What is opportunity cost?

The value of the next best choice

What is a production possibilities frontier (ppf)?

curve showing possible maximum outputs for 2 or more goods

What purpose did the Office of Emergency Management serve?

to direct the various wartime agencies

What is the Law of Supply?

more things supplied at higher price than at lower price

What is macroeconomics?

Focus/study of economics as a whole

How does the modern exchange rate system work?

Most countries allow their currency to float freely

What is aggregate demand?

a country’s output for a period

What is the labor force?

all members of pop. who have job or are actively seeking one

Why is there scarcity?

Because resources are limited and wants are unlimited

What is the market equilibrium point?

Where (The Laws of) supply and demand meet in the market.

What is microeconomics?

Economics that focuses on individual decision making

What is the Law of Demand?

Less things are wanted at a higher price than a lower price

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Acadec Econ

25 termsStudBud Administration141 plays

Fundamentals of Econ & Econ of WWII

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Questions 25

Answers

1
What is opportunity cost?
The value of the both choices combined
What you give up to get something else
The cost of adding one more thing
The value of the next best choice
2
What is a production possibilities frontier (ppf)?
schedule showing opportunity costs
curve showing possible maximum outputs for 2 or more goods
chart showing trade offs
curve showing possible minimum outputs for 2 or more goods
3
What purpose did the Office of Emergency Management serve?
to control the draft
to oversee the populace in case of invasion
to direct the various wartime agencies
to create new wartime factories
4
What is the Law of Supply?
as demand does down, supply goes up
more things supplied at higher price than at lower price
as demand goes up, supply also goes up
less things supplied at higher price than at a lower price
5
List three types of profit
total income, normal, private
Accounting, economic, normal
income, public, wages
Accounting, public, revenue
6
What is macroeconomics?
focus of individual decision making
Focus/study of economics as a whole
creating equal economic opportunities for all
study of economics of one business
7
What is real GDP?
real gross domestic purchases
real gross domestic product
real general development program
real geese documentation project
8
How did the Federal Reserve help finance the war effort?
by levying taxes
by borrowing money from other countries
by collecting on defaulted loans
by creating new money
9
Which act placed an American embargo on Japan in 1940?
Wartime Embargo Act
Exports Control Act
Oil Restrictions Act
Trade Act of 1940
10
All of the following countries were allocated former German lands after WWII EXCEPT...
Czechoslovakia
Russia
France
Denmark
11
Which event ultimately lifted the US out of the Great Depression?
the implementation of New Deal policies
The Second World War
The discovery of oil in Alaska and California
Roosevelt's investments in new technology
12
How does the modern exchange rate system work?
Currencies exchanged for US dollar are converted into gold
International Monetary Fund decides which exchange system
Most countries allow their currency to float freely
Countries compete to devalue others' currency
13
Following the end of WWI, the German economy went through a period of...
stability
hyperinflation
prolonged growth
extended depression
14
What is aggregate demand?
supply of goods & services econ. produces at diff. prices
a country's input for a period
a country’s output for a period
a measure of a country's imports
15
The Office of Price Administration's policies resulted in...
monopolies
shortages
inflation
externalities
16
What is the labor force?
members of population who have job
members of a population who are unemployed
workers who are paid minimum wage
all members of pop. who have job or are actively seeking one
17
Before WWII, income taxes were only collected from...
two-person households
the employed
the wealthy
men
18
Through which means did the US PRIMARILY borrow money to finance its war effort?
by soliciting funds from Canada and Britain
by claiming private gold reserves
by selling war bonds
by taxing the wealthiest Americans
19
Why is there scarcity?
Because wants are limited and resources are unlimited
Because producers don't want to waste money
Because producers have a shortages
Because resources are limited and wants are unlimited
20
Which American entity secured contracts and built production facilities during WWII?
Bureau of Wartime Production
Defense Plant Corporation
War and Defense Company
Office of the President
21
Between 1940 & 1944, the percentage of women in the American workforce increased by roughly...
10%
5%
20%
22%
22
How much of the US' GDP was spent on national defense in the final years of WWII?
1/5
1/3
1/2
1/4
23
What is the market equilibrium point?
Where the market is perfectly stable
Where (The Laws of) supply and demand meet in the market.
where the laws of supply and demand do not exist
where the market is perfectly competitive
24
What is microeconomics?
The decision making of where to spend federal resources
The decision of when to build infrastructure
Economics that focuses on the country's decision making
Economics that focuses on individual decision making
25
What is the Law of Demand?
the demand curve always shifts only left or right
More things are wanted at a higher price than a lower price
Less things are wanted at a higher price than a lower price
More things are supplied when the demand is low

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