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