L wins a prize of $2k. She use this $ for tuition, L puts $ in a savings acct b/c her goal is

liquidity, since she’ll need to use the $ in a short time

How would the economy of Canada likely be characterized?

mixed, but on the side of free market

What is a major difference between an operating budget (OB) and a capital budget (CB)?

OB is for day-to-day expenses; a CB is for invest spending

Human capital includes

a taxi driver's knowledge of the city streets

a program that requires work in exchange for assistance

What is one benefit provided by social security?

retirement income for the elderly

Will has inelastic demand for drinks, the price of the drink is raised from $1 to $1.5, he will

He bought 10 bottles a month at $1 and 8 a month at $1.5

Which of these is an example of depreciation?

A worker’s car breaks down more often after 80,000 m driving

What is the definition of an oligopoly?

2 to 4 firms producing 70% to 80% of the output

In a publicly held corporation

a large number of stockholders can buy and sell stock.

What does it mean when a person is underemployed?

The person has a job but they are overqualified for it.

What happens to a monopolistically competitive firm that begins to charge an excessive price?

Consumers will substitute a rival's product

All but which of the following may be claimed as a tax deduction?

money spent on household expenses

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Econ Review for Final Semester 1

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Final Semester 1

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Questions 28

Answers

1
Robin buys abTreasury bond, Treasury note and Treasury Bill. Which will be repaid by gov LAST?
Treasury bill
Treasury Bond
either Treasury bond or Treasury bill
Treasury note
2
L wins a prize of $2k. She use this $ for tuition, L puts $ in a savings acct b/c her goal is
liquidity, since she’ll need to use the $ in a short time
making a safe long term investment.
taking a risk in hopes that she’ll get a high return.
receiving the maximum amount of interest possible.
3
How would the economy of Canada likely be characterized?
centrally planned
free market
mixed, but on the side of free market
mixed, but on the side of centrally planned.
4
What is a major difference between an operating budget (OB) and a capital budget (CB)?
An OB small amounts of $; CB consists of large amounts of $
In an OB, legislation; in a CB, no legislation
An OB is raised by bonds; a CB is raised by taxes
OB is for day-to-day expenses; a CB is for invest spending
5
Human capital includes
the machinery used to weave cloth
a taxi driver's knowledge of the city streets
the salary paid to an accountant
the equipment used by a doctor to cure a patient
6
When did labor unions begin to gain some legal rights in the United States?
1900s
1920s
1930s
1950s
7
According to the pic. what is the elasticity of supply as the price decreases from $3 to $1.5
.43
0
.86
1.71
8
When compared with LDCs , a higher proportion of people in developed nations are
older than 65
infants
children between the ages of 5 and 10
of child-bearing age
9
You are a finan. advisor w/ client wants stock that pays regular dividends. You advise to buy
income stock.
common stock.
preferred stock.
growth stock.
10
Which of the following is an example of using physical capital instead of human capital?
an automatic teller machine
a server in a fast food restaurant
a licensed practical nurse
furniture made by hand
11
Kiwis become popular, kiwi making +, tire making goes -. According to Law of increasing costs:
the cost of making tires -, cost of making kiwis +
the cost of making kiwis +
the cost of making tires +
the cost of making kiwis -, cost of making tires +
12
Your store receipt says that you paid a 5% sales tax on sports equip. This sales tax is an ex:
proportional tax
income tax.
regressive tax.
progressive tax.
13
What is workfare?
a state-by-state grant program of aid to the elderly
welfare that is limited to preschool-age children
an early poverty program from the 1950s
a program that requires work in exchange for assistance
14
What is one benefit provided by social security?
cash transfers to workers injured on the job
compensation for all the who lose jobs
medical care for the indigent
retirement income for the elderly
15
Will has inelastic demand for drinks, the price of the drink is raised from $1 to $1.5, he will
He bought 15 bottles a month at $1 and 5 a month at $1.5
He bought 10 bottles a month at $1 and 8 a month at $1.5
He bought 10 bottles a month at $1 and 5 a month at $1.5
He bought 15 bottles a month at $15 and 20 a month at $1.5
16
Which of these is an example of depreciation?
A worker’s car breaks down more often after 80,000 m driving
An employer fires a worker for repeatedly being late to work
A share of stock declines in value over several months.
A store owner reduces the price of a belt by $10 to up sales
17
Which of the following jobs are expected to grow significantly?
manufacturing jobs
police and fire fighters’ jobs
d.agricultural workers’ jobs
computer-related jobs
18
What is the definition of an oligopoly?
2 to 4 firms producing 70% to 80% of the output
one firm producing 95 % of the output
8 to 10 firms producing 90 % percent of the output
8 to 10 firms producing 60% to 70% of the output
19
What is one example of an automatic stabilizer
interest rates
U.S. savings bonds
inflation
Taxes
20
In a publicly held corporation
family members are excluded from holding stock.
stocks are not usually traded at stock exchanges.
a large number of stockholders can buy and sell stock.
stockholders rarely trade their stocks
21
What does it mean when a person is underemployed?
The person is not making as much money as they need.
The person is looking for work in a special field.
The person has been working but now is laid off.
The person has a job but they are overqualified for it.
22
Term for the total value of all goods and services produced in a particular economy?
standard of living
net worth
open market value
gross domestic product
23
A gov. prints posters to inspire workers to increase productivity. Which kind of econ. is this?
traditional economy
weak economy
centrally planned economy
market economy
24
What happens to a monopolistically competitive firm that begins to charge an excessive price?
The government will regulate the price
Consumers will substitute a rival's product
The firm will go out of business
Consumers will boycott the product
25
The amount of money a person has left of his or her income after taxes is called
disposable personal income.
aggregate income.
personal income.
national income.
26
What incentive motivates a manufacturer to sell a product?
putting others out of business
popularity of the product
pleasing the consumer
making profits on sales
27
All but which of the following may be claimed as a tax deduction?
money spent on household expenses
some medical expenses
interest on a home mortgage
donations to charity
28
A baker with $16 can bake 10 cakes a day, $24 = 12 cakes, $36 = 14 cakes. She has
increasing marginal returns
negative marginal returns
decreasing marginal returns
constant marginal returns

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