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Final Review for Econ Flashcards | StudBud
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Final Review for Econ
Final Review for Econ
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Questions
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Answers
1
In a command economy, decisions are made FOR people.
True
False
2
German philosopher considered one of the first communist thinkers.
John Maynard Keynes
Karl Marx
Jerome Powell
Adam Smith
3
The most common way for governments to cover budget deficits is by
issuing debt (issuing bonds)
printing money
raising taxes
defaulting
4
What does GDP stand for?
Gross Domestic Percentage
Gross Dogs Peeing
Grand Domestic Product
Gross Domestic Product
5
A positive aspect to credit cards:
Not having to budget anymore
Being able to build a credit history
Unlimited cash
Getting charged a high interest
6
Progressive taxes place a higher tax on the RICH.
False
True
7
Owned by many "shareholders"
Franchise
Partnership
Sole Prop
Corporation
8
The number one reason for income inequality is:
Education
Monopoly power
Automation
Tax law
9
Which of the following is the federal governments biggest expenditure?
Medicaid
Social security
National Defense
Medicare
10
America is a mixed market economy (lean towards free market).
True
False
11
What is a way that banks do not make money?
Donations from nice people
Fees
Loans
Investments
12
Something people buy to protect themselves:
credit card
liability
debit card
insruance
13
What is a CON of credit cards?
You can go deep into debt
You can ruin your credit score
You could have compound interest work against you
All of the above
14
What is the biggest source of revenue for the national government?
Selling Stock
Income Tax
Selling Bonds
Donations
15
An easy way to think of a bond is an:
An IOU (plus interest)
Robin William in spandex
Ownership in a company
A snowball effect
16
Profits made on a stcok or real estate when it is sold for more than it was bought
Dividend
Capital gains
Capital loss
Share
17
The law of demand:
the lower the price of an item the lower the demand.
True
False
18
A business model that rents a successful model
Franchise
Corporation
Sole Propreitor
Partnership
19
To maintain a good credit score you must ______.
manage your debt wisely
pay for credit monitoring
open many credit cards
check credit score frequently
20
In a free market economy, decisions are made BY individuals.
False
True
21
Karl Marx was the originator of which concepts:
The "invisible hand"
Free Markert
Crocs with socks
Communism and Socialism
22
Investing is best for:
earning a little interest while keeping money safe
long term financial goals
guaranteed fast growth on money
short term financial goals
23
The USSR was a great example of a communist society.
True
False
24
Who makes all the decisions in a command economy?
The consumer
People
Business owners
The government
25
If supply is greater than demand then there will be a surplus.
True
False
26
Scarcity is the idea that:
We have limited goods/ services. There is only so much to go around.
We can have what ever we want.
Abundance of things.
Being scared of things.
27
During inflation the value of money goes:
Stays the same
To the left
Up
Down
28
________ is interest on interest
dividend payments
certificate of deposit
compound interest
simple interest
29
A mutual fund is_________.
Only for gov. employeers
A bond
A differentiated investment portfolio that pools money form investors
Savings account
30
China is a mixed (command leaning) economy.
False
True
31
A monopoly means that there is:
No market at all
A ton a sellers in the market
1 seller in the market
Few sellers in the market
32
A simple definition for interest is
political pressure on the fedearl reserve
how long one waits for money
the cost of borrowing money
government allocation of funds
33
The FED will encourage economic growth by:
decreasing money supply
ending unemployment benefits
lowering interest rates
raising taxes on all money earners
34
Economics is the study of:
How we deal with scarcity as a society.
Retirements accounts.
Agriculture.
Money and nothing else.
35
What items receives a sin tax?
Chicken
Gasoline
Cigarettes and Alcohol
Eggs
36
When stock prices are rising over several months/ years
Bear market
Bull market
None
Pig market
37
Federal Deposit Insurance Corporation insures bank deposits up to:
100,000
200,000
500,000
250,000
38
The tax form your employer provides you is called a:
W10
W9
W2
S3
39
Which country leans towards a command/ communist system?
Great Britain
China
America
Japan
40
FDIC insures money that depositors put into banks.
True
False
41
During COVID the federal reserve bought many bonds off the market to push money into the economy. This is an example of:
Monetary policy is not decided by the FED
Changing the reserve requirement
Changing the discount rate
Open market operations
42
______ fiscal policies suggest that producers are the most important driver of the economy.
contractionary policies
expansionary policies
supply side policies
demand side policies
43
You can diversify investments by:
Index funds
Investing into many different sectors (ag, tech, travel etc.) stocks
Mutual funds
All of the above are ways to diversify
44
USA has a good bond rating. Which of the following is it?
C
1000
AA/AAA
850
45
Father of economics and wrote the "Wealth of Nations"
John Handcock
Karl Marx
Adam Smith
Thomas Paine
46
What does a W2 form tell you?
How often your employer will be paying you
When to file taxes
How much you've earned and how much taxes you've paid in the last year
How much federal income tax your employer will withold from your paycheck
47
Stimulus checks were:
Demand side contractionary
Supply side contractionary
Supply side expansionary
Demand side expansionary
48
A score used to judge the quality of a bond
Bond rating
Bond coupon
Bond maturity
Bond score
