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Fundamentals of Economics Flashcards | StudBud
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Fundamentals of Economics
Fundamentals of Economics
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Questions
16
Answers
1
What type of an economy is the United States?
Traditional Economy
Command Economy
Capitalist Economy
Mixed Economy
2
What is demand?
good or service that consumers are willing and able to buy
good or service that producers are willing and able to offer
people want something and are willing to pay for it
None of the above
3
Government spending in excess of what is collected in revenues is called?
Keynesian Economics
Deficit Spending
Multiplier effect
Surplus
4
Is the United States a...
Least developed country
Developed country
None of the above.
Developing country
5
What type of business is owned and managed by one person?
Partnership
Corporation
Sole Proprietorship
Cooperative
6
What is the idea that a tax system should be fair?
tax incidence
Tax equality
Tax rate
Tax Equity
7
what is rationing?
ControlDistribution of a limited supply of a good or service
No government control
Eating all the food
Giving everything away
8
What is wage gap?
Differences in spending by different groups.
A feminist movement
Not a problem.
Differences in the wages earned by different groups.
9
What is a business cycle?
The percentage increase in the average price level of goods.
Statistics that help economists judge the economy
A period of economic decline.
Recurring pattern of growth and decline in economic activity
10
What is the definition of specialization?
two people have something the other wants
development of skills or knowledge in one aspect of a job
government measure that limits international trade
To become special
11
which market structure is the most competitive?
Monopoly
Oligopoly
Perfect Competition
Monopolistic competition
12
what is Investing?
Wasting money
Using money with the intention of making a financial gain.
Anything owed to which a market value can be assigned.
none of the above.
13
What are imports?
All of the above.
Goods and services produced in other countries.
None of the above.
Selling domestic goods globally.
14
What is an opportunity cost?
the cost of drinking and driving
only a few people go through it
value of the next best alternative that is given up
how much someone pays at a store
15
What is it called when two companies combine?
Metamorphosis
Seperation
Combination
Merger
16
What is the definition of economics? Its the study of how people....
evolved to be modern day homo sapiens
choose to use limited resources to satisfy unlimited wants
alter the environment
created society
