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ECON Final Exam Review
ECON Final Exam Review
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Thank you Mr. Dewitt
Flashcards
61 cards
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Practice quiz
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Questions
61
Answers
1
producers are also known as businesses or?
Corporation
Firms
Sole proprietors
Businesses
2
Cost of todays/Cost of previous years x100
GDP
UR
Nominal GDP
CPI
3
When you give something equal of value for something of value
opportunity cost
scarce
trade offs
resources
4
When the govt has full control
Command
Traditional
Mixed
Market
5
Alternating periods of growth and recession in an economy
Aggregate supply
Depression
Business cycle
Upturn
6
Share holders are paid annual
Stock
salaries
Profit
Dividends
7
difference between the total amount of money coming into a nation and the total amount leaving
Trade surplus
Trade
Balance of trade
Balance of payment
8
Public schools, parks, and libraries are
public goods and services
public goods
private goods and services
private services
9
Land is referred as
rent
wages
interest
land
10
A market that has total control over price of good or service. Also known as price maker?
Entrepreneur
Monopoly
Oligopoly
Sole proprietor
11
Transfer payment
no service is required in return
investment put into a business
a service is required in return
payments you give to the government
12
marginal cost
opportunity cost analysis
additional benefit
additional cost
market clearing price
13
What is anything that buyers and sellers in an economy are willing to accept as payment?
Trade
Barter
Medium of exchange
Standard of value
14
What's the difference between physical and human capital?
Physical capital refers to the tools needed for a business
Physical capital means the capital of the united states
human capital refers to all the tools a business need
human capital means humans
15
What is a profit motive?
the driving force between new products and services
Driving force behind new businesses
Driving force behind new products
driving force behind greed
16
What are resources?
all things people use to make services
all things people use to make goods
all the things that occur naturally
person, place, and things
17
Division of labor
different workers do different things
different workers do the same thing
one worker does everything
they just eat and sleep
18
A pure market economy exist
true
false
19
To allocate means
to take away
to give away
to distribute unequally
to distribute in a systematic way
20
What are the three key economic indicators?
GDP CPI UR
Inflation, CPI, cost of living adjustment
Real GDP, Nominal GDP, Inflation
UR, Labor force, GDP
21
Capital investments
productivity and growth
using some of an economies profits to by capital
spending all your money
sells equipment for a company
22
When an owner is responsible for all a businesses debts is called
Sole proprietor
Limited liability
Unlimited liability
Liability
23
Who is someone who invest in business but has no say in its day to day decisions?
Majority partner
Silent partner
Minority partner
Investor
24
What's the purpose of a production possibilities curve?
combination of two products is possible with a given amount
to show deficiency in two products
to show the efficiency of two products
25
Occurs because of a downturn in the economy?
Frictional unemployment
Cyclical unemployment
Season unemployment
Structural unemployment
26
When you give something up for another choice
marginal cost
allocate
opportunity cost
trade off
27
If prices increase but the economy does not grow. This is known as
Depression
Recession
Downturn
Stagflation
28
What is the total market value of all goods and services?
Real GDP
Nominal GDP
CPI
GDP
29
Output of products/ Input of resources
productivity
efficiency
input
output
30
Four parts of the circular flow chart
land, labor, capital and entrepenuership
households, factor market, product market, and business
income, products, resources, and money
stock market, products market, factor market, and public
31
The three basic question
what, how and for whom
What, how and when
WWJD
Why, when and where
32
Unemployment rate = ?
#of people looking for work/number of people in labor force
#of people in labor force/number of people looking for work
#of people looking for work/number of people with jobs x100
Number of people in labor force
33
What is the difference between balance of imports and balance of exports?
Trade surplus
Balance of payment
Balance of trade
Trade deficit
34
Marginal benefits
additional benefits
additional cost
all of the above
additional money
35
When most things are limited then they are
hidden
scarce
no longer available
recourceful
36
What is a recession
When real GDP declines for 6 months
When inflation declines
When there's an upturn in the economy
When inflation increases
37
Market failure
when a public place doesn't sell products
when a private company benefits from other people's cost
when a private company benefits from their costs
the great depression
38
Supply and Demand
laissez-faire
all of the above
Market
capitalist
39
What's an efficient amount of the two products
25 soybeans 75 corn
50 soybeans 50 corn
all of the above
75 soybeans 25 corn
40
Board of directors hire a ___ to make day to day decisions?
Sole proprietor
CEO
Shareholder
Investor
41
Who regulates the amount of money available in the economy?
Board of governors
The Fed
The FOMC and the government
The government
42
A market that's subject only to laws of supply and demand. Also know as price takers?
Market structure
Oligopoly
Monopoly
Perfect competition
43
When the producer is able to sell all its supply and consumers are able to buy the exact amount
Equilibrium price
All of the above
None of the above
Market clearing price
44
The total amount of goods and services in an economy that people are willing to buy?
Real GDP
Aggregate demand
Aggregate supply
GDP
45
Contracts
written paper
legal disagreements
legal agreements
IOU
46
When a few larger firms control the market rather than just one?
Monopoly
Oligopoly
Perfect competition
Profit motive
47
In a corporation, investors avoid?
Competition
Unlimited liability
Entrepreneurship
Partnerships
48
When people decide not to take a particular job because they are looking for a better job
Frictional unemployment
Structural unemployment
Seasonal unemployment
Cyclical unemployment
49
If a nation imports $1 million worth of goods and exports $3 million worth of goods this is a?
Trade surplus
Balance of payment
Trade deficit
Balance of trade
50
How long have trusts has been illegal
1890
1880
1997
1883
51
Which person holds more than half of a company?
Majority partner
Producer
Sole proprietor
Entrepreneur
52
All a shareholder will loose is his or her value of the stock. What is this called?
Investment
Partnership
Unlimited liability
Limited liability
53
What is the "Fed's" main job?
To set fiscal policy
To set monetary policy
To raise and reduce taxes
To regulate GDP by increasing or decreasing govt. spending
54
Single owner who takes all risks and receives all the profits?
Business
Sole proprietor
Producer
Entrepreneurs
55
The US can produce more sugar and more fertilizer than Nicaragua. The US has an ?
Trade surplus
Trade deficit
Comparative advantage
Absolute advantage
56
If Rosa starts a taco business then she's showing
entrepreneuership
sole proprietorship
capitalism
partnership
57
The kinds of decisions made about taxing or spending in order to promote economic growth?
The FOMC
Fiscal policy
Government
Monetary policy
58
Price floors lead to
supluses and shortages
Surpluses
shortages
market clearing price
59
True or false: entrepreneur is a person who starts a business
false
true
60
What are the productive resources (factors of production)?
Capital, time, money, bank
Land, labor, capital, and business
Land, labor, capital, and entrepreneurship
Land,capital, wages, and business
61
When people make rational decisions,
they weigh the benefits
they weigh the benefits and the cost
none of the above
they weigh the costs
