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Econ Review Flashcards | StudBud
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Econ Review
Econ Review
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1
What are the 4 C's? (SSEPF4)
Character, Capital, Capacity, Collateral
Character, Charity, Capital, Character
Club, Conscious, Clarity, Capital
Capable, Collateral, Character, Capital
2
What is absolute advantage? (SSEIN1)
Ability of an entity to produce G/S with lower opp. cost
Ability of an entity to produce G/S with little cost/unit
Ability of an entity to produce G/S with highest opp. cost
Ability to produce G/S with highest cost/unti
3
What MOST often happens when demand for a product is highly elastic? (SSEMI3)
. Higher productivity does not always reduce product’s price
Supply of the product increases, establish equilibrium price
Demand for the product increases even when its price rises
Substitution occurs when its price rises
4
Which factor MOST directly affects the amount of money borrowers must repay tolenders? (SSEPF4)
the annual percentage rate
the currency exchange rate
the inflation rate
The employment rate
5
Law of Supply..... (SSEM12)
Price Increase, Quantity Supply Decrease
Price Decrease, Quantity Supply Increase
Price Increase, Quantity Supply Increase
Price Decrease, Quantity Supply Decrease
6
Which monetary policy decision is meant to increase the U.S. money supply? (SSEMA2)
. Congress passes a bill to reduce personal income taxes
Federal Reserve borrows money to cover a budget deficit
Congress passes bill to reduce rules on business monopolies
The Federal Reserve buys treasury bonds in the open market
7
A number that must be reach to obtain a certain _____ . (SSEIN2)
Tariff
Quota
Embargo
Import
8
Tax
rate increases as the taxable amount increases (SSEPF3)
Progressive Tax
Tariff
Regressive Tax
Proportional Tax
9
A tax on a import is a.... (SSEIN2)
Tariffs
Embargo
Quotas
Standards
10
Type of business entity that is owned and run by one person. (SSEM14)
Partnership
Sole Proprietorship
Corporation
Limited Partnership
11
Law of Demand states.......(SSEM12)
Lower the Price, Higher the Quantity Demand
Lower the Price, Lower the Quantity Demand
Higher the Price, Higher the Quantity Demand
Higher the Price, Lower the Quantity Demand
12
Which factor pays for Goods/Service (SSEM11)
Product Market
Households
Resource Market
Firms
13
How does the Gov't use fiscal policy? (SSEMA3)
because they want to
to keep a steady economy
to adjust spending levels and tax rates
to increase taxes to a phenominal level
14
Which market rules with an iron fist? (SSEF4)
Traditional
Mixed
Command
Market
15
Tom wants a boat but his wife wants a new car. What is the opportunity cost for Tom? (SSEF1)
Wife Car
His Satisfication
Wife Satisfication
His Boat
16
The economic term “scarcity” relates MOST directly to a situation in which (SSEF1)
employees lack experience needed to earn a promotion
manufacturers lack raw materials needed to satisfy demand
businesses lack customers needed to make a profit
individuals lack money needed to purchase goods
17
Kate took time off work to recover from a car accident. What insurance covers that? (SSEPF5)
Life
Property
Health
Disability
18
What does GDP stand for? (SSEMA1)
Gross Demand Product
Gross Domestic Product
Gross Dump Processed
Green Domestic Poduct
19
Who combine these three factors to make a profit?(SSEF1)
Labor
Capital
Land
Entrepeneurship
20
Which role does money have in economic systems? (SSEI1)
a medium of exchange
a measure of satisfaction
a resource for production
a good to consume
