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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Questions
32
Answers
1
How many Federal Reserve banks are in the US
12
2
7
11
2
What is the money paid to borrow money called
supplies
interest
a bonus
a paycheck
3
What is a resource that can be REPLACED naturally or by man called?
production
renewable
raw
non renewable
4
What happens when there is too much money in circulation?
demand
recession
inflation
supply
5
How do borrowers pay back loans?
in monthly installments
when they can
when they have the money
they dont have to
6
What is the usability of an item or how many people want it called......
supply
demand
surplus
scarcity
7
When is the dollar worth LESS....
recession
inflation
at Walmart
When not enough money is in circulation
8
What s anything used to produce a good or a service.... think Capital, Human and Natural
demand
interdependence
resource
supply
9
The Federal Reserve was established to strengthen the banks...
True
False
10
What is an action that one person or group does for another in exchange for payment
demand
production
service
supply
11
What is the degree or availability of a item ..the number of things for sale
supply
surplus
scarcity
demand
12
How may board members are a part of the Federal Reserve?
11
12
7
6
13
When the supply can not keep up with the demand it is called
scarcity
interdependence
surplus
supply
14
What is a good?
production
interdependence
an item that can be bought or sold
A downward spiral of the economy
15
If there is a surplus of an item, it will cause the price to go
skyrocket
stay the same
up
down
16
What is the study of how we produce and distribute wealth.....
supply
economics
demand
interdependence
17
Who appoints the board members then who approves them
President / board members
President/ senate
we vote
Supreme Court / President
18
Banks only hold in cash the supply they need for daily exchanges
True
False
19
The Federal Reserve sets the requirements of cash on hand for the banks
True
False
20
If the supply is GREATER than the demand its called
materials
scarcity
surplus
low
21
The banks hold onto all of your money just incase you want to take all your money out one day
True
False
22
What happens when there is less money in circulation?
recession
law of demand
law of supply
inflation
23
What is the way we use goods to satisfy our wants and needs called.....
interdependence
consumption
service
production
24
What law says when the price of goods goes down the demand will go up?
Law of Supply
surplus
Law of Demand
scarcity
25
What is the process of changing a raw material into an economic good
resource
services
goods
production
26
When is a dollar worth MORE .....
in a recession
inflation
when we print more
at Target
27
What law states, as the price of an item goes up the supply will go up
Law of Supply
Law of Scarcity
Law of Demand
Law of Interdependence
28
What is the way production and consumption of goods and services is divided among many different individuals & groups
economics
resources
interdependence
supply
29
When the supply is low and the demand is HIGH the price will
decrease
Go UP
go down
become cheaper
30
Who sells government bonds?
Congress
The White House
The Federal Reserve
The Post Office
31
Banks make money by loaning out money at a higher interest rate then they pay an account
False
True
32
When the supply is HIGH and the demand is LOW the price will
increase
sky rocket
drop
go up
