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Duplicate of IA Econ Final Review
Duplicate of IA Econ Final Review
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Econ final
Flashcards
86 cards
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Practice quiz
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Questions
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Answers
1
Which of the following is a normative statement?
The Government should spend more on education
The unemployment rate is increasing
Inflation is steady
The interest rate is 5%
2
Who is the current head of the Federal Reserve?
Ben Bernanke
Jerome Powell
Janet Yellen
Kamala Harris
3
What percent of Americans officially live in poverty in the U.S. for 2015?
6%
17%
12%
23%
4
All of the following are factors of production EXCEPT
entrepreneurship
labor
human capital
land
5
Examples of which productive resource - Hammer, copy machine, saw, and factories
entrepreneur
capital
land
labor
6
What did my true love get on the 7th day of Christmas?
swans swimming
lords a leaping
sing birds
pipers piping
7
A shift in the demand CURVE means which of the following?
a change in consumer income
a change in demand at every price
a rise in prices
a decrease in both price and quantity demanded
8
Which of the following examples would shift the PPF outwards - (illustrating economic growth)
Increase in technology
Increase in Labor resources
All the above would shift the PPF outwards
Increase in Land resources
9
What does a demand curve show
amount consumers are willing and able to purchase at various prices
The products
Amount buyers negotiate on
Nothing
10
The situation of limited resources and unlimited needs and wants creates
scarcity
choices
utility
Marginal Benefit
11
How many calories are in one Big Mac?
710
466
563
245
12
What is term for the expense of the next best alternative use of time, money, or resources?
trade-off
inflation
opportunity cost
capital
13
A subsidy is a
government payment to an individual
A government payment to a firm
A tax on an individual
A tax on a business
14
Price floors usually create a/an ________ of a good or service.
shortage
surplus
15
An increase on the price of Coca-Cola would lead to
An increase in the quantity demand of Coca-Cola
Total anarchy
an increase in the demand for Pepsi
a decrease in the demand for Pepsi
16
All of the following contain Vitamin E EXCEPT
Wheat germ
Olive oil
Pecans
Almonds
17
What was the name of the penguin in Toy Story?
Sammy
Weezy
Fla fla
Chester
18
The cost of borrowing money is known as
principal
interest
monetary policy
the required reserve ratio
19
A leftward shift of supply will:
decrease demand.
decrease equilibrium quantity.
increase demand.
increase equilibrium quantity.
20
The additional satisfaction gained by consuming an additional unit of a good is known as
incentive
marginal benefit or utility
wealth
marginal cost
21
The equilibrium price and quantity would be...
P= $6, Q= 5
P= $5, Q=5
P = $5, Q= 4
P=$5, Q=6
22
A diagram used to show the exchange of goods between households and firms in a market economy
production possibilities curve
Lorenz Curve
supply and demand curve
circular flow model
23
________ is an economic word meaning "satisfaction" or "benefit"
utility
compassion
value
happiness
24
The following combination accurately describes the condition of oil in Saudi Arabia:
Not Scarce; Shortage
Not Scarce; Surplus
Scarce; Shortage
Scarce; Surplus
25
The first IPhone came out in what year?
2012
2007
2010
2005
26
An example of inefficiency in an economy is
A decrease in demand
Unemployment
A decrease in technology
A loss of resources
27
A shortage is best defined as a situation where
The good is scarce
QD > QS
QD < QS
QD = QS
28
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
29
Which of the following is NOT a factor that affects demand
Price of a complementary good
Changes in Population
Changes in Income
Changes in Technology
30
In a market economy, who decides what goods and services are produced?
local government
Congress
national government
consumers and producers
31
How many Constitutional Amendments are there?
20
43
10
27
32
Any point ON the PPC is considered Allocatively Efficient
False
True
33
How many Starbucks are in Georgia?
326
265
188
715
34
The supply curve has shifted to the right causing price to increase.
False
True
35
Market Equilibrium is when the demand curve?
When there is a steady supply
Is at its lowest value
Is at its highest value
Meets the Supply Curve
36
What city has the most Burger King's per capita?
San Jose, CA
Las Vegas
Chicago
Orlando
37
Where is the tallest roller coaster in the world (456 feet high)?
Australia
Dubai
New Jersey
Florida
38
What is the situation that occurs when supply is greater than demand?
equilibrium
shortage
surplus
inflation
39
Tools, equipment, and factories used in the production of goods and services
Durable goods
Consumer goods
Capital goods
entrepreneur
40
When Creating a supply and demand curve how do you label each axis?
X=Quantity Y= number of buyers
X= number of buyers Y=number of sellers
X=Price Y= number of sellers
X=Quantity Y=Price
41
Which state produces the most pickles every year?
California
Maine
North Carolina
Mississippi
42
A move along the PPC (such as from B to C) best represents the concept of
opportunity cost
diminishing marginal utility
productive efficiency
supply
43
Social Security and Medicare are deductions from your paycheck that fall under the government program known as
Benefits
Income equality
taxes
FICA
44
All of the following are determinants of demand EXCEPT
number of consumers
change in income
tastes and preferences
price
45
What is the fundamental problem that economics deals with?
scarcity
unemployment
inflation
recession
46
The minimum wage is an example of a price
floor
ceiling
47
Tradeoffs are best thought of as
All of the other options when making a decision
The next best choice when making a decision
The thing you gain when making a decision
The time you give up when making a decision
48
The law of demand states
As prices increase, demand increases
As prices increase, supply falls
As prices increase, demand falls
As prices increase, supply increases
49
Per the Constitution, who has the power to declare war?
