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Economics 1st or 3rd 9wks Exam Review Flashcards | StudBud
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Economics 1st or 3rd 9wks Exam Review
Economics 1st or 3rd 9wks Exam Review
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1
If quantity supplied is greater than quantity demanded it usually results in:
surplus
shortage
higher prices
equilibrium
2
One of the disadvantages of the Federal Student Grant Program is
You must demonstrate financial need to qualify.
You will have to pay it back with interest
The interest rate is fixed
Your parents must co-sign the loan.
3
If a pizza restaurant sells pizza for $1.50 per slice, what can be concluded about the market?
Sale occurred in order to convince consumers to purchase the rest of pizzas
There has been a shortage in the production of pizzas and demand wasn't met
The company has perfectly sold all pizzas produced without demand for more
More pizzas were made than what met the wants of the people
4
What can you infer about college financing based on this table?
You will never pay off your student loan debt if you take one out.
Filing out FAFSA is an unnecessary stressor for Seniors
If you can get a co-signer, the Direct Plus loans are the best deal.
The Direct Subsidized loans is the best loan if you can qualify for it
5
A business owner should select which price for their good to reach equilibrium?
$4.50
$1.50
$9.00
$3.00
6
The author's point of view is that the American policy of minimum wage has:
been effective at increasing the money supply
benefited the wealthy at the expense of the poor
influenced additional policy to solve the issue
expanded gender wage gap
7
Which of the following describes the process above?
Writing your college essay
Filling out income taxes online
Completing the FAFSA
Applying for the SAT/ACT
8
An opportunity cost of Sharon's decision to study hard to pass her Economics test would be -
Sharon raises her grade in the course
Sharon makes her teacher proud
Receiving an A on the test
Time spent chatting with her friends
9
The theory proposed by Adam Smith would most likely support which type of economy?
free enterprise
traditional
mixed
command
10
Which of the following could be a demand determinant of cell phones?
A new model of smart phones is released on the market.
Government increases taxes on cellular phone production
Government increases regulations on cell phone manufactures.
Japanese touchscreen factories are destroyed in an earthquake.
11
Which of the following is a conclusion that could be drawn if the price of concert tickets is $20?
excess demand/shortage of tickets
change in the supply of tickets
decrease in the supply of tickets
excess supply/surplus of tickets
12
The main idea of the cartoon is that:
China has the longest history of a communist economic system
Citizens of communist nations tend to be dissatisfied with the government
The number of communist countries has decreased over timr
Communism originated in the Eastern hemisphere
13
The photographs best identify:
Economic policies intended to promote economic freedoms
Methods for private businesses to earn additional profit
Restrictions placed on the use of individual property
Incentives for local law enforcement to increase economic efficiency
14
Point X on the production possibility curve seen represents:
efficiency
equilibrium
underutilization
overutilization
15
Which of the following best describes how a free enterprise society answers the basic economic questions?
Provide the State with ownership of all means of production.
Exchange goods by means of individual bartering.
Follow customs and traditions in deciding what to produce.
Allow the market to set prices for goods and services.
16
Your high school diploma adds to which factor of production?
physical capital
capital expenses
human capital (labor)
land
17
If each of the following persons had the same amount of take home pay, who would need the greatest amount of insurance?
Young single woman with no children
young married man with no children
young single woman with 2 young children
elderly retired man with a retired wife
18
Which of the following would be an impact of the image?
decreased capital
increased staff sizes
increased productivity
decreased efficiency
19
An appropriate title to the chart would be:
opportunity cost
macroeconomics
factors of production
scarcity of resources
20
The opportunity cost of choosing option C is instead of 6 blankets?
1 blanket
4 scarves
8 scarves
0 blankets
21
Which of the following events likely occurred between 2014 and 2015?
mortgage loan taken out
bankruptcy declared
applied for college
money transferred to checking account
22
Which of the following is a benefit of the US free enterprise system?
