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Notgrass Economics-Cumulative Final
Notgrass Economics-Cumulative Final
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Cumulative final on Notgrass HS Economics #economics #notgrass #highschool #econ
Flashcards
100 cards
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Practice quiz
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Questions
100
Answers
1
accomplish the allocation of resources, determine prices
closed shop laws
markets
price floor
Say's Law
2
Before the Israelites took possession of the Promise Land, the land they received belonged to:
the leaders of the tribes
the Canaanites
the patriarchs
the Lord
3
Choices are necessary in an economy because of
people have too much money
consumer preferences
a lack of planning
scarcity of resources
4
A free market economy that has some degree of government oversight or involvement is called:
a traditional economy
a mixed economy
a weak economic
a socialist economy
5
In the circular-flow diagram presented in lesson 2
international trade is rarely a factor
all economic activity flows through the government
businesses = goods & services; households = consumer costs
households provide wages & salaries for businesses
6
Economics is concerned with the description and analysis of the
production of goods and services
destruction of goods and services
consumption of goods and services
distribution of goods and services
7
Markets operate on the principle of:
diminishing marginal utility
reciprocity
a mixed economy
supply and demand
8
as the price for a product or service increases, production will increase
public goods
law of supply
factors that increase trade
absolute advantage
9
Guaranteed access to the necessities of life.
Efficiency
Equity
Security
Stability
10
Adam Smith wrote that mutual self-interest:
is expressed by close government oversight of the economy
is destructive of economize well being
goods and services being available for people to purchase
should be replaced by a commune run by workers
11
A phrase in the Old Testament that described economic security, prosperity, freedom was:
"Every man under his vine and fig tree"
"Workers of the world, unite!"
"Life, liberty, and the pursuit of happiness"
"The more we have, the happier we will be"
12
Economic specialization leads to:
freedom
recessions
socialism
interdependence
13
a separate entity from the owners and directors, is chartered, has a board of directors
price floor
minimum wage
supply of demand
corporation
14
the interest that the Fed charges banks for loans of its funds
trade restrictions
discount rate
flat currency
public goods
15
Max Weber claimed that
Catholic though came close to destroying capitalism.
liberation theology was wrong.
Lutheranism was wrong.
Protestant thought was a strong influence on capitalism.
16
Smith believed the most effective operation of the market is accomplished by:
everyone following the instructions of the wealthy merchants
mercantile patterns of diminishing margins
government decree
freedom in the market as illustrated by the "invisible hand"
17
Marx urged that workers:
forget their troubles by taking opium
support business owners in their desire for profits
develop a class consciousness, seize the means of production
form unions and demand better pay
18
The three kinds of economics that are generally identified are
barter
socialist
capitalist
command
19
how banks use deposits to make loans and enable more buying and selling of goods and services
factors that increase trade
corporation
multiple-deposit expansion
price floor
20
Avoidance of or production from boom and bust cycles
Stability
Growth
Security
Efficiency
21
this exam
super easy
ridiculously difficult
fun
best time of my life
22
the price of a product or service adjusts to bring supply and demand into balance
reasons businesses succeed or fail
fractional reserve banking
law of supply and demand
discount rate
23
The three categories of production resources (or factors of production) are
material resources
government-controlled
capital
human resources
24
According to Proverbs, debt:
is desirable
is acceptable at times, especially when co-signing a loan
is acceptable at times, especially when starting a business
is dangerous
25
a medium of exchange
money
capital gains
inflation
liquidity
26
The production possibilities curve or frontier is
what a frontier economy could produce
the minimum production of which an economy is capable
maximum production that economy can give its resources
an illustration of all production resources used in economy
27
In the Old Testament the prophets
congratulated Israelites on profitable trade with nations
condemned the Israelites for their greed and injustice
referred to Israel's time in Egypt as the Golden age
urged the people to give their financial support to the King
28
A major economic problem during the 1970s was
inflation
the failure of dot-com businesses
too many tax cuts
a lack of imports
29
A major issue that led to the War of 1812 was
British insistence on payment of debt from Revolutionary War
British interference with American sea trade.
the British embargo against American goods.
the British purchase of New Orleans.