Generals
President
Congress
Mr. McGillicuddy
50
Any combination/point inside the production possibilities frontier illustrates
full/maximum production
A loss of resources
inefficiency
an unattainable level of production
51
An economic system where the government answers all the economic questions and allocates all resources is known as
A market economy
A command economy
A traditional economy
A mixed economy
52
What percent of the world's population has red hair?
4%
8%
6%
2%
53
The law of supply says that as price goes up, _____ goes ______.
quantity supplied goes up
quantity demanded goes down
quantity demanded goes up
quantity supplied goes down
54
Is the picture a Demand Curve or a Supply Curve?
Supply Curve
Demand Curve
55
What type of economy has most factors of production owned by a government?
traditional
market
command
mixed
56
The fact that you enjoy your 4th scoop of ice cream less than the previous scoop can best be explained by the concept of
Scarcity
Opportunity cost
Supply and Demand
Diminishing marginal utility
57
The economic concept that consumers and suppliers work together to bring goods to market and set prices is known as
The Invisible Hand
Consumer surplus
The Fallacy of Composition
Trade offs
58
A combination of goods and services outside/ (above) the PPF illustrates:
not possible OR unachievable production
maximum production
full production
underproduction
59
Revenue equals
Price x # of units sold
Profit - cost
Revenue and profit are the same thing
The total of all costs
60
Which of the following examples best demonstrates opportunity cost?
Your brother chooses to read a book instead of watching TV
Your mother listens to the radio as she cooks dinner
You forget to bring a pencil to class
Your teacher assigns an essay for homework
61
Any point/combination on the production possibilities frontier illustrates
Productive efficiency
Increasing opportunity cost
inefficiency
Allocative efficiency
62
What are the three basic economic questions?
When, where, and why to produce?
When, how, and with whom to trade?
How much, from whom, and when to borrow?
What, how, and for whom to produce?
63
Which of the following can lead to a change in supply?
Changes in population
Changes in resource prices
The price of related substitutes
Consumer tastes and advertising
64
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
quantity, demand
demand, supply
price, quantity
price, supply
65
The Law of Diminishing Marginal Utility states that
People will stop consuming things only when their total benefit reaches 0
As consumption increases, marginal benefit/utility decreases
As consumption increases, marginal benefit/utility increases
As consumption increases, total benefit/utility decreases
66
A decrease in demand is shown graphically by
A movement up
A movement down
A shift to the left in the demand curve
A shift to the right in the demand curve.
67
Movement along the production possibilities frontier illustrates which economic concept?
the four factors of production
opportunity cost
human capital
scarcity
68
All of the following are determinants of demand EXCEPT
price
an increase in population
tastes and preferences
a decrease in income
69
Who is the best basketball player ever?
Please take 5 points off my exam
Larry Bird
Please take 25 points off my exam
Please take 15 points off my exam
70
How many full time employees does Google have?
24,505
100,300
61,814
47,100
71
Which of the following is an investment in human capital?
A company builds a new factory
a machine builds more chainsaws
A country builds new schools
A state puts in a new highway
72
Sum of people's skills, abilities, health, and motivation.
human capital
value
wealth
financial capital
73
All of the following are determinants of supply EXCEPT
govt actions
number of producers
tastes and preferences
cost or availability of resources
74
The discovery of new technology would do what to a PPC?
Shift the curve inward
Move to a point outside the curve
Move to a point inside the curve
Shift the curve outward
75
The basic problem every economic system faces is
How to allocate scarce resources
How to keep consumers happy
How to make sure prices are correct
How to make sure resources are allocated equally
76
Which of the following examples would shift the PPF outwards - (illustrating economic growth)
All the above would shift the PPF outwards
Increase in technology
Increase in Labor resources
Increase in Land resources
77
The rule for marginal analysis says that an individual will take an action as long as
Marginal benefit > 0
Total benefit > or = Total cost
There is some total benefit
Marginal benefit > or = Marginal cost
78
Pi is 3.141592653____ . . . . what is the next number?
5
0
9
2
79
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
80
The word utility in economics is best represented by this synonym:
Future benefit
Happiness
Satisfaction
Pleasure
81
Risk taking individuals in search of profits
Capital
Land
Labor
Entrepreneurship
82
Price changes shift the demand curve
True
False
83
A resource cannot be considered scarce if
You can buy as much as you want of it
Countries have more than enough of the resource to meet current demand
The market cannot charge a price for the resource
There is a surplus of the resource
84
What is productive efficiency?
Using the most technology
Using all trade-offs
Combination desired by society
No resources wasted in production
85
When an economy produces the combination of goods that people desire it is known as
Tastes and preferences
Allocative efficiency
Command economy
Productive efficiency
86
Which state has the honeybee as its official insect?
Texas
Nebraska
New Mexico
Georgia
