How does specialization make us better off?

Provides us with better goods, Increases productivity

What is a Labor Union?

Workers who have organized to improve working conditions

Which is the BEST example of Utility?

How good you feel when you eat your favorite food

The law of demand states

As price increases demand decreases for that good or service

Who makes up the labor force?

People that are over 16 and working or looking for work

Someone who has a vertical monopoly…

Controls all stages of the production process

What does the takings clause require the government provide?

Provide people with fair compensation

Which are examples of demand shifters?

Changes in consumer expectations, Changes in the number of consumers

Examples of economic indicators in Repressed economies are

Personal property is NOT protected, Government owns the banks

Examples of economic indicators in Free economies are

Open to foreign trade, No government interference with the market

Someone who has a horizontal monopoly…

Has complete control over 1 stage in the production process

Which are examples of supply shifters?

Changes in Technology, Changes in producer expectations

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Economics Final Exam Review

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Review for economics final exam

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Questions 25

Answers

1
How does the government redistribute wealth?
All of the above
Unemployment Insurance
Earned Income Tax Credit
Welfare
2
Scarcity is…
Only temporary
Present because we have unlimited wants
Always going to exists
Both A & B
3
How does specialization make us better off?
None of the above
Causes people to lose their jobs
Provides us with better goods
Increases productivity
4
What is a Labor Union?
Workers who have organized to improve working conditions
An old train station in New York City
Workers that have bad bosses
When two people get married
5
What president enacted the New Deal?
Theodore Roosevelt
Franklin Delano Roosevelt
Donald Trump
George H. Bush
6
Which is the BEST example of Utility?
How good you feel when you eat your favorite food
The amount of money you make when selling a good or service
How much it costs to produce a good
The quality of work you do
7
Which of the following is NOT one of the three basic economic questions?
What will be produced
How will it be produced
For whom will it be produced
Where will it be produced
8
Who was Adam Smith?
Adam Sandler’s Uncle
A Frenchman who helped the U.S. gain it’s freedom
The Father of the Bank of America
The Father of Modern Economics
9
The law of demand states
The government has the right to control demand for a good
As price increases demand decreases for that good or service
The more of a good is consumed the less we benefit
Actions of people have unintended effects
10
Which document gives the U.S. government the right to be involved in the economy?
Bill of economic interventions
The New Deal
Declaration of Independence
Constitution
11
Who makes up the labor force?
People over 18 that are working
People over 16 that are working
People that are over 16 and working or looking for work
All people over 18?
12
Someone who has a vertical monopoly…
Has to pay an extra 1% tax
Has complete control over 1 stage in the production process
Controls all stages of the production process
Must have a geographical monopoly
13
What does the takings clause require the government provide?
Pay the person two times the value
Have a community vote
Both B & C
Provide people with fair compensation
14
Which are examples of demand shifters?
Changes in producer expectations
Changes in consumer expectations
Changes in the number of consumers
Changes in Technology
15
Which of the following is not a good?
Cars
Plumbers
Clothing
Food
16
Examples of economic indicators in Repressed economies are
No government interference with the market
Personal property is NOT protected
Open to foreign trade
Government owns the banks
17
Which of the following is not one of the four economic systems discussed in class?
Traditional
Market
Government
Mixed
18
Examples of economic indicators in Free economies are
Government owns the banks
Personal property is NOT protected
Open to foreign trade
No government interference with the market
19
Shortage is…
Both A & B
Present because we have unlimited wants
Only temporary
Always going to exists
20
Which of the following is not one of the “Factors of Production”?
Businesses
Land
Capital
Labor
21
Which of the following are common resources?
Water
Government taxes
Air
Oil
22
Someone who has a horizontal monopoly…
Has complete control over 1 stage in the production process
Controls all stages of the production process
Has to pay an extra 1% tax
Must have a geographical monopoly
23
Which are examples of supply shifters?
Changes in Technology
Changes in the number of consumers
Changes in producer expectations
Changes in consumer expectations
24
What group(s) receive(s) information from the price of a good or service?
Workers
Producers
Consumers
All of the above
25
What was the main industry in the 20th century?
Military
Service
Manufacturing
Farming

Economics Final Exam Review Flashcards | StudBud