Jordan decides to drop a shoe on Saturday. Describe the Jordan.

Jordans are elastic and have a high price and low supply

This does not shift the demand or supply curve.

Raising the price, Lowering the price

How is the Federal Budget experience scarcity?

Limited tax revenue to fund programs

If employing five workers has a marginal cost of $10, when should the company stop hiring?

When the marginal revenue is $10

Who's most likely to get rejected for a car loan?

Someone who has missed payments on a mortgage

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Economics GMAS

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Economics

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Questions 106

Answers

1
Which of the following is not a function of money?
store of value
medium of exchange
bartering
unit of account
2
ESPN purchases TNT, TBS, and TRUTV.
Conglomorate
Horizontal merger
Vertical merger
Cartel
3
Which of the following is a site for a Federal Reserve District Bank?
Tampa
Atlanta
Charleston
Jacksonville
4
If China, Japan, and United States decided to trade workers, goods and services they are
solo
interdependent
independent
inefficient
5
If you are out of work due to injury, you will receive this.
a check from Progressive
a check from Social Security
a check from AllState
A check from New York Life
6
Jordan decides to drop a shoe on Saturday. Describe the Jordan.
Jordans are elastic and have a low price and high supply
Jordans are inelastic and have a high price and low supply
Jordans are inelastic and have a low price and high supply
Jordans are elastic and have a high price and low supply
7
The degree of wealth and material comfort available to a person or community.
Premium
Consumer soverignty
Standard of living
Poverty threshold
8
Verizon, AT&T, Sprint, and T-Mobile control the cellular service industry.
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
9
Where firms sell goods and services to households.
Capital market
Stock market
Factor market
Product market
10
NBC purchases Actors, Inc., a talent agency and uses them on their shows.
Conglomorate
Vertical merger
Horizontal merger
Labor union
11
What is a disadvantage of a mixed economy?
Free education
No allies
Higher taxes
Free healthcare
12
If the Fed wants to slow down inflation, it would
increase the discount rate
raise taxes
buy bonds
decrease the reserve requirement
13
The total demand for goods and services.
efficiency
Aggregate demand
Aggregate supply
GDP
14
As price increase, quantity demanded decreases.
Adam's Law
Law of Increasing Opportunity Costs
Law of Supply
Law of Demand
15
This does not shift the demand or supply curve.
input costs
Raising the price
Lowering the price
increase in income
16
Who decides on the Federal Budget?
the Chairman of the Fed and the Board of Governors
President Obama and the Board of Governors
Consumers and producers
Congress and President Obama
17
Comcast is the only cable provider in Georgia.
Monopoly
Perfect competition
Monopolistic competition
Oligopoly
18
If many companies make similar products then they fall into this market structure.
monopolistic competition
perfect competition
monopoly
oligopoly
19
The GDP has dropped and prices are still going up.
Stagflation
Hyperinflation
Inflation
Deflation
20
Which of the following is an example of discretionary spending?
Medicare
Medicaid
Social Security
Education
21
Which of the following is a member of NAFTA?
Japan
United States
China
Russia
22
People who are against free trade are called
socialists
communists
protectionists
abolitionists
23
Which of the following is not a government regulation?
Minimum wage
Seat belts
Cell phone policy at work
Traffic lights
24
If a labor union fights for higher wages, this is known as
collective bargaining
interviewing
labor strike
boycotting
25
How many district banks are there in the Federal Reserve System?
7
100
12
over 100,000
26
An extended period of economic decline.
Deflation
Peak
Trough
Depression
27
If you decide to sell an iPhone to a friend for $200.
rationing
price gouging
voluntary exchange
bartering
28
A short period of economic decline.
Recession
Expansion
Trough
Peak
29
An example of a regressive tax
sin tax
state income tax
federal income tax
sales tax
30
How is the Federal Budget experience scarcity?
Government decides to cut education
National debt
Government decides to fund education
Limited tax revenue to fund programs
31
Which of the following is NOT a trading bloc?
NAFTA
OPEC
EU
ASEAN
32
On a PPC, if people are not coming to work, this will happen.
unattainable
efficiency
underutilization
impossible
33
How can the amount of work you do be measured?
Productivity
Efficiency
Equity
Stability
34
The government increases government spending.
contractionary monetary policy
contractionary fiscal policy
expansionary fiscal policy
expansionary monetary policy
35
Which of the following is an advantage of a partnership?
Specialization
Potential conflict
Own shares of stock
One person keeps all profits
36
If the government sets the minimum price above the equilibrium price.
