay on profits
a tax on inherited property or money
3
Suppose that people buy less sugar. How might this affect the demand for sugarcane farmers?
It will reduce the demand for sugar
It will increase the demand for sugar
It will have no affect on the demand for sugar
4
Which is an example of a worker who has lost their job due to better capital resources.
Person who operates the new machine on the assembly line.
Person who used to place the bolt on the car to be tightened
Person who repairs the new machine on assembly line
5
contraction
the lowest point in the business cycle
a time period when GDP is decreasing
an increase in average price of all goods and services
6
depression
the highest point in the business cycle
a long-lasting and severe recession
an increase in the average price of all goods and services
7
Increased GDP means
higher production, more jobs, and more consumer spending
GDP adjusted for inflation
less production, fewer jobs, and less consumer spending
8
Estate Tax
policy that calls for non-interference by govt in business
a tax on inherited property or money
a tax on the property of a person who has dies
9
Entrepreneurs
people who make the ideas for producing goods and services
the amount of goods/services produced in a given time period
things provided by nature that produce goods/services
human made things that are used to produce goods/services
10
46. What does inflation do to the value of a dollar?
It makes it worth less
It doesn't change it at all
It makes it worth more
11
Literacy rate
the % of people in a population who can read and write
The number of people who can speak properly in a country
The hourly wage a person makes teaching people how to read
The number of books a person can read in one year
12
demand-pull inflation
a raise in income to keep wages even with inflation
inflation caused when spending is more than goods available
inflation caused by the rising cost of resources
13
business cycle
alt. periods of expanding and contracting econ. activity
a long-lasting and severe recession
a period of time when GDP decreases
14
portable is
lasting a long time without wearing out
coins or paper money
easily carried or moved
15
central bank is
a corporation that insures bank deposits up to $100,000
a bank whose functions include controlling the money supply
a kind of bank that is owned by members
16
When GDP decreases for two quarters or six months in a row, the country is in a
trough
recession
depression
17
What is economics?
an activity performed for others for money
study of how people, businesses, and nations use resources
things that can be seen, touched, and bought or sold
18
Money market accounts generally pay
the same interest than regular savings accounts
lower interest than regular savings accounts
higher interest than regular savings accounts
19
Gross Domestic Product
total yearly dollar value of goods produced in a country
figures collected to get info about a particular subject
the highest point in the business cycle
20
Providing income and medical benefits for those retired or unable to work.
Medicare
Medicaid
Social Security
21
What happens when management and labor try collective bargaining?
Mgmt and Labor try to reach an agreement
Labor threatens to strike unless all their demands are met
Mgmt makes an offer, labor decides to take the offer or quit
22
What are the three levels of government that provide goods and services?
Federal, State, Local
Supervisors, Management, Workers
Committees, Mayors, Aldermen
23
What are the four factors of production?
natural resources, capital, labor, and entrepreneurs
needs, wants, labor, and natural resources
air, water, fish, and oil
24
Federal Reserve System
banks that provide checking and savings accounts
a corporation that insures bank deposits up to $100,000
the name of the central bank of the U.S.
25
Frictional Unemployment
when one is between jobs or are looking for their 1st job
when people are jobless because of lack of skills/education
when people are jobless due to the season of the year
% of people who are looking for work but have not found jobs
26
A certificate of deposit is
slip showing how much you just deposited into your account
a type of savings account with a high fixed rate of interest
certificate showing the amount you have in savings
27
Revenue Tariff
when a nation's imports is greater than its exports
the ability to make a product cheaper than other countries
an import tax used to provide government revenue
goods sold to other countries
28
Complementary Goods
economic law that says one will buy more as the price drops
goods that can take the place of one another
goods that are used with each other
graph showing the amt of goods bought at different prices
29
What happens to the price of goods during deflation?
The cost stays the same
The cost of goods goes down
The cost of goods goes up
30
Structural Unemployment
when people are jobless because of lack of skills/education
when people are jobless due to the season of the year
when one is between jobs or are looking for their 1st job
% of people who are looking for work but have not found jobs
31
What is the purpose of tariffs and quotas?
To keep the price of products low
To raise money
To make sure that enough products are being made
To restrict competition
32
When an entrepreneur starts a business by themselves, the business is called a ______.
board of directors
stockholders
sole proprietorship
losses
33
International Trade
a tax on imports
trade between nations
goods bought from other countries
the ability to make a product cheaper than other countries
34
money supply is
units of value
coins and paper money
value of all currency and checking acct bals. in a country
35
How does the amount of industry in developed countries compare to developing countries?
