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ECON Final
Standard Tax does not vary - a set amount
What is a subsidy
ECON Final
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1
What is a subsidy
To Bring into the country
A payment given by government to help a domestic producer
To Sell to another nation
limit on the amount of foreign goods imported to the country
2
Standard Tax does not vary - a set amount
SS Tax
Flat Tax
progressive
regressive
3
What is a Business Franchise?
A business fully dependent on another company
A fully independent business
A semi-independent business reliant on a parent company
This one aint it
4
Capitalism
An economy controlled by government regulation of production.
A form of government.
An economy controlled by private ownership of trade and production.
The economic system that was used by the Soviet Union.
5
Type of expense that never varies from month to month
Variable Expense
Fixed Expense
6
Define Scarcity
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
A social science dealing with people's needs and wants.
A fundamental problem in society.
7
Econ can be defined as
unlimited wants, limited resources
limited wants, unlimited resources
limited wants, limited resources
unlimited wants, unlimited resources
8
the more $ you make the higher the tax rate
Progressive Tax
State Tax
Federal Tax
Regressive Tax
9
An oligopoly is:
a few firms control the market, high barriers to entry
The complete opposite of monopol
one firm controlling a market
Low barriers to entry, many firms in the market
10
Which of these is inelastic?
doctor services
videogames
automobiles
restaurant meals
11
Total revenue =
quantity x profit
profit x expense
price + quantity
price x quantity
12
Inelastic
Sensitive
Insensitive
13
A price floor is a
A level of income giving a minimal standard of living
Fixed price by the Government at a lower level than the equilibrium
Price set by the dominate firm in an industry
Fixed price by the Government at a higher level than the equilibrium
14
Price ceiling is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
15
the supply curve on a supply/demand graph is:
vertical
horizontal
downward sloping
upward sloping
16
What's an opportunity cost?
Paying someone
PAY DAY!
When you have to buy one thing
When you have a choice to do or buy one thing or another
17
highly trained, educated, or experienced segments of the workforce
skilled laborer
semi skilled
unskilled
18
What is surplus?
The amount of supplies left over after you met your goal
Your goal for your supply
The amount of supplies you already have
The amount of supplies you still need to get
19
Human capital is
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
The knowledge, skills, and land possessed by an individual
The skills, knowledge, and experience possessed by and individual
20
What is shortage?
When you are short on supplies
When you are short on workers
When you are short on money
21
Complement goods are
goods that demand decreases when income increases
goods that demand increases when income decreases
Two goods that are bought in place of one another
two good that are bought and used together
22
what is guns or butter
an alternate that we gain when we make a decision
deciding to use more than one resource
alternate given up as the result of a decision
trade off nations face when choosing to produce more or less
23
What is inflation?
Prices go DOWN, value of Money goes UP
Prices go DOWN, value of Money goes DOWN
Prices go UP, value of Money goes UP
Prices go UP, value of Money goes DOWN
24
Economists recommend ALWAYS having your savings account = to 12 months of bills
True
False
25
Command Economy Meaning?
one in which someones central authoirty to an item
one in which someones central authority
none of the above
one in which a central authority decides what goods will be produced
26
Members of corporation elect_______.
A lawyer
Boss
Board of Directors
Shareholders
27
What is Monopolistic Competition?
many buyers and sellers but differentiated goods
many buyers and one seller
many buyers and sellers but identical goods
many sellers and one buyer
28
A corporation has how many owners?
10
one
2 or more
who ever owns shares stock
29
Which way does the supply curve face?
Neither
Both depending on product
Up and to the right
Up and to the left
30
Buying a Franchise will guarantee the success of your business
Yes, the Franchisor will help out if you are not doing well
Yes, you cannot fail with a Franchise
Yes, the Franchisor will guarantee success
No - if the business is not run well it might not succeed
31
A corporation is similar to partnership.
True
False
32
What is an example of a price floor?
Minimum wage
Rent control
Cap on gas prices
33
When unions represent their employees and negotiate with the admin
Closed Shop
Collective Bargaining
Bread and Butter
Union Shop
34
The slope of the demand curve is...
Downward to the right
Upward to the right
Downward to the left
Upward to the left
35
You can invest into a corporation
False
True
36
form of investment that has a specific maturity date and high interest rate
Stocks
Certificate of Deposit
Bonds
Savings
37
A tax on imports and exports
Life Tax
Tariff
Excise
SS Tax
38
Elastic
Insensitive
Sensitive
39
Market Equilibrium is...
consumer demand does not meet producer supply
quantity producer demands is lower than consumer's
producer supply does not meet consumer demand
quantity consumer demands equals quantity producer supplies
40
name of approval process for loans to purchase a car or home
AARP
APR
401K
Credit Score
41
What is a Partnership?
A business formed by one person who has people who help them
A legal form of business operation between two or more individuals
42
Organization that insures your money at a bank due to the Depression
ABC
CCC
AAA
FDIC
43
insurance - amount you pay each month
deductible
FDIC
premium
claim
44
name of people who purchase stock to own part of a corporation
buyer
purchaser
stakeholder
lender
45
If demand INCREASES, the curve will shift
Left
Right
46
Production Possibilities Curve
a curve
a graph that shows the curve
shows alternative ways to use economy's productive resources
47
Demand Curve
a graphic representation of a demand schedule
a line on a curve of the demand schedule
48
The market demand curve shows
Effect on market supply of a change in the demand for a good or service
Quantity goods that consumers would like to purchase at different prices
Cost of producing and selling different quantities of a good.
49
A substitute is:
A type of economy
A good or service that can be used in place of another
A different type of demand curve
A temporary teacher if your normal one is sick
50
why is the stock market called high risk/high reward?
you are guaranteed failure
you are guaranteed success
you always make a lot of $
you can lose $ or make $
51
insurance - coverage of your vehicle plus anyone else involved in an accident
Full Coverage
Deductible
Premium
co pay
52
Acronym for how much interest you pay in a year
CCC
ABC
APR
FDIC
53
Insurance Coverage in case of death
Funeral
Renter
Life
Home
54
Whats a monopoly?
When one company controls a whole industry without any competition
The evil board game
A command economy
The monopoly guy had a monocle.
55
insurance - to be paid in addition to your premium at drs office
claim
deductible
premium
co pay
