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Intro to economics part 2 Flashcards | StudBud
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Intro to economics part 2
Intro to economics part 2
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1
If the price of tacos increases
fewer suppliers will provide tacos
The demand will increase
the demand will decrease
The demand will be unchanged
2
what does a share of stock represent
a placement on the Dow Jones Industrial Average
the ability of a CEO to run a company
a guarantee that a company will make money
a fractional share of ownership of a company
3
when you invest in stocks you
make money the more stocks you buy
make money when you sell your stocks for more than you paid
make money when the value of your stocks increase
guarantee that you will have money for your retirement
4
This is an example of how consumers react to a change in prices
elasticity of supply
elasticity of markets
elacticity of substitutes
elactisity of demand
5
What is the function of Money if you have $50 in your wallet
value of currency
medium of exchange
measure of money
store of value
6
If the state sales tax is 8%, how much would you have to pay for a $10 purchase
$10.00
$10.08
$18.00
$10.80
7
the best way to invest in your own human capital is to
buy a house
skip your econ class
continue your ediucation or training beyond high school
put money in the bank
8
opportunity cost
the cost of purchasing a good or service
the cost, including tax, of a chosen item to purchase
the highest valued alternative given up when making a choice
a mandatory deduction from your paycheck to pay for direct deposit
9
A place where stocks are bought and sold
stock portfolio
stock market
stock pens
stock clearing house
10
Which of the following would be an example of a good
finacial advice
a haircut
a pair of scissors
a vist to the doctors
11
When interest on an account is added back into the orginal account it is called
fixed interest
variable interest
compound interest
exploitation
12
When the amount demanded is equal to the amount supplied it is called
a rarity
a depression
scarcity
market clearing price
13
Demand for insulin is considered price inelastic because
it is necessary
it is a complementary good
it lacks value
it is a substitute
14
Your rent or car payment is this type of expense
infinite
fixed
variable
insurmountable
15
North Korea, China, and Cuba are examples of this type of economy
free market
traditional
command
mixed
16
the possibility of finacial loss is called
gambling
opportunity cost
risk
poor prior planning
17
An economic system where trade and barter are the main form of exchange, and economic decisions are based on customs
mixed economy
traditional economy
free market economy
command economy
18
What investment is the riskiest
piggy bank
savings account
bonds
stocks
19
Marquese decides to buy hot dogs for his cookout. He also buys ketchup. What type of good is ketchup to hot dogs
complementary
inferior
condiment
substitute
20
what is the function of money if you pay $6.75 for a number 10 meal at Arby's
medium of exchange
store of value
measure of money
measure of value
21
an economic term that refers to the encouragment of people to behave in a certain way
scarcity
utility
incentive
marginal cost
22
in an exchange between two people
both parties believe that they are benefiting
there is no benefit
both people lose
only one person can gain
23
when the stock market slows and is not doing well it is known as a
bear market
sloth market
tortise market
sick market
24
The circular flow model is a visual illustration of how
the exchange of resources between businesses and households
business create inferior goods
the way economies work to maintain prosperity
the government works to keep inflation down
25
putting money into a venture in the hopes of increasing your money is called
gambling
saving
risk taking
stealing
26
the use of large stones as money lacks what quality
reconizability
durability
stability
portability
27
a means to increase productivity is
utilize inefficent management systems
hire uneducated workers
cut down on machinery down time by decreasing scheduled maintenace
utilize improved technology
28
money spent to acquire goods or services
debt
expense
investment
loan
29
when suppliers have more to sell than consumers are willing to buy, the result is
a surplus
an incentive
a shortage
a boycott
30
you and your friends rent an apartment. You purchase renter's insurance. This is an example of
transfer
avoidance
credit risk
acceptance
31
When the stock market is doing well it is known as a
fish market
bull market
flea market
wet market
32
The invisible hand theory was developed by
John Locke
Adam Smith
Karl Marx
Benjamin Franklin
33
When buyers want to buy more then sellers are able or willing to supply, it results in
a shortage
a stalemate
a surplus
a competition
34
entrepreneurs are people who
seek opportunities and avoid risk in hopes of making a profit
seek opportunities in black markets in the hopes of not getting busted
seek opportunites and take risks in hopes of making a profit
look for long term employment in established companies to make a living
35
Grandparents like to reflect on how cheap things were in their day; the steady increase in prices over time is called
recession
inflation
a total rip off
the Wal-Mart effect
36
One method of being a savvy consumer is to compare price, quality, and quanity of goods. This is know as
quality shopping
comparison shopping
sectional shopping
bargan hunting
37
entrepreneurship
creates less demand for new products
should be discouraged in a free market economy
is a small factor of the economy
promotes economic growth
38
transactions keep showing up on your credit cards that you don't remember making. You may be a victim of
consumerism
compulsive spending
dementia
identity theft
39
There is no such thing as a free lunch (TINSTAAFL) means
There is a cost to everything
free is always better
Work is for the little people
The government will provide
40
What is the Dow Jones Industial Average
a measurment of electrical production of wind farms
a measurment of how the American economy is doing
a measurement of the grade point aveage of seniors
a measurment of chemical production at Dow Chemical
41
The value of money
increases with the passage of time
can increase or decrease
decreases if you do not spend it right away
remains the same
42
In an exchange between two people
both people lose
both people believe that they are benefitting
there is no benefit or loss
One persons gain is the loss of the other person
43
the ability to buy goods now but to pay later is known as
credit
illegal
lay away
debt
44
Whenever we make a choice there is always
an opportunity cost
satisfaction
a winner and a loser
a profit
45
What is not a basic economic question that all societies must answer
for whom to produce
what to produce
why to produce
How to produce
46
the graph represents
a supply curve
a recession
market clearing price
a demand curve
47
In this type of economy, the government makes all the economic decisions
command economy
recessive economy
mixed economy
traditional economy
48
placing choices in order of importance is called setting
markers
values
goals
priorities
49
How might the decrease in the price of hamburgers effect the demand for hamburger buns
demand would go down
demand shifts
no change
demand would go up
50
What provides consumers with information they need to make a choice
weather
production possibilites frontier
stock portfolio
price
