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Economics Final Review Flashcards | StudBud
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Economics Final Review
Economics Final Review
25 terms
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StudBud Administration
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Economic Concepts, Personal Finances, etc.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Money must be ___ so that we can easily carry it around with us.
Recognizable
Divisible
Durable
Portable
2
If it were possible we want our economy to always be in a state of
Peak
Contraction
Trough
Expansion
3
Which point below shows the unobtainable level of production?
C & D
A & B
C
D
4
Which point below shows the efficient level of production?
C
B
A
D
5
The following is an example of what Factor of Production?
Entrepreneurship
Capital
Labor
Land
6
Economics is the sciences that studies the choices people make to satisfy...
their needs in a world of plentitude
their desires in a world of scarcity
their desires in a world of plentitude
their passions in a world of scarcity
7
Money must hold its value over time meaning that it is a...
None of the above
Unit of Account
Medium of Exchange
Store of Value
8
Opportunity cost is...
none of the above
The alternative choice you gave up
The alternative choice that you did not give up
The same choice from previously
9
Money must be ____ to make it easy to accept and use during transactions.
Durable
Portable
Divisible
Recognizable
10
What are the three levels of production in a production possibilities curve?
dependent non-dependent, unobtainable
efficient, not efficient, unobtainable
realistic, non realistic, unrealistic
efficient, not efficient, unrealistic
11
Which of the following is NOT a factor of production?
Capital
Entrepreneurship
Land
Technology
12
Money provides a common measure of the value of goods and services being exchanged.
None of the above
Medium of Exchange
Store of Value
Unit of Account
13
Money must be ___ to allow for smaller denominations to be combined into larger ones...
Portable
Durable
Recognizable
Divisible
14
The condition that exists when unlimited wants meet limited resources
Scarcity
Economics
Factors of production
Rationing device
15
The most common rationing device is...
Educational level
Intelligence
Money
Capital Assets
16
The following is an example of what Factor of Production?
Capital
Labor
Land
Entrepreneurship
17
Money is used in so many transactions passing from person to person that it needs to be...
Divisible
Recognizable
Portable
Durable
18
The following is an example of what Factor of Production?
Land
Capital
Labor
Entrepreneurship
19
Which point below shows the non-efficient level of production?
A
C
D
B
20
Money's most important function is as a...
None of the above
Medium of Exchange
Store of Value
Unit of Account
21
The following is an example of what Factor of Production?
Land
Capital
Labor
Entrepreneurship
22
Which of the following conditions are necessary to be considered unemployed by the government?
16yo, attending school, actively seeking a job
18yo, not working, actively seeking job
16yo, not working, actively seeking a job
None of the above
23
The opportunity cost of going to the movies instead of going to help your brother with homework
helping your brother with homework
not helping your brother with homework
not going to the movies
going to the movies
24
Money must be in limited supply so that it doesn't lose value or lead to inflation.
False
True
25
Entrepreneurship is someone who has new ideas, starts a business, and/or creates an invention.
False
TrueF
