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SS12: Econ CSA Review Flashcards | StudBud
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SS12: Econ CSA Review
SS12: Econ CSA Review
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1
What are the factors of production?
land, labor, capital, and entrepreneurship
technology products and entrepreneurship
goods and services
all of the products in an economy
2
The gov't decides to subsidize dairy farming. Which graph represents the market for milk?
Graph A
Graph D
Graph C
Graph B
3
One way the gov't prevents the formation of monopolies is by enforcing ______ laws.
constitutional
antitrust
civil
criminal
4
One way the gov't incentivizes firms to invest in research and development is by granting ____.
patents
taxes
public goods
awards
5
Adam Levine begins endorsing beanie babies. Which graph represents the beanie baby market?
Graph B
Graph C
Graph D
Graph A
6
When demand decreases, what happens to equilibrium price and quantity in the market?
Price Increases, Quantity Decreases
Price Increases, Quantity Increases
Price Decreases, Quantity Increases
Price Decreases, Quantity Decreases
7
One negative impact of globalization is...
increased access to global markets
loss of U.S. jobs
adaptation of new technologies
increased environmental awareness
8
What 3 basic production ?'s must be addressed by all economic systems because of scarcity?
What, For Whom, Why?
What, How, For Whom?
Why, Where, When?
When, How, Where?
9
Which role of government is represented by redistribution of income?
protecting property rights
protecting savers and investors
promoting economic well-being
maintaining competition
10
What is the group that defends workers by fighting to improve work conditions & benefits?
labor union
board of directors
parent teacher organization
citizen council
11
What is the term for the most desirable alternative given up for the decision?
economic system
opportunity cost
trade-off
scarcity
12
INCREASING tax rates and DECREASING government spending are ________ fiscal policy tools.
expansionary
contractionary
13
What is the opportunity cost of increasing production of X from 2 (Pt C) to 3 (Pt D)?
1 unit of X
3 units of X
4 units of Y
11 units of Y
14
Demand for prescription medication would be __________.
Inelastic
Elastic
15
Your credit score would be ___________ affected if you made a late payment.
negatively
positively
16
The government collects taxes so it can provide _______ goods.
used
public
free rider
private
17
When supply decreases, what happens to equilibrium price and quantity in the market?
Price Decreases, Quantity Increases
Price Increases, Quantity Increases
Price Increases, Quantity Decreases
Price Decreases, Quantity Decreases
18
What economic system did Adam Smith favor?
Mixed Economy
Command Economy
Market Economy
Traditional Economy
19
Which of the following would NOT cause an increase in supply?
Prices of resources decrease
The number of sellers of the product decreases
There are advances in production technology
20
The price of cream, an input for oreos, increases. Which graph represents the Oreo market?
Graph B
Graph C
Graph D
Graph A
21
Police and fire protection are nonexcludable and nonrival in consumption, making them ____ ___.
complementary goods
substitute goods
private goods
public goods
22
What are two broad social goals of the market economic system?
profit, traditions, and government control
freedom and efficiency
socialism that evolves into pure communism
choice, central planning, and security
23
Which of the following would NOT cause a decrease in demand (curve SHIFTING left)?
a decrease in the price of a substitute
a decrease in the price of this good
an increase in the price of a complement
a decrease in consumer income
24
The reason for government deficit spending (overspending) is to increase ______ in the economy.
scarcity
supply
demand
happiness
25
How would the Fed adjust the discount rate to encourage banks to make more loans?
DECREASE the discount rate
INCREASE the discount rate
leave the discount rate untouched
26
When investors "diversify" their investments, what happens to their risk level?
It increases.
It stays the same.
It decreases.
27
What econ law states the following? When a good's price is higher, businesses will sell more."
Law of Absolute Advantage
Law of Supply
Law of Gravity
Law of Demand
28
An individual would _______ his/her human capital by becoming educated, certified, or licensed.
not change
increase
decrease
29
Demand is ___________ when price changes have a significant impact on buyers.
Elastic
Inelastic
30
A price floor of $700 would result in a surplus of _______ units.
4,000
3,000
7,000
5,000
31
Compound interest ________ the rate at which your investment grows.
increases
decreases
doesn't change
32
Which of the following would be included in the calculation of GDP?
the price of materials used to build a house
the selling price of a used car
the selling price of a new iPhone
$ earned from babysitting
33
During economic contractions, what is generally happening to the unemployment rate?
It is decreasing.
It is increasing.
It is not changing.
34
The Fed would ______ the growth of the money supply if it wanted to decrease economic activity.
slow
accelerate
maintain constant
35
Which tax structure takes a larger percentage of income as income increases?
Progressive
Proportional (Flat tax)
Regressive
36
If a country experienced an increased standard of living, its GDP would most likely ______.
increase
decrease
stay the same
37
What economic law states the following? "When a good's price is lower, people buy more of it."
Law of Supply
Law of Comparative Advantage
Law of Diminishing Marginal Returns
Law of Demand
38
The ability of one country to produce a product at a lower opportunity cost than another is
The Theory of Comparative Advantage
The Theory of Absolute Advantage
39
Inflation causes purchasing power to _________.
stay the same
decrease
increase
40
A price ceiling of $300 would result in a _________ of 4,000 units.
shortage
surplus
41
Which market structure is represented in each row?
A)Perfect Comp B)Monopoly C)Monopolistic Comp D)Oligopoly
A)Monopolistic Comp B)Monopoly C)Perfect Comp D)Oligopoly
A)Perfect Comp B)Monopolistic Comp C)Oligopoly D)Monopoly
42
How many cakes will be demanded at the price of $2?
1
8
5
10
43
The price of Coke, a sub for Pepsi, decreases. Which graph represents the market for Pepsi?
Graph B
Graph A
Graph D
Graph C
44
During economic contractions, what type of unemployment is increasing?
Frictional
Seasonal
Structural
Cyclical
45
Why is scarcity the basic problem of economics? Limited ____ vs. Unlimited ____!
wants; resources
jobs; skills
resources; wants
goods & services; government policies
46
What is it called when the union negotiators meet with company reps to agree on a new contract?
picketing
a strike
court proceedings
collective bargaining
47
What is one argument in favor of free trade?
decreases prices of consumer goods
decreases competition
increases the number of U.S. jobs
increases wages in the U.S.