They have about the same amount as developing countries have
They have 1.5 times the amt that developing countries have
They have much less than developing countries have
They have much more industry than developing countries have
36
Perfect competition exists when
a large number of gas stations agree to fix prices
a large number of farmers all sell identical wheat
there is a monopoly
37
Poverty Line
the min income a family must have to meet its basic needs
non-profit orgs that take donations then give aid to people
programs that provide assistance to people who cannot work
prgms to stop pov., Soc Sec, worker's comp. Paid by workers
38
Comparative Advantage
a law that sets a fixed amount of imports
tax raising $ of imps. protecting indust. from foreign comp
limiting trade with countries to protect domestic industries
producing products at lower oppty costs than other countries
39
Law of Supply
amt of goods one is willing to produce at different prices
economic law which says that producers are willing to supply
people responsible for directing and managing a business
40
Free Trade
trade between nations
unrestricted trade between countries
an import tax used to provide goavernment revenue
when a nation's exports is greater than its imports
41
Law of Demand
economic law that says one will buy more as the price drops
goods that can take the place of one another
goods that are used with each other
graph showing the amt of goods bought at different prices
42
Natural Resources
human made things that are used to produce goods/services
the amount of goods/services produced in a given time period
things provided by nature that produce goods and services
not enough of a resource to satisfy people's needs and wants
43
Social Welfare Programs
min. income that a family must have to meet its basic needs
non-profit orgs that take donations then give aid to people
prgms to stop pov., Soc Sec, worker's comp. Paid by workers
programs that provide assistance to people who cannot work
44
If the price of replacement products go up, what happens to the price of the original product?
It decreases
It increases
It stays the same
45
Unemployment Rate
when one is between jobs or are looking for their 1st job
when people are jobless because of lack of skills/education
% of people who are looking for work but have not found jobs
when people are jobless due to the season of the year
46
Trade Surplus
a tax on imports
unrestricted trade between countries
trade between nations
when a nation's exports is greater than its imports
47
Capital
things provided by nature that produce goods and services
not enough of a resource to satisfy people's needs and wants
people who come up with ideas for making goods and services
human made things that produce goods and services
48
Better Business Bureau
an illegal form of advertising
private org that protects consumers from unfair practices
representatives of businesses who promote local business
49
If the price of a complementary good decreases, what happens to the price of its complement?
The complement price stays the same
The complement price goes down
The complement price will go up
50
Foreign Aid
aid one country gives another in the form of supplies, etc
aid that is given to help foreign people move to the U.S.
aid that foreigners give to the U.S.
aid that is given to people and they don't know what it is
51
One reason some government leaders want to halt the growth of the national debt is
Private spending will replace govt spending in the economy
There will not be enough interest on debt
Govt spending will replace private spending in the economy
52
Why is it nearly impossible to have a zero unemployment rate?
There will always be some people who do not look for jobs
The government wants there to always be some unemployment
There will always be people who quit jobs to find new ones
53
One important advantage of money is
it is colorful
it allows people to specialize
all money is equal in value
54
Cyclical Unemployment
% of people who are looking for work but have not found jobs
when one is out of work because of a downturn in the economy
when one is between jobs or are looking for their 1st job
when people are jobless due to the season of the year
55
The people that stockholders elect to make the big decisions for the corporation are _____.
board of directors
sole proprietorship
stockholders
losses
56
Which is something that might affect the standard of living?
Things that people want
Where a person lives
Things that people's neighbors have
57
The three steps in making spending decisions are
Setting Goals, Gathering Info., thinking about trade-offs
identify a product, learn about the product, make a decision
find a product, save enough money, make the purchase
58
If the price of a complementary good decreases, what happens to the price of its complement?
The complement price goes down
The complement price stays the same
The complement price will go up
59
bartering is
a unit of value
coins and paper money
lasting a long time without wearing out
direct exchange of one good for another without using money
60
Productivity
the amount of goods/services produced in a given time period
not enough of a resource to satisfy people's needs and wants
things provided by nature that produce goods and services
human made things that produce goods and services
61
Demand Curve
goods that can take the place of one another
economic law that says one will buy more as the price drops
graph showing the amt of goods bought at different prices
goods that are used with each other 16 characters remaining
62
Corporations are owned by_____________ who buy stock in the company
stockholders
sole proprietorship
board of directors
losses
63
What is a bait and switch
an illegal form of advertising
deceit or trickery
things that come first in order of importance
64
Substitute Goods
goods that are used with each other
economic law that says one will buy more as the price drops
goods that can take the place of one another
graph showing the amt of goods bought at different prices
65
real GDP
total yearly dollar value of goods produced in a country
figures collected to get info about a particular subject
GDP adjusted up or down to account for inflation
66
What does standard of living measure?
The rules by which people live in a country
How well a country's economy is doing by meeting needs
The number of years people live to in a country
67
credit union is
bank that is owned by members who belong to a certain group
the name of the central bank of the U.S.
a bank who controls the nation's money supply
68
Scarcity
not enough of a resource to satisfy people's needs and wants
people who make the ideas for producing goods and services
human made things that produce goods and services
things provided by nature that produce goods and services
69
A business ends up with ________ if its costs are greater than its revenues.
losses
board of directors
sole proprietorship
stockholders
70
How might a rapidly growing population add to a developing countries problems?
It might be harder to find everybody to collect taxes
It would allow there to be more teachers in their country
It might be harder to provide the basic needs of a person
It would allow for a larger workforce
