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NCFE Economics Review Flashcards | StudBud
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NCFE Economics Review
NCFE Economics Review
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Review for the North Carolina Final Exam in Civics and Economics.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
When supply meets demand for a given product, it is said to be at:
A circular flow
A shortage
A surplus
At equalibrium
2
What is the minimum credit score for receiving the best interest rates?
720
850
700
800
3
Sales tax is an example of a ____________ tax.
Progressive
Regressive
Corporate
Income
4
The Gross Domestic Product measures:
The total amount traded to other countries in a year
The value of all goods and services produced in a year
The annual amount of imports for a country
The annual amount of exports from a country
5
This isn't a question. It's a statement.
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6
Stimulating the economy by lowering interest rates and increasing spending is an example of:
Loose money policy
Tight money policy
Depression
Recession
7
Command economies (communism) have characteristics of:
Laissez faire
Anti-trust legislation
Consumer driven production
Government control over the economy
8
Which of the following is a characteristic of a 'bear' market?
High unemployment
Stock market rising
Rising GDP
High consumer confidence
9
NAFTA and ASEAN are examples of:
Free trade agreements
International Intelligence Cooperatives
Humanitarian Aid Networks
New Deal Programs
10
Which point in the business cycle is marked by recession?
Peak
Expansion
Contraction
Trough
11
Which of the following is NOT a purpose of money?
Store of value
Predictor of prices
Medium of exchange
Measure of value
12
Monetary policy is controlled by the ______ and impacts _________.
Fed; money supply
government; spending
government; money supply
Fed; spending
13
If the price of Pepsi rises, demand for Coke _______ because it is a ______________.
rises; substitute
falls; substitute
rises; complement
falls; complement
14
Which of the following can lead to a low credit score?
Not having a credit history
Not having utilities in your name
Late payments on bills
All of these
15
Which of the following is a characteristic of a traditional economy?
Bartering
Modern factories
Competition
Central control of banks
16
Rent, mortgage, and car payments are examples of:
Fixed expenses
Marginal expenses
Variable expenses
Opportunity expenses
17
North Carolina is strong in all of the following industries EXCEPT:
Aerospace
Banking
Research and technology
Agriculture
18
If demand is NOT responsive to changes in price, an item is referred to as:
Inelastic
Elastic
A substitute
At equalibrium
19
Consumerism refers to the movement to:
The rise in the desire for material goods
Educate consumers on their rights and responsibilities
Create more shopping opportunities
Expansion of the number of goods available
20
If the government gives subsidies to wheat farmers, the _______ curve for wheat will shift ____
supply; right
demand; left
supply; left
demand; right
21
Which of the following is NOT identified with free market capitalism?
"The Wealth of Nations"
Low level of government involvement
Competition
Karl Marx
22
The illustration helps to show:
How the economic cycle starts with incomes
Why savings is so important in budgeting
Investment is the most important part of economic systems
How money circulates between businesses and households
23
Which of the following is NOT a factor of production?
Capital
Stock
Entrepreneurship
Labor
24
Which of the following is NOT an advantage of a sole proprietorship?
Easy to start
You keep the profit
You make the decisions
Limited liability
25
Corporations raise money for expansion by:
Selling shares of stock to the public
Borrowing from the government
Borrowing from private lenders
Selling parts of their company to foreigners
26
Anti trust laws are designed to stop:
Corporations
Gambling
Insider trading
Monopolies
27
Which statement(s) about credit cards is true? (Can be multiple answers)
Deducts cash from your checking account right away
Should be paid off every month
Credit cards are a revolving loans from a bank or store
Payments should be spread out over time
28
If I choose choose pizza for dinner, which is most likely to be the opportunity cost?
Going shopping for clothes
Getting extra sleep
Choosing tacos for dinner
Studying for an exam
29
The concept that there are unlimited wants and needs but limited resources:
Circular flow model
Opportunity cost
Equilibrium
Scarcity
30
Mixed economies typically feature:
"The Invisible Hand" of the market
A dictator is in charge
Some sort of economic safety net
No privately owned companies
