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Unit 3- Building on Economics Basics Flashcards | StudBud
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Unit 3- Building on Economics Basics
Unit 3- Building on Economics Basics
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1
What is the best definition of Gross Domestic Product?
A period of decline in overall income and employment
Money paid to the government in taxes to support public goods and services
The value of all goods and services produced within domestic borders
The value of exports minus the total value of imports
2
Which of these people is a example of an entrepreneur?
Pavel worked hard to learn and speak a foreign language
Liam found a summer job walking dogs in his neighborhood
Malia started selling jewelry she made in an online store
Ophelia took classes in painting and drawing at an art concert
3
Which is an example of an oligopoly?
Many different soap companies giving consumers choices
One shipping compnay with no competition
Seeral grocery stores stocking different items
A few soda companies competing for business
4
What increases when productivity increases?
Interest rates on loans
Gross Domestic Product
National unemployment rates
Interest rates on savings
5
Ed as a credit ccard he pays off monthly and carries no balance. What kind of credit is this? (Pick 2)
Revolving
Secured
Non Revolving
Unsecured
6
In a circular flow diagram, what flows from households to businesses?
Expenditures
Land
Income
Goods
7
Jayden opens a savings account with $100 with a 4% simple interest annually. How much will he have one year later?
$148
$100
$96
$104
8
What is the main advantage of using money instead of bartering?
Things that people usualy trade have very little value
Not all countries use the same types of money
Money comes in many different values to pay for goods and services
People do not have a good or service that another person wants
9
What is the most likely result of the new US Gov. programs beginning without any budget to pay for them?
Goods and services will continue to become more expensive
Citizens in the future will have fewer services and higher taxes
Politicians will have less chance of being re-elected to office
Americans will offer to pay higher taxes to balance the budget
10
Which of these is a source of only federal tax revenue?
Sales taxes
Property taxes
Payroll taxes
Income taxes
11
A girl drops her new phone in the pool. She calls her credit card company for help. Which advantage is she using?
Purchase power
Emergencies
Protection of purchase
Building a credit line
12
What is a regular car payment an example of?
Interest
Variable expense
Fixed expense
Ownership investment
13
If the price of stock falls dramatically but an investor thinks it will go up again, wat is the investor likely to do?
Buy shares
Trade shares
Do nothing
Sell shares
14
Which of these are factors in determining if a person is counted in the unemployment rate? (pick 2)
If the person has the skills needed to find a job
if the person is willing and able to work
if the person has been unemployed for more than 5 years
If the person is actively looking for a job
15
New Technology has made most of the jobs workers do in a factory obsolete. What kind of unemployment is that?
Cyclical
Casual
Frictional
Structural
16
Which of these events would lead to a rise in interest rates for home mortgages?
The prices of home for sale rise by a great deal
Home sales increase greatly for several months in a row
The average time needed to sell a house doubles
Many new lenders begin offering home mortgages
17
What type of investments are stocks?
Ownership
Interest
Cash equivalent
Lending
18
What does a rise in per capita GDP indicate?
Increased productivity
Increased population
Better trade deals
More bank loans
19
Which of these is a non-monetary positive incentive for entrepreneurs?
The need to hire and train workers
The responsibilities of running a business
The risk of starting a new enterprise
The satisfaction of creating new products
20
Pete's peanuts want to grow its overall productivity. Which investment would be the most helpful?
An improved roasting and canning machine
A larger building to grow peanuts
Better advertisments for its products
New uniforms for company employees
21
What is it called when prices rise at a high rate?
Net export
Interest Rate
Inflation
Taxes
22
Which of these actions would most help a worker improve her productivity?
Finding a new job in a different field
Taking a trainign course related to her job
Asking her employer to give her a raise
Buying a laptop computer for home use
23
What is the most likely effect on a person's income if he or she has little education and few skills?
The person's income will decline over time
The person will earn a low income
The person will earn a high income
The person's income will vary greatly
