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Economics Final
What happens when a nation encourages entrepreneurship
The FDIC
Economics Final
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1
The FDIC
insures customer deposits if bank fails
allows customers make deposits
protects against inflation
insures banks if customers leave
2
What happens when a nation encourages entrepreneurship
little change
development of new products
fewer patents
avoid deflation
3
A surplus is caused by
Price too low
Product unwanted
Price too high
Too much supplied
4
What type of unemployment gives workers the freedom to change occupations?
Structural
Technological
Frictional
Cyclical
5
What model is used to illustrate opportunity cost?
Entrepreneurship
Factors of Production
Production possibilities frontier
Paradox of Value
6
McDonalds and Wendys joining together is an example of a
Tasty food
Vertical Merger
Not Tasty food
Horizontal Merger.
7
What is G
Supply
Price
Demand
Quantity
8
Actions in one part of the country affect other parts of the country
trade offs
specialization
Opportunity costs
economic interdepended
9
How do entrepreneurship and labor interact
develops new products
Pay rent
Pay interest
Makes decisions about the use of labor
10
Main function of an entrepreneur is
make routine pricing decisions
create market demand
purchase capital
innovate
11
What is most important for economic growth
large labor force
efficient use of resources
tax revenues
availability of resources
12
Which is an example of investment in human capital
new school is built
person goes to college
new highway is built
company builds a factory
13
McDonalds buying the ranch, slaughter house, and trucking company is an example of
the end of the world
the business cycle
Vertical merger
Horizontal merger
14
Which gives an overall picture of the value of the market
Efficient Market Hypothesis
Dow Jones Industrial
Spot Market
Options market
15
How did business cycles change after WW2
Much more extreme
Recessions shorter, expansions longer
Recessions are more frequent
No external shocks
16
When the general level of prices rises the economy is experiencing
Construction
Deflation
Stagnation
Inflation
17
All countries deal with
skilled workers
Lack of capital goods
Too much Government
Scarcity
18
What is the purpose of the consumer price index
track spending on goods and services
predict future price increases
predict and avoid deflation
track monthly changes in prices
19
Which business raises money thru bonds
partnership
none
sole proprietorship
corporations
20
A shortage is caused by
Price too low
Not enough supply
Price too high
Product unwanted
21
Which type of business organizations has no limit to liability, short of bankruptcy?
Sole proprietorship
corporations
none
partnership
22
What is F
Supply
Demand
Quantity
Price
23
What is the most comprehensive measure of a country's total production?
cost benefit analysis
GDP
financial capital
Standard of living
24
Payments for land, labor, capital and entrepreneurial ability are
rent, wages, interest, profit
profits, wages, interest, rent
wages, rent, profit, interest
rent, profit, wages, interest
25
What does a trough indicate?
GDP increasing and now decreasing
GDP is stagnant
GDP gap
GDP was declining and now increases
26
Market economy rewards people according to
how willing they are to work
ability to produce cultural items
ability to produce things that others are willing to pay for
their need
27
Which decade did government programs most effectively reduce poverty
1970's
1980's
1960's
1990's
28
Which is expected to decline by 2050
medical facilities
retirements facilities
elementary schools
infrastructure maintenance
29
If an economy is producing at the frontier they are operating
as a market economy
without division of labor
at full potential
with slow economic growth