Having all needs met by the federal and state governments
Creating wealth through hard work and good fortune
Eliminating all social and economic welfare programs
Paying less income taxes as the salary increases
23
A good title for the chart would be:
Non-Price determinants of supply
US economic trade-offs
production possibility function
factors of production
24
After a storm, you would expect _______________ to pay for this damage.
liability insurance
life insurance
homeowners's insurance
collision insurance
25
The effects of raising the price of oil by $1.00 is that the --
demand for oil falls
demand for oil increased
supply of oil is increased
supply of oil falls
26
Which philosopher believed in the invisible hand of competition directing the economy?
Adam Smith
Friedrich Hayek
Milton Friedman
John Maynard Keynes
27
It is a popular belief that outsourcing has recently changed the basic characteristics of the US economy because it:
limits the number of products available to US citizens
provides the government with more control over the means of production
gives job opportunities to people outside the US
increases tax rates on American goods shipped to foreign nations
28
Which of the following are scholarship scams to watch out for?
paying for college application fees
paying for graduation expenses
paying for scholarship searches
paying for standardized tests
29
What are the consequences of having a poor credit score?
high-interest rates on credit cards
low-interest rates on credit cards
less restrictive terms on loans
lower auto insurance
30
Which of these would be the best title of this list?
suggestion to avoid overdraft checking fees
ways to improve one's credit score
steps to receive a free credit report
how to apply for a real estate mortgage
31
Why are scarcity and choice basic economics face by every society?
Scarcity leads to having to make choices which cause opportunity cost.
Unlimited options are a result of unlimited wants and needs in society
Opportunity cost leads to tradeoffs when bountiful resources exist
Our resources are unlimited, yet your wants and our needs are limited
32
One way the role of government has changed over time in the US free enterprise system is its:
Desire to avoid competition between businesses selling a similar product
Willingness to fund war a with public tax dollars in times of need
Increased regulation to protect businesses from economic failure
Decreased reliance on the goods and services provided by foreign nations
33
The price of gas has increased and people are moving away from their old gas guzzlers to more fuel efficient cars.
Income effect
Substitution effect
Complementary effect
Learning effect
34
Delivery trucks, tools, and cell phones are examples of a plumber's -
physical capital
land
entrepreneurship
labor
35
Which of the following are economic terms that are synonymous with United States capitalism
II and III
III and IV
II and IV
I and III
36
The author is describing the characteristic of a system that was first introduced by:
Karl Marx
Adam Smith
John Maynard Keynes
Friedrich Hayek
37
Which would be an accurate conclusion that could be drawn from the image above about a free enterprise system?
Multiple businesses give fewer product options
All franchises have the same property rights as others
The government limits economic freedoms and choice
Competition leads to increased choices for consumers
38
Which of the following would be a benefit of renting a home?
personal responsibility for maintenance and repairs
building personal equity for the future
Freedom of home improvements
flexibility in location and movement
39
Which country would most likely value entrepreneurship?
Country D
Country B
Country A
Country C
40
Which of the following best completes the sequence?
purchase fish to feed family
return to sea and catch fish
apply sales tax to fish
transport fish to market
41
This is required of all drivers in Texas...
Collision insurance
Liability insurance
Uninsured/underinsured Drivers coverage
Gap insurance
42
An earthquake hit Japan destroying car manufacturing plants, which graph represents the effect production possibilities?
Graph A
Graph B
Graph D
Graph C
43
Which retirement plan would be the best choice for the investment b/c of tax advantages and matching funds?
Mutual Fund
Certificate of Deposit
401K
Savings Account
44
A conclusion that can be drawn from the cartoon is the artist's disapproval of the Healthcare Reform Act due to its:
inclusion of people with preexisting conditions
restriction of freedom of economic choice
passage without proper approval of Congress
high cost for those who are already insured
45
A benefit of buying is that:
You will never need it throughout your life
It provides protection from unexpected events
You do not need to spend any money out of your pocket
It takes care of any worries about any financial matters
