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Econ Final
Econ Final
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Questions
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Answers
1
Burger King lays off many workers because of low profits for 2 quarters (everyone is eating McDonalds). This is what?
Cyclical Unemployment
Aggregate Unemployment
Structural Unemployment
Frictional Unemployment
2
An investment is automatically diversified by incorporating a combo of bonds and multiple stocks simultaneously is...
a mutual stocks investment
a real estate investment
a savings account investment
a mutual funds investment
3
Which of the following would be considered a barrier to the USA trading with China?
Balance of Trade
Surplus
Tariffs
Imports
4
The area above the purple line (price floor) represents what?
Shortage
Surplus
Perfect Competition
Market Clearing Price
5
Drake's monthly payment for his car insurance is $800 because of so many wrecks, the $800/month is considered his what?
Premium
Karma
Deductible
Inflation
6
Fiscal policy uses which "tools" to influence spending?
Discount Rate
Government Spending
Inflation
Investment Spending
7
The marginal benefit must be greater than or equal to the marginal cost is considered what by economic standards?
Scarcity
Rational
Irrational
Equity
8
The United States of America can best be described as what type of economic system?
Market
Command
Traditional
Mixed
9
What compensation does Wells Fargo Bank expect for lending its customers money?
Insurance
Prinicpal
Investments
Interest
10
Dunder-Mifflin Paper Company lost its subsidy from the government. What effect should the investment have?
Price drops, quantity drops.
Price rises, quantity rises.
Price rises, quantity drops.
Price drops, quantity rises.
11
What can an economist figure out by studying changes in the Consumer Price Index?
Inflation Rates
Annual Productivity
Supply Shifts
Success of the Stock Market
12
Taylor Swift makes more than Travis Kelce so she pays a higher percentage in taxes. This is what type of tax system?
Proportional Tax
Fair Tax
Progressive Tax
Regressive Tax
13
Which of the following BEST describes a Market Economy?
Allocates resources using force and authority.
Price/first-come-first-serve takes place.
Where free markets coexist with government intervention.
Time-honored beliefs drive goods production and distribution.
14
The GRILL used to cook steaks at Longhorn represents which of the 4 factors of production?
Human
Entrepreneur
Capital
Natural
15
What is FALSE about an Oligopoly?
There are many sellers in the market.
Few sellers that are highly interdependent.
There are long run profits.
There's price setting power.
16
Which is TRUE about a monopoly market structure?
The firm has the greatest control over its product prices.
There is limited price-setting power.
There is a fair amount of product differentiation.
There are many firms in the market.
17
Which economic system would allocate resources using force and authority?
Mixed
Command
Traditional
Market
18
Which is true about a Command Economy?
Supply & demand regulate the economy, rather than government intervention.
Government owns the means of production.
It also involves market and tradition economies.
A system that relies on customs, history, and time-honored beliefs.
19
What would be the best way to define open-market operations?
Trade Agreements with China.
Trading of stocks.
Imports and exports.
Buying & Selling of government bonds.
20
Of the Social Goals of economic systems, which involves promoting fairness & tries to distribute wealth & income evenly?
Equity
Stability
Efficiency
Freedom
21
During a recession, what typically happens to unemployment?
Increases
It goes up and down.
Decreases
There is no impact on unemployment.
22
There are a limited amount of McDonald's shirts but there are unlimited wants for them. This is an example of what?
Scarcity
Equity
Efficiency
Trade-Off
23
What can the Federal Reserve manipulate to control inflation?
Interest Rates
Government Spending
State Taxes
National Debt Amount
24
Cardi breaks her leg. Her medical bills are $10,000. She has insurance & only pays $750 out of pocket. The $750 is her?
Tip Money
Deductible
Premium
Interest
25
The equilibrium price is also known as what?
Price Floor
Market Clearing Price
Price Ceiling
Marginal Cost
26
A change in what would cause a shift in the Aggregate Demand Curve?
Technology
Resources
Consumers Spending
Price
27
If Ireland can produce a good cheaper than Kenya, it is said to have the...
upper hand
comparative advantage
absolute advantage
better economy
28
In an easy-to-enter & exit market, many sellers sell the same product. This is what?
An Oligopoly
Perfect/Pure Competition
Monoploistic Competition
A Monoly
29
If Justin Herbert loaned the government or corporation money for a specific time, what has he invested in?
Stocks
Mutual Funds
Bonds
Savings Account
30
Which option uses limited resources to produce the most goods and services possible to satisfy people's wants?
Freedom
Entrepreneur
Security
Stability
31
The EU, ASEAN, and NAFTA are all examples of what?
A trading block
Trade tariffs
US Importers
Mediums of exchange
32
Bruno Mars wants to reduce his risk in case his house burns, or he gets hurt or dies playing pickleball. What can he do?
Purchase insurance policies.
Attend a 4 year university.
Create a savings account.
Invest in a variety of stocks.
33
Which example might cause a supply shift to the right for corn?
A flood reduces the industry output by 23%.
More corn farmers join the market.
The government reduces subsidies to corn farmers.
Firms leave the corn industry due to bankruptcy.
34
The interaction between what two groups sets market prices?
Government & Buyers
Producers & Consumers
Producers & Sellers
Buyers & Sellers
35
Inflation would NOT cause the Federal Reserve to implement a contractionary policy?
True
False
