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SS12: Econ CSA Review Flashcards | StudBud
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SS12: Econ CSA Review
SS12: Econ CSA Review
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1
Adam Levine begins endorsing beanie babies. Which graph represents the beanie baby market?
Graph D
Graph A
Graph C
Graph B
2
How would the Fed adjust the discount rate to encourage banks to make more loans?
leave the discount rate untouched
DECREASE the discount rate
INCREASE the discount rate
3
How many cakes will be demanded at the price of $2?
10
8
5
1
4
The price of cream, an input for oreos, increases. Which graph represents the Oreo market?
Graph B
Graph D
Graph A
Graph C
5
During economic contractions, what is generally happening to the unemployment rate?
It is increasing.
It is not changing.
It is decreasing.
6
What economic law states the following? "When a good's price is lower, people buy more of it."
Law of Diminishing Marginal Returns
Law of Supply
Law of Comparative Advantage
Law of Demand
7
Which of the following would NOT cause a decrease in demand (curve SHIFTING left)?
an increase in the price of a complement
a decrease in consumer income
a decrease in the price of this good
a decrease in the price of a substitute
8
One negative impact of globalization is...
increased access to global markets
adaptation of new technologies
increased environmental awareness
loss of U.S. jobs
9
If a country experienced an increased standard of living, its GDP would most likely ______.
stay the same
increase
decrease
10
Which market structure is represented in each row?
A)Monopolistic Comp B)Monopoly C)Perfect Comp D)Oligopoly
A)Perfect Comp B)Monopolistic Comp C)Oligopoly D)Monopoly
A)Perfect Comp B)Monopoly C)Monopolistic Comp D)Oligopoly
11
Which of the following would NOT cause an increase in supply?
There are advances in production technology
The number of sellers of the product decreases
Prices of resources decrease
12
What is one argument in favor of free trade?
decreases competition
increases the number of U.S. jobs
decreases prices of consumer goods
increases wages in the U.S.
13
The reason for government deficit spending (overspending) is to increase ______ in the economy.
scarcity
demand
happiness
supply
14
When investors "diversify" their investments, what happens to their risk level?
It increases.
It stays the same.
It decreases.
15
Which role of government is represented by redistribution of income?
promoting economic well-being
protecting property rights
protecting savers and investors
maintaining competition
16
A price floor of $700 would result in a surplus of _______ units.
7,000
5,000
3,000
4,000
17
What is the group that defends workers by fighting to improve work conditions & benefits?
citizen council
labor union
board of directors
parent teacher organization
18
Police and fire protection are nonexcludable and nonrival in consumption, making them ____ ___.
complementary goods
private goods
substitute goods
public goods
19
What is the term for the most desirable alternative given up for the decision?
economic system
scarcity
trade-off
opportunity cost
20
The price of Coke, a sub for Pepsi, decreases. Which graph represents the market for Pepsi?
Graph C
Graph B
Graph D
Graph A
21
Demand for prescription medication would be __________.
Inelastic
Elastic
22
Which of the following would be included in the calculation of GDP?
$ earned from babysitting
the selling price of a new iPhone
the price of materials used to build a house
the selling price of a used car
23
A price ceiling of $300 would result in a _________ of 4,000 units.
surplus
shortage
24
Your credit score would be ___________ affected if you made a late payment.
negatively
positively
25
Demand is ___________ when price changes have a significant impact on buyers.
Elastic
Inelastic
26
Compound interest ________ the rate at which your investment grows.
decreases
doesn't change
increases
27
What are the factors of production?
goods and services
all of the products in an economy
technology products and entrepreneurship
land, labor, capital, and entrepreneurship
28
What economic system did Adam Smith favor?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
29
What is it called when the union negotiators meet with company reps to agree on a new contract?
a strike
picketing
court proceedings
collective bargaining
30
One way the gov't incentivizes firms to invest in research and development is by granting ____.
taxes
patents
awards
public goods
31
An individual would _______ his/her human capital by becoming educated, certified, or licensed.
increase
decrease
not change
32
The Fed would ______ the growth of the money supply if it wanted to decrease economic activity.
accelerate
maintain constant
slow
33
What is the opportunity cost of increasing production of X from 2 (Pt C) to 3 (Pt D)?
4 units of Y
3 units of X
11 units of Y
1 unit of X
34
The ability of one country to produce a product at a lower opportunity cost than another is
The Theory of Comparative Advantage
The Theory of Absolute Advantage
35
One way the gov't prevents the formation of monopolies is by enforcing ______ laws.
criminal
civil
antitrust
constitutional
36
When demand decreases, what happens to equilibrium price and quantity in the market?
Price Decreases, Quantity Decreases
Price Decreases, Quantity Increases
Price Increases, Quantity Increases
Price Increases, Quantity Decreases
37
The gov't decides to subsidize dairy farming. Which graph represents the market for milk?
Graph C
Graph D
Graph A
Graph B
38
What 3 basic production ?'s must be addressed by all economic systems because of scarcity?
What, For Whom, Why?
What, How, For Whom?
When, How, Where?
Why, Where, When?
39
INCREASING tax rates and DECREASING government spending are ________ fiscal policy tools.
expansionary
contractionary
40
The government collects taxes so it can provide _______ goods.
public
free rider
used
private
41
Inflation causes purchasing power to _________.
stay the same
increase
decrease
42
Which tax structure takes a larger percentage of income as income increases?
Regressive
Progressive
Proportional (Flat tax)
43
What are two broad social goals of the market economic system?
profit, traditions, and government control
choice, central planning, and security
socialism that evolves into pure communism
freedom and efficiency
44
During economic contractions, what type of unemployment is increasing?
Structural
Cyclical
Seasonal
Frictional
45
Why is scarcity the basic problem of economics? Limited ____ vs. Unlimited ____!
jobs; skills
wants; resources
resources; wants
goods & services; government policies
46
What econ law states the following? When a good's price is higher, businesses will sell more."
Law of Gravity
Law of Absolute Advantage
Law of Supply
Law of Demand
47
When supply decreases, what happens to equilibrium price and quantity in the market?
Price Decreases, Quantity Decreases
Price Increases, Quantity Increases
Price Increases, Quantity Decreases
Price Decreases, Quantity Increases