Glass ceiling
Price floor
Price ceiling
Supply floor
37
In college, everyone picks a major. This is an example of
efficiency
underutilization
specialization
productivity
38
Which country has the most economic freedom?
Hong Kong
United States
North Korea
China
39
Joe wants to open a business where he is the boss and all of his workers answer to him.
Corporation
Franchise
Partnership
Sole-propriertorship
40
If you are low income and taxes hurt you more than the rich, then the tax is
proportional
regressive
progressive
fair
41
Which of the following is a free market philosopher?
Karl Marx
Adam Smith
Stalin
Lenin
42
Who is the current chairman of the Fed?
Alan Greenspan
Ben Bernanke
Bill Gates
Janet Yellen
43
If employing five workers has a marginal cost of $10, when should the company stop hiring?
When the marginal revenue is $5
When the marginal revenue is $15
When the marginal revenue is $10
When the marginal revenue is $9
44
Which of the following would be considered M1?
Stocks
Savings account
Currency
Trust fund
45
As prices decrease, quantity supplied decreases.
Newton's Law
The Law of Supply
Murphy's Law
The Law of Demand
46
Which of the following is an example of economic security?
Investing in real estate
Unemployment check
Stock market
Georgia lottery
47
Which of the following is a public good?
Benedictine Military School
Lake Mayer
Oglethorpe Mall
St. Joseph's Hospital
48
A group of people that form to improve working conditions
collective
labor union
fraternity
cartel
49
CPS was purchased by another company. Therefore, clickers are obsolete.
frictional unemployment
cyclical unemployment
seasonal unemployment
structural unemployment
50
Who's most likely to get rejected for a car loan?
Someone with no credit
Someone who has missed payments on a mortgage
Someone without a job
Someone paying in cash
51
Which of the following is a traditional economy?
United States
Japan
Mexico
Inuit tribe
52
Saved money that can be used to purchase real estate, stocks, and other assets of worth.
Savings
Currency
Debt
Investment
53
A water company
Natural monopoly
Geographical monopoly
Government monopoly
Technological monopoly
54
A graph that shows who a country uses productive resources.
Production possibilities curve
Supply curve
Marginal analysis
Demand curve
55
A market basket of goods that people normally purchase. Used to measure inflation.
Product market
Producer Price Index
Consumer Price Index
Consumer Reports
56
Which of the following would be an example of a non-fraudulent exchange?
Buying a car from a Honda dealership
Selling fake Jordan's
Taking a stapler home from work for personal use
Buying movies from the black market
57
The effect of education on income..
Employees in high risk jobs always get paid more
Workers who make high demand products are paid well
High school education required for interview
College graduates usually earn more than HS graduates
58
Which of the following would be a positive externality for bring a pro team to Savannah?
Increase in crime
Restaurants increase prices
More jobs
Traffic problems
59
Which of the following is the BEST example of a market failure resolved by the government?
Education
Inflation
National debt
Poverty
60
Which of the following causes supply of apples to decrease?
An increase in apple suppliers
Lowering the price of apples
Raising the price of apples
A drought
61
What is the dual mandate of the Fed?
increase the money supply and raise taxes
provide jobs and fund wars
Low unemployment and price stability
Inflation and high unemployment
62
How long can someone serve on the Board of Governors of the Fed?
12 years
4 years
14 years
2 years
63
Which of the following is NOT a factor of production?
Land
Profit
Labor
Capital
64
Steve Jobs was fired as CEO at Apple. He was later rehired. When he died, Tim Cook took over.
franchise
partnership
sole-propriertorship
Corporation
65
What is an incentive to get a college degree?
Potentially higher paying job with benefits
Only knowing people from your hometown
Parties and social functions
No parental involvement
66
A general rise in prices
Hyperinflation
Stagflation
Inflation
Deflation
67
Which economic system is not equitable?
traditional
market
command
mixed
68
If a new company was built in Thunderbolt, how would that affect the demand locally?
Quantity demanded would increase
Demand would decrease
Demand would increase
Quantity demanded would decrease
69
The actions of the FED that control and regulate the amount of money in the economy.
international trade
fiscal policy
opportunity costs
monetary policy
70
Which of the following is a measure of economic growth?
Gross Domestic Product
Exchange rate
National Debt
Consumer Price Index
71
Which of the following would be an example of privatization?
USPS purchases FedEx
FedEx and UPS merge
BBO purchases SCJ
Calvary is purchased by SCCPSS
72
If the government sets the maximum price below equilibrium price.
Price floor
Inelastic price
Price ceiling
Elastic price
73
The customer is always right.
Consumer sovereignty
Business cycle
Voluntary exchange
