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ECON FINAL Flashcards | StudBud
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ECON FINAL
ECON FINAL
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Econ Final Study Day
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
This law states that there is a direct relationship between price and quantity
Self Interest
Law of Supply
Law of Demand
Trade-offs
2
Most economies today are actually
Traditional
Command
Mixed
Market
3
Buildings, Machinery, and tools used in the production process are called
Capital goods
Natural resources
Human resources
Consumer goods
4
A sales tax is considered
Progressive
Regressive
Flat
Proportional
5
I am prepared for My Econ Final Tomorrow
No
I sure hope so
Yes
Almost
6
Which of the following in an example of a final good or service
A cake purchased from a bakery for a wedding
Wheat a bakery purchases to make bread
Coffee beans a coffee shop purchases to make coffee
Lumber purchased to build a new home
7
Why are all goods and services scarce
Some people want to have more goods than others
All resources are scarce
Some goods cost more than others
Some things are needs and others are wants
8
The lowest point in a contractionary period
Peak
Trough
Economic crash
Recession
9
I know more about basic economic concepts than I did 8 weeks ago
Yes
No
10
All other options given up when a decision is made
Self-interest
Law of demand
Trade-offs
Price
11
Which of the following describes the unemployment rate?
The most important economic indicator
The least important economic indicator
the % of people in the population who are unemployed
The % of ppl. in the civilian labor force who are unemployed
12
I have a plan for life after high school
Yes
No
Who makes plans???
13
The point where supply equals demand
Surplus
Price floor
Equilibrium
Shortage
14
My favorite class of term 4 was
Economics
Econ
15
Goods for which demand rises when income falls
Inferior Goods
Normal Goods
Complementary Goods
Substitutes
16
Which of the following is an example of scarcity, rather than shortage?
People want a endless supply of everything but cant have it
A popular toy is sold out during a holiday season
A severe drought hits the state of California
You have spent your last penny and payday is a week away
17
When paying income taxes, you are paying what type of tax
Progressive
Flat
Regressive
Proportional
18
What is the key variable affecting the quantity supplied and quantity demanded
Consumer taste
Price
Profits
Demand
19
Economics is the study of
Fiscal Policy
Scarcity
Gross Domestic Product
Production Possibilities
20
Any work preformed by humans in order to create other goods and services is called
Capital
Production
Labor
Services
21
The amount of money in circulation in the U.S. economy
Money Multiplier Effect
Fiscal Policy
Money Supply
Monetary Policy
22
When supply exceeds demand
Shortage
Surplus
Price ceiling
Equilibrium
23
What, according to economists is considered full employment
an unemployment rate of 4-6%
When everyone has the job they really want to have.
When the unemployment rate is zero
When everyone has a job
24
Goods that are related and often purchased together
Complimentary Goods
Competition goods
Substitutes
Inferior Goods
25
What is the struggle among various producers for the consumers business called?
Self-regulation
Socialism
Competition
Incentive
26
I have a game plan for studying tonight
I don't need to study... I got this!
Yes
No
Umm....I'll probably just watch the Giants lose another game
27
How do you calculate GDP
GDP= I+G+M+(X-C)
GDP= G+I+X+M+C
GDP= C+X+I+(G-M)
GDP= C+I+G+(X-M)
28
Which of the following lists would an economist consider to be land
Farms, tractors, fertilizer
Factories, office buildings, workers
Dams, bridges, oil wells
Iron ore, natural gas, water
29
A market where where firms demand and households supply
Product market
Demand market
Supply market
Resource market
30
Maximum price, established by the government, for a product
Laissez Faire
Price Floor
Price Ceiling
Maximum Cost Directive
