stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Part I Review Flashcards | StudBud
Explore
/
Economics Part I Review
Economics Part I Review
25 terms
·
StudBud Administration
·
160 plays
Imported from external platform
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
An economic system based on the theories of Karl Marx, where all property is held in common.
Communism
Capitalism
Socialism
Traditional
2
Republicans are considered:
Left Wing
Right Wing
3
Who is counted in the unemployment rate?
People who cannot find work but want to
People who don't want to find work
People who can't work because of a disability
People who have a part time job
4
The value of all the goods and services that a country produces in a given time frame is its:
CNN
GDP
CPI
GMT
5
Which of the following is considered a "command" economic system?
Capitalism
Traditional
Socialism
Market
6
Conservatives are considered:
Left Wing
Right Wing
7
Which political group favors raising taxes to pay for social programs?
Conservatives
Republicans
Democrats
Liberals
8
Which of the following is NOT a function of money?
Store of Value
Medium of Exchange
Factor of Production
Measure of Prices
9
A system of economics that values private ownership, innovation, and competition.
Capitalism
Communism
Traditional
Socialism
10
What are the factors of production?
Labor, Capital, Workers, and Enterprise
Capital, Labor, Financing and Entrepreneurship
Land, Labor, Resources, and Ingenuity
Land, Labor, Capital, and Entrepreneurship
11
This economic system has traditionally been controlled by a dictator.
Socialism
Communism
Traditional
Capitalism
12
Liberals are considered:
Left Wing
Right Wing
13
A planned economic system that is commonly found in democratic European countries.
Communism
Socialism
Capitalism
Imperialism
14
Libertarians are considered:
Right Wing
Left Wing
15
What form do transfer payments take when going to households?
Welfare
Taxes
Subsidies
Roads
16
Democrats are considered:
Left Wing
Right Wing
17
Socialists are considered:
Left Wing
Right Wing
18
Which one of the following economic systems is controlled by an "invisible hand".
Capitalism
Imperialism
Socialism
Communism
19
Who makes transfer payments to businesses and households?
Foreign Countries
Governments
Households
Businesses
20
What is an opportunity cost?
The cost of production.
The cost of choosing one choice over another.
What you give up when you make a decision.
The financial cost of a choice.
21
An economic system where culture and custom are valued over innovation.
Capitalism
Traditional
Market
Communism
22
Which of the following is NOT one of the components of GDP?
Business Spending
Net Imports
Consumer Spending
Government Spending
23
Work, done by oneself or by employing others.
Labor Resources
Need
Natural Resources
Capital Resources
24
Which of the following is NOT one of the types of unemployment?
Structural
Cyclical
Frictional
Recessionary
25
When the buying power of a currency goes down (it takes more money to buy the same thing).
Inflation
Satiation
Deflation
Interest