Consumer interest
74
After graduation, you quit your job to get ready for college.
frictional unemployment
cyclical unemployment
structural unemployment
seasonal unemployment
75
Headline that would MOST LIKELY be found in a country that experienced future economic growth.
"Country experiences population reduction."
"Central bank to raise interest rates."
"Government to offer new educational opportunities."
"Inflation rate hits new highs."
76
Who answers the three basic economic questions in a market economy?
the President
Congress
Consumers and producers
Governor
77
There are 300 dairy farmers in Georgia. They all produce milk.
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
78
Which of the following would NOT be include in GDP in the US for 2015?
The government builds a bridge in 2015.
A car produced in the US in 2015
Nike produces shoes in Vietnam in 2015
Nissan opens a new store in Savannah in 2015.
79
Shaq decided to buy Five Guys restaurants all over the country.
Sole-propriertorship
Corporation
Partnership
Franchise
80
What do NAFTA, EU, and ASEAN have in common?
They are all interested in promoting free trade.
Each group attempts to enforce trade barriers rigidly.
All three groups use the same currency.
The United States is a member of all three.
81
Which of the following would not be an example of a sin tax?
A tax on alcoholic beverages
A tax on cigarettes
A tax on gambling
A tax on medicine
82
Unemployment rate is the total number of unemployed people divided by
the number of people in the labor force
the inflation rate
the total number of discouraged workers
the total number of transactions in the resource market
83
In which economic system would you see the most economic growth?
Traditional
Command
Market
Mixed
84
Which of the following is an action the government would take?
Increase unemployment benefits from 26 weeks to 1 year
Building a new Taco Bell
Lowering gas prices
Setting a quota on college admissions
85
A model that shows how households and firms interact in the marketplace.
Laffer curve
Circular flow diagram
Production possibilities curve
Supply and demand curve
86
A individual who owns land in Pooler, sells it to real estate mogul in Savannah.
resource market
factor market
product market
real estate market
87
If Sam can produce pizzas at a lower opportunity cost than Dave then, Sam has the
comparative advantage
trade deficit
absolute advantage
slight advantage
88
What committee regulates the purchasing and selling of bonds?
FOMC
Board of Governors
Illuminati
Congress
89
NBC purchases Enmark, Coke and Publix.
Horizontal merger
Conglomorate
Cartel
Vertical merger
90
What is an advantage of living in a command economy?
Making a profit
Everyone has traditional roles
Paying for healthcare
Sharing of resources
91
The price at which quantity supplied and quantity demanded are equal.
Ceiling price
Market clearing price
Floor price
Equilibrium price
92
Who is hurt the most by inflation?
A rich doctor
Someone who borrows money
People living on a fixed income
A corporation
93
Limiting the amount of items a country that can be imported into another country.
standards
tariff
monopoly
quota
94
How responsive consumers and producers are to a price change.
Staglation
Efficiency
Elasticity
Inflation
95
What describes scarcity?
An unlimited demand for goods and services
A condition where supply exceeds demand.
Unlimited wants exceeding limited resources
A temporary storage of a good or service
96
Which of the following is NOT a rational decision?
Deciding to play professional baseball right after HS
Deciding to play college baseball
Missing work to go to the beach
Missing school to attend a college tour
97
Gas prices soared today, up $1.00.
Inflation
Deflation
Hyperinflation
Stagflation
98
If you travel to Europe and the U.S. Dollar depreciates,
you will be able to buy more Euro
you will not be able to buy as much Euro than before
just use American dollars
you will not be able to buy Euro
99
If the government sets a price ceiling of $800, which is $200 below equilibrium, it is called a
rent control
embargo
quota
price control
100
If I go to school, I will miss out on watching ESPN.
ESPN is the trade-off
Going to school is the opportunity cost
Going to school is the trade-off
ESPN is the opportunity cost
101
Gulfstream will layoff 1,000 workers in May.
cyclical unemployment
structural unemployment
frictional unemployment
seasonal unemployment
102
The price of HDTVs drops from $1000 to $750
inflation
deflation
stagflation
hyperinflation
103
The highest point of the business cycle.
Expansion
Contraction
Peak
Trough
104
If the government decides to increase taxes
C - decrease, AD - increase, GDP - decrease
C - decrease, AD - decrease, GDP - increase
C - decrease, AD - decrease, GDP - decrease
C - increase, AD - increase, GDP - increase
105
If you have more exports than imports, the balance of trade will be
undefined
negative
neutral
positive
106
Which of the following products would have inelastic demand?
HDTV
Bicycle
iPhone
Insulin

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