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Crash Course Econ Review Quiz! Flashcards | StudBud
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Crash Course Econ Review Quiz!
Crash Course Econ Review Quiz!
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Questions
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Answers
1
What is the central bank of the US?
The Federal Reserve
The FDIC
The NCUA
The US Mint
2
If the supply of a product increases and the demand increases the same amount
Amount purchased decreases
Insufficient information
Amount purchased unaffected
Amount purchased Increases
3
Most countries in the world are what kind of economy
Mixed
Free Market
Command
Socialist
4
An incentive is:
Anything that offers monetary punishments
Anything that offers monetary rewards
Anything that positively shapes behavior
Anything that negatively influences behavior
5
You deposit money in the bank, the bank can loan out a portion of this with a little in reserve
Requirement Banking
Fractional Reserve Banking
Federal Reserve Banking
Federal Banking
6
A “contraction” is when the economy is going too slow.
True
False
7
Which of the following is an advantage of using markets to answer the 3 questions
Environmental Impact
Opportunity Costs
Social Impact
Efficiency
8
When the government wants to slow down growth and avoid a bubble they use
Reduction Policy
Supplemental Policy
Expansionary Policy
Contractionary Policy
9
"Everyone acts in their own best interest, and this results in the greatest benefit for all"
The Invisible Hand
A Market Failure
A Free Market
A Mixed Economy
10
Money held as cash instead of in the form of bonds, mortgages, stocks, etc.
Fractional assets
Insured assets
Liquid assets
Reserve assets
11
When the government wants to speed up growth and avoid deflation they use
Contractionary Policy
Reduction Policy
Supplemental Policy
Expansionary Policy
12
In a free market, who controls the factors of production?
Private firms
The Government
International Corporations
Individuals
13
What are the two most important assumptions in all of economics?
Scarcity and that everything has a cost
The economy is best measured using GDP
Government has no role in the economy
Companies choose the best option using market measures
14
If the supply of a product increases and the demand increases the same amount
Price decreases
Insufficient information
Price Increases
Price unaffected
15
If the supply of a product increases and demand stays the same...
Insufficient information
Price decreases
Price unaffected
Price Increases
16
What are the 3 factors of production identified by Karl Marx and used in Economics
Licensing, Contracts, and Capital
Land, Labor and Licensing
Licensing, Labor, and Capital
Land, Labor, and Capital
17
Deflation happens when prices are falling.
True
False
18
In a planned economy, who controls the factors of production?
Individuals
Private firms
The Government
International Corporations
19
Why is “spend more money” a flawed approach to improving American health care?
We already spend more for worse results
We spend less than other countries to use the money elsewher
We have a weak university system that needs money
There are no training facilities for nurses
20
What three questions define any economic system?
What to produce, how to produce, when to produce
What to produce, how to produce, who gets it
Where to produce, how to produce, who gets it
When to produce, where to produce, who gets it
