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Econ Spring Final Review Flashcards | StudBud
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Econ Spring Final Review
Econ Spring Final Review
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1
Concept that people who make more money should also be the ones who pay taxes the most
Benefit Principle
Pay To Play Principle
Ability To Pay Principle
Cost Benefit Analysis
2
The business cycle since WWII has been characterized by
extended expansions alternating with brief recessions.
uninterrupted expansion.
brief expansions alternating with lengthy recessions.
uninterrupted recession.
3
Local Government (Fresno, Madera) makes most money through which tax?
Gift Tax
Income Tax
Sales Tax
Property Tax
4
The fire department, police, and postal service all belong to
Federal Government
Entitlement
Public Sector
Private Sector
5
United States currency and coin is backed up by
Democracy
Citizens' Faith
The Gold Standard
Our Constitution
6
I R S stands for
Internal Revenue Service
International Rating System
Internal Revenue Systems
Internists Review Service
7
Having less money available to you than you are actually spending is called
Monetary Policy
Budget Deficit
Deficit Spending
Budget Surplus
8
The people in developing nations tend to have a shorter ________ than those in the west.
Life Expectancy
Death Rate
Expectation for Standard of Living
Birth Rate
9
Who is the chairman of the Federal Reserve Board of Governors?
Alan Greenspan
Jerome Powell
Ben Bernanke
Janet Yellen
10
What is gross domestic product (GDP)?
income earned within a country’s boundaries.
income earned through foreign exchange.
the value of every item created in a country.
goods received from the nation’s local residents.
11
Which below is the most liquid asset?
stocks
currency
houses
water
12
An individual looking to add to his/her retirement might get a(n)
T-Bill
IRA
Mutual Fund
Bond
13
When the stock market is doing well and gaining points, it is referred to as
a real humm-dinger!
a bear market.
a S&P 500 market.
a bull market.
14
In the short run, an increase in the money supply results in
higher interest rates.
lower interest rates.
increased consumer spending.
economic expansion.
15
Money is called paper, but it is actually made up of...
Cotton
Red and Blue Fibers
Linen
All of these!
16
What does FICA pay for?
social security and excise taxes
social security and medicare
unemployment and medicare
excise and estate taxes
17
A person you can claim for credits and/or exemptions on federal and state taxes
None of These
Independent
Yourself
Dependent
18
Some people believe a weak economy will result in
higher taxes.
increased production.
expansion of municipal services.
a higher crime rate.
19
Without ________ their can be no reward.
Drama
Stocks
Risk
Intelligence
20
Rate at which the general level of prices for goods rises and in turn money's value drops
Stagflation
Fraud
Scarcity
Inflation
21
Which of the following is not a commercial bank?
Bank of the West
Wells Fargo
Bank of America
Educational Employees Credit Union
22
What is the main goal of the Fed?
increased security
low taxes
low unemployment
stable prices
23
In Tropico you had better be sure and purchase _______ for your people!
Infrastructure
Houses
Entertainment
Factories
24
In the short-run, wages are _________.
sticky
flexible
inflated
constant
25
The percentage of income paid as a tax increases as your income increases.
Progressive
Proportional
Omnipotent
Regressive
26
The Federal Government generates the most revenue through what?
Customs, Excise, Estate, Gift, and Misc Taxes
Individual Income Taxes
Borrowing to cover deficit
Corporate Taxes
27
The fact that a $20 bill will be a twenty dollar bill in five years is an example of
Medium of Exchange
Store of Value
Measure of Value
None of these.
28
More money is created each day than is destroyed by our government.
False
True
29
The authority for the Federal Govt. to levy taxes comes from the
16th Amendment
20th Amendment
The Bill of Rights
14th Amendment
30
Tax day in the United States is ___________ every year - file or have it postmarked by today!
April 1st
April 17th
April 12th
April 15th
31
Government spending policies that influence macroeconomic conditions
Monetary Policy
Government Policy
Fiscal Policy
Budgetary Policy
32
In the last decade the __________ population has grown on a global scale.
Impoverished
Urban
Rural
Illiterate
33
The most popular and widely publicized measure of stock market performance on the NYSE is the
DJIA.
NASDAQ.
OTC.
S&P 500.
34
Which of these is not a part of the process of owning a bond?
Par Value
Shares
Maturity
Coupon
35
Unenmployment that is directly related to swings in the business cycle is
cyclical unemployment.
structural unemployment.
frictional unemployment.
seasonal unemployment.
36
An investment tool made of pool of funds of many investors w purpose of investing in securites
Securities Fund
Mutual Fund
Co-op Funds
Investment Funds
37
Applies same tax rate to every taxpayer and no deductions or tax exemptions allowed
Proportional Tax(Flat Tax)
Progressive Tax
Regressive Tax
Sin Tax
38
Organization that loans money to developing nations to stimulate their growth.
International Monetary Fund
World Health Organization
Bank of Zurich
World Bank
39
Liabilities are
debts and obligations.
the same net worth.
cash a bank can use for making loans.
reserves a bank must set aside.
40
The Census is taken once every ______ years.
12
5
8
10
41
A tax on items that society deems unfavorable, unhealthy, or bad.
Sin Tax
Excise Tax
Estate Tax
Loophole
42
Most stocks in the United States are traded on the
regional exchanges.
S& P 500.
New York Stock Exchange.
American Stock Exchange.
43
Money that has an alternative economic use is
specie.
paper money.
fiat money.
commodity money.
44
Which of these is
not one
of the four early types of money?
Specie
Debit/Credit Cards
Fiat
Commodity
45
Which is not one of the 3 functions of money?
a unit of account
a medium of exchange
store of value
a measure of value
