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Unit I: Econ Flashcards | StudBud
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Unit I: Econ
Unit I: Econ
30 terms
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Review game for my Gov / Econ class' Econ unit
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
The main problem that all economists are trying to address?
What goods or services should be produced?
How will goods and services be produced?
The issue of natural resources
The issue of scarcity
2
Complete work stoppage by union members...
A strike
A lockout
A breakhrough
A suspension
3
A type of loan w/ a predetermined amount & predetermined payment schedule
An equity loan
An installment loan
A never-ending loan
A revolving loan
4
A factor that helps an economist determine where to move a supply curve...
Consumer taste
Changes in the price of technology
Changes in consumer income
Changes in the price of a “substitute” good
5
A sustained rise in all general price areas...
Unfunded Liabilities
Deficites
Inflation
Debt
6
Which of the following is
NOT
an issue that unions fight for?
Workplace rules / regulations
“Workplace justice”
Quality of worker materials
Better working conditions
7
The accumulation of multiple deficits over a long period of time...
The National Debt
The National Deficit
The Great Recession
The Spending Freeze
8
Government tactic used to try and keep prices from going too high...
Equilibrium
Excess Supply
Price Ceiling
Price Floor
9
Taxes placed on such luxury items aka "sin taxes"
Gift tax
Excise tax
Estate tax
Property tax
10
What group in the Federal Reserve systems serves as the chief "bankers"?
The Fed Reserve Banks
Open Market Committee
The Fed Chairman
Board of Governors
11
Federal law that protects workers’ rights to form a union...
The Patriot Act
The Blunt Amendment
The Kansas-Nebraska Act
The Wagner Act
12
Who controls the movement of resources and goods in a "free enterprise" economy?
The economy
The individual
The market
The government
13
Name given to an area where buyers and settlers meet to exchange goods/ services?
A business
A union
A culture
A market
14
Which of the following is
NOT
a budget assumption made by the government?
Natural Resources
Economic growth
Population trends
Tax / Spending policies
15
Which of the following is
NOT
a feature of “free enterprise” economics?
The right to choose your economic involvement
The right to government involvement in an economic setting
The right to produce what you want or like
The right to maximize profits
16
Who are the economic "risktakers" in a society? (Think Michael Scott...)
Economic leaders
Entrepreneurs
Managers
Positive economists
17
Economist's methods of determining whatthey “could have” bought...
Budget & revenue review
Opportunity costs
Opportunity analysis
Product analysis
18
What makes student loans so attractive?
First-time college students are a good investment
Easy to pay back
Low interest rates
Students don't use many of them
19
The easy-to-read sections of a credit card application w/ card costs?
The “Explanation Box”
The “Fine Print”
The “Schumer Box”
The “Stanley Box”
20
Annual state / national tax on things that a taxpayer owns, like a house or boat
Gift Tax
Excise tax
Property tax
Estate tax
21
This tax taxes an individual or family based on how much money they make...
Property tax
Income tax
Estate tax
Sin tax
22
Style of economics w/ government control of the SOME aspects of the economy...
Command economics
Socialism
Laissze-Faire Capitalism
Marxism
23
A credit card issued by a service provider or sponsor, but may not be useable at every store...
A travel / entertainmentcard
A credit cards
A bank card
A retail card
24
What country is America’s largest holder of debt?
United Kingdom
Japan
China
France
25
When negotiating a new contract, union members will use this method...
Striking
Collective Bargaining
Arbitration
Fact Finding
26
Term that describes the amount of goods supplied that is exactly the right amount demanded...
Excess Demand
Price Ceiling
Excess Supply
Equilibrium
27
Considered the “Father of Modern Economics; author of "The Wealth of Nations"
Charles Fourier
David Ricardo
Karl Marx
Adam Smith
28
Society’s valuable resources (such as land, labor, capital, etc.)?
Productivity incentives
Economic factors
Factors of Production
Natural resources
29
The institution that oversees the US' monetary policy...
Department of the Treasury
Congress
The Federal Reserve
The Franklin Mint
30
Which of the following is
NOT
good advice when discussing the proper handling of a credit card?
Do not sign the back of cards
Close unused accounts
Do not give out your account number
Use when there is no doubt about ability to pay-off
