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Economics Final Review Flashcards | StudBud
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Economics Final Review
Economics Final Review
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This is a final review for a high school Economics class.
Flashcards
31 cards
F
Practice quiz
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Host live
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Questions
31
Answers
1
The best scene in Mean Girls is...
"She doesn't even go here"
Regina George getting hit by the bus
Simba being hoisted into the air by Rafiki
"If you're from Africa, why are you white?"
2
A majority of the government's discretionary spending is spent on which category?
Bettendorf High School
Defense
Education
Medicare
3
Which of the following is NOT an indicator for a Change in Demand?
Government Subsidy
Income
Consumer Expectation
Consumer Tastes
4
Which of the following is NOT a condition for Perfect Competition?
Identical products on offer
Many buyers and sellers
A few barriers to market entry
Well informed buyers and sellers
5
In which category is a majority of the government's money spent?
NASA
Entitlements
Defense
Education
6
The study of how people seek to satisfy their needs by making choices.
Anthropology
Economics
History
Sociology
7
Economic side effect of a good or service.
Surplus
Inflation
Externality
Recession
8
Chance graduates from high school and gives up looking for a job. What term best describes him?
Frictionally unemployed
Seasonally unemployed
Underemployed
Discouraged worker
9
Which of the following is determined by the intersection of the Supply and Demand Curves?
Elasticity
Disequilibrium
Efficiency
Price
10
An I.O.U. is an example of which type of money...
Representative
Commodity
Fiat
11
On the monopoly board, what is an example of a general monopoly that can be formed?
Free Parking
Railroads
Boardwalk
12
Food Stamps and TANF are examples of...
Safety Nets
Public Goods
Inflation
Regulations
13
Term for the actions the Fed Reserve takes to influence GDP and inflation.
Monetary Policy
Fiscal Policy
Spending
Taxation
14
Which of the following is NOT a Factor of Production?
Labor
Scarcity
Land
Capital
15
Which of the following is NOT an indicator for a Change in Supply?
Excise Taxes
Technology
Future Expectation of Price
Price of Related Goods
16
All of the following are examples of nonprice competition except...
Service Level
Location
Advertising
Wages
17
Which of the following is an example of a public good?
Cell Phone Service
Ice Cream Store
National Park
Private Snow Plows
18
The 5 main cell service companies are an example of which type of market structure?
Monopoly
Perfect Competition
Oligopoly
Monopolistic Competition
19
As the price of American flags goes down, people purchase more. This is an example of what?
Law of Supply
Being a Good American
Law of Demand
Elasticity
20
Which of the options is NOT an economic system.
Market
Centrally-Planned
Oligopoly
Mixed
21
Demand for a good that is very responsive to price change is said to be...
Elastic
Inflationary
Inelastic
Negative
22
The term for the government's use of tax dollars to influence the economy.
National Debt
Fiscal Policy
Monetary Policy
Deficit Spending
23
Which of the following is the most common form of business organization (75% of all)?
Corporation
Sole Proprietorship
Nonprofit
Partnership
24
Type of economic system that relies upon ritual and custom.
China
Command
Traditional
Mixed
25
The most common form of market structure that we encounter in the economy is...
Monopolies
Monopolistic Competition
Perfect
26
On the monopoly board, what is an example of a natural monopoly that can be formed?
Boardwalk
The Jail
Water Works
27
How much are you going to study tonight?
C'mon Harkness. Me? Study?! Gtfo of here.
None, because I'm cocky
A little, bc of Netflix/bae
A lot because I'm awesome.
28
The next best alternative to a choice that is made.
Inflation
Opportunity Cost
America
Trade-Off
29
The specific name given to the United States economic system.
Free Enterprise
Free Market
Soviet Union
Kim Jung Un
30
All of the business organizations in the picture are examples of...
Nonprofit Organizations
Corporations
Sole Propreitorships
Franchises
31
Santa and the Easter Bunny experience what type of unemployment during non-holiday periods?
Structural
Frictional
Seasonal
Cyclical
