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Unit 3 Review Flashcards | StudBud
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Unit 3 Review
Unit 3 Review
15 terms
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StudBud Administration
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955 plays
Review of economic systems and basic macroeconomics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
To improve its standard of living, a nation's economy
Allow government to make economic decisions
Remain stable
Grow through innovation
Achieve economic equity
2
The 3 basic economic questions are all of the following EXCEPT
What role will government play in the production of G&S?
What G&S will be produced?
How will G&S be produced?
Who will consume the G&S?
3
Which of the following equations represents a way to calculate GDP?
C + B + G + X
C + I + G + X
C + B + G + (X-M)
C + I + G + (X-M)
4
Which of the following is an expansionary fiscal policy?
Increase interest rates
Decrease interest rates
Increase government spending
Increase taxes
5
Which of the following labels belongs in the blue box labeled "2"?
Factors of production
Consumer spending
Revenue
Income
6
Which of the following labels are represented by the purple and blue boxes? (Order Matters!)
Recession; expansion
Depression; contraction
Expansion; contraction
Contraction; expansion
7
Which of these factors is
not
one of the major factors that keeps the business cycle going?
Consumer expectations
Business investment
Interest rates
Taxes
8
In the factor (resource) market...
Firms supply productive resources to households
Households demand G&S from firms
Firms pay households for their productive resources
Firms purchase G&S
9
With capitalism, the distribution of G&S is determined by
Only business owners
Traditional customs
Market forces
Central planning
10
Which of the following is an advantage of command economies?
All basic needs are met
Wide variety of G&S is available
Innovation is well-rewarded
Central planning is flexible
11
Which of the following is
NOT
one of the five economic goals?
Security
Efficiency
Equality
Growth
12
Which country has the highest degree of government intervention?
Singapore
North Korea
China
Russia
13
In the product market...
Firms demand productive resources from households
Households demand G&S from firms
Firms supply productive resources to households
Firms purchase G&S
14
Which stakeholder is represented by the purple box (on the right)?
Government
Firms
Households
15
Each society will determine
who
will consume goods and services based on
Safety nets
Economic equity
Their goals and values
Needs and wants
