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Econ V22 Module 1 Flashcards | StudBud
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Econ V22 Module 1
Econ V22 Module 1
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1
The U.S. economy begins to slow, so the U.S. prints more currency. What is the risk of this action?
The currency will be hoarded.
The currency will lose value.
2
Which of the following is the basis for the value of U.S. currency?
People's acceptance of it for exchange
A guarantee from foreign investors
3
Country X has progressive taxation of income. Which rate would the highest earners pay?
5 percent
2 percent
40 percent
10 percent
4
Which of the following will change because of a change in price?
Quantity supplied
Equilibrium demanded
5
Which of the following could cause movement from point B to point A?
The price that companies can charge for the product decreases.
New companies begin to manufacture the same product.
6
The management of a chain of restaurants is replacing some menu items. Which economic question are they focusing on?
When to produce?
What to produce?
How to produce?
For whom to produce?
7
Several suppliers of smartphones go out of business. Which statement describes how this will affect the market
Supply of smartphones will decrease, causing an increase in market price.
Supply of smartphones will increase, causing a decrease in market price.
8
Which kind of portfolio would a financial adviser recommend to a young investor v. an old investor?
YOUNG - Diverse and conservative; OLD - diverse and aggressive.
YOUNG - Diverse and aggressive; OLD - diverse and conservative.
9
On a market graph, which of the following would indicate an increase in total supply?
A shift to the right of the supply curve
A shift to the left of the supply curve
10
Which tax uses the same rate for all income levels?
Progressive
Proportional
11
Which statement explains the graph?
As the quantity of a product increases, the price falls.
As the price rises, suppliers produce more of the product.
12
The graph illustrates a change in the market for plush toys. Which statement could explain the graph?
The demand for plush toys decreased due to a celebrity endorcement.
The demand 4 plush toys increased b/c a celebrity endorsement. E increase
13
When people describe how much a product is worth, which function of money are they using?
Measure of value
Medium of exchange
14
Based on the graph, what would it mean if quantity falls from 500 units to 300 units?
The price decreased.
The price increased.
15
How is a sales tax similar to a flat tax?
Both change according to income.
Both are the same rate for everyone.
16
Which investment type describes loans to businesses or governments?
Bonds
Stocks
17
Your friend offers you a notebook or a pencil for your french fries. You choose the option that gives you the greatest_.
scarcity
utility
18
Stocks are shares of ownership in a company that may pay dividends.
False
True
19
You have to choose between playing a sport & taking music lessons, the practices overlap. Which economic dilemma exists?
music lessons are scarce
time is scarce
20
The demand for new guitars slopes downward. Which of the following will happen if the price of new guitars increases?
Quantity demanded will decrease.
Demand will increase at all price levels.
21
Which of the following investment plans is the most diversified?
Kelly invests in stocks, bonds, and mutual funds.
Ben has an investment portfolio with numerous stocks and futures.
22
You earn $50,000 per year before taxes. Your entire income is taxed at 10%. Which value reflects your
gross income
.
$45,000
$50,000
23
Which of the following statements describes equilibrium price?
Both sellers and buyers are not satisfied with the price and the quantity.
Both sellers and buyers are satisfied with the price and the quantity.
24
Which function of money describes its use in the buying and selling of goods and services?
Standard
Medium of exchange
25
A smartphone company changes its target consumers to people w/ visual impairments. The economic question focused on is..
How to produce it?
When to produce it?
For whom to produce?
What to produce?
