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G442 Semester 1 Final Exam Review Flashcards | StudBud
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G442 Semester 1 Final Exam Review
G442 Semester 1 Final Exam Review
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Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
If Nike is willing to sell a pair of shoes for $100, but people are only willing to pay $80, a surplus would occur
False
True
2
Which of the following is the best definition of federalism?
It is up to the states to decide how much power they want to have
The state governments hold all of the power
Strong central government shares power with state governments
The central government holds all of the power
3
If the unemployment rate goes from 3% to 7% within a year, what phase of the business cycle would we most likely be in?
Peak
Expansion
Depression
Contraction
4
What is the best definition of the Gross Domestic Product?
The study of scarcity and choice in an economy
The measure of the change in prices of goods and services in a year
The total value of goods and services produced in a year
The percent of the labor force actively looking for work
5
Which ideology would most likely support turning Welfare & Social Security over to charities and private companies?
Conservative
None of the above
Moderate
Liberal
6
Which of the following describes structural unemployment?
Bill was let go from his job during a recession in the business cycle
Joe is looking for a new job that pays more money
Jane lost her job from Target after they added 10 self-checkouts
Sally lost her job from Spirit Halloween on November 1st
7
The primary role of the Supreme Court is to interpret the constitutionality of the laws
True
False
8
Given the PPC, what does Point X suggest?
More sugar can be produced than coffee
The economy is operating efficiently
Point X is not possibel
Resources are being use to the maximum capacity
9
If Ms. Panek has 1 hour to grade & spends 30 min watching Netflix, she's losing out on 30 min. of grading. This is?
Scarcity & Choice
Opportunity Cost
Time Management
None of the above
10
Which of the following is the BEST definition of Economics?
The study of money
The study of scarcity and choice
The study of employment and revenue
The study of households and businesses
11
Which of the following reflects the law of supply?
The quantitiy of goods and services that are available
The quantity of goods and services that people want
Both red and blue
The downward sloping curve on the supply/demand graph
12
If Nike is selling their regularly-priced $100 shoes for only $50, which of the following will occur?
Shortage
Surplus
Scarcity
Equilibrium
13
A universal healthcare program is most likely supported by the Conservative viewpoint
True
False
14
The Supreme Court represents which branch of the United States government?
Judicial
Legislative
Executive
Federalist
15
Given the PPC, what does point A suggest?
Resources are being used to the maximum capacity
Point A is not possible
More coffee can be produced than sugar
The economy is operating inefficiently
16
An economic system determines which goods and services will be produced.
True
False
17
The President represents which branch of the United States government?
Federalist
Executive
Legislative
Judicial
18
According to the theory of supply and demand, what does the equilibrium price determine?
The price in which the most products are sold
The price of an item being sold
The price in which the consumer receives the best deal
The price decreasing or going on sale
19
Congress represents which branch in the United States government?
Judicial
Federalist
Legislative
Executive
20
Which of the following will cause inflation to occur?
Demand for goods increases
Consumers spending less money
We enter into a recession
Unemployment rises
