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Econ Quiz Review Flashcards | StudBud
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Econ Quiz Review
Econ Quiz Review
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Quiz #econ review to study for upcoming assessment of concepts and vocabulary.
Flashcards
16 cards
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Questions
16
Answers
1
Which economic system is based on doing what previous generations did?
Market
Command
Mixed
Traditional
2
Which term means a cost or benefit that motivates a decision or action?
Corporate Social Responsibility
Cobra Effect
Boycott
Incentive
3
Which is a tax-deferred savings plan for employees?
401(k)
529 savings plan
Roth IRA
503(b)
4
Which economic system that has features of Command and Market economies?
blended
negative
positive
Mixed
5
What term describes the commitment to social responsibility in a company's business model?
SEC
CPR
IBM
CSR
6
Which idea leaves the consumer worse off?
Negative Incentive
Boycott
Positive Incentive
Trade off
7
What is a trade off?
Choosing one thing over another
Swapping lunches with your best friend
Not making a decision until the last minute
Selling all your stocks at face value
8
What idea leaves the decision maker better off?
Trade off
Boycott
Trading
Positive Incentive
9
Karl Marx was which of the following?
One of the Marx Brothers
The Father of Economics
A looker with a killer beard
The "father" of Command/communist economy
10
Which economic system is planned by a centralized governing body?
Mixed
Command
Traditional
Market
11
Which of the following economic systems is mainly controlled through consumer activity?
Market
Command
Traditional
Mixed
12
Which term reflects the value of what you give up when you make a choice?
Trade off
Opportunity cost
money
Incentive
13
Adam Smith stated which of the following?
The economy should regulate itself
Government should interviene in the economy
14
What occurs when an attempted solution to a problem has an unintended consequence?
Positive Incentive
Perverse Incentive
Negative Incentive
Cobra Effect
15
Withdrawing from commercial activity to punish a company is which of the following?
Trade off
Boycott
Corporate Social Responsibility
Branding
16
What is the legal limit for annual investing?
25,000
20,000
18,500
18,000