30
a measure of how much demand changes in response to changes in price
price ceiling
ridiculously difficult
root cause inflation
minimum wage
31
monopolies, taxes, regulations
markets
unemployment
money
cause market failures
32
In the circular-flow diagram, the money that the government collects in taxes
cannot be used to provide services to people
is completely lost to the economy
is partly used to pay govern't workers, who become consumers
is a form of wealth creation
33
investment companies that offer shares to the public
mutual funds
derived demand
flat currency
capital gains
34
expansion, peak, recession, trough
business cycle
markets
child labor
real exchange rate
35
when a factor other than price changes
supply or demand curve shifts
root cause inflation
multiple-deposit expansion
law of supply and demand
36
goods commonly bought together - change in price of one leads to change in demand for the other
determinant of supply
complementary goods
variable costs
supply or demand curve shifts
37
A rebate is an example of:
production capital
a production possibility
a product
an incentive
38
require that in certain industries, workers have to be members of a labor union
child labor
money
closed shop laws
securities
39
determining if an economic step is worth the effort is called:
an incentive
cost-benefit analysis
a tradeoff
a rebate
40
when a producer has a smaller cost of producing a good or service compared to another producer
capital gains
absolute advantage
variable costs
comparative advantage
41
the increase in value of capital assets
variable costs
profit
price
capital gains
42
production factor that occurs as a result of the production of another product or service
public goods
derived demand
capital gains
currency exchange rate
43
Adam Smith's wrote that mutual self-interest:
The End of Mercantilism
Das Kapital
The Wealth of Nations
The Invinsible Hand
44
Alexander Hamilton's plan to help establish a national economy included proposals for
tax on agriculture, interstate roads, & national bank
national sales tax, national bank & interstate roads
assumption of debt, import tariffs, & national bank
forgiveness of debt, national bank & tax on manufacturing
45
a general increase in prices for goods and services
discount rate
economic profit
price
inflation
46
The Bible describes God as God of:
inconsistency
scarcity
cruelty
abundance
47
study of factors that lead to a change in business behavior
interest
law of supply
marginal analysis
money
48
The principle of supply and demand works because of the power of:
banking
advertising
prices
socialism
49
wages and salary
markets
price of labor
sole proprietorship
price ceiling
50
frictional, structural, seasonal, cyclical
unemployment
supply and demand
rate of exchange
economy
51
When people focus on one kind of work and pay or trade for other goods and services they need.
specialization
socialism
democracy
barter
52
People in an economy being as productive as possible
Growth
Equity
Stability
Efficiency
53
The rate of exchange for goods and services between one country and another
price of labor
real exchange rate
international trade
reasons businesses succeed or fail
54
price of the good, disposable income, price of resources
cause market failures
price floor
variable costs
determinants of supply
55
price floor on wages
discount rate
economic profit
minimum wage
price floor
56
John Maynard Keynes and John Kenneth Galbraith were advocates of:
greater government spending to stimulate the economy
what they called the affluent society
an end to big government
what they called economic serfdom
57
the price of one country's currency expressed in terms of another country's currency
closed shop laws
trade restrictions
currency exchange rate
factors that increase trade
58
a reduction in efficiency that leads to a loss in profit or a loss to society
capital gains
deadweight loss
public goods
inflation
59
better communication, better transportation, lower transaction costs
complementary goods
price elasticity of demand
factors that increase trade
law of supply
60
Goods and services shared as equally as possible.
Efficiency
Stability
Growth
Equity
61
money that has value by the declaration of a nation's government that the money is legal tender
flat currency
money
mutual funds
liquidity
62
accounts for 60-80% of new jobs each year in America
capital gains
small business
sole proprietorship
economic profit
63
determined by subtracting the opportunity cost as well as the ledger costs from the revenue
price of labor
currency exchange rate
absolute advantage
economic profit
64
creates a surplus
corporation
mutual funds
discount rate
price floor
65
Karl Marx's main treatise on economics is called:
Das Kapital
The Paris Manifesto
The Wealth of Nations
The History of Class Struggles
66
a broad term used to encompass stocks, bonds, and other financial investments
price floor
securities
unemployment
discount rate
67
buying & selling of US Treasury bonds & other Federally-issued securities by the Federal Review
law of supply and demand
open market operations
capital gains
determinants of supply
68
When the price of a good or service rises, demand falls
Say's Law
law of demand
real exchange rate
business cycle
69
Increased productivity in an economy
Growth
Efficiency
Equity
Security
70
An economy
is always changing
changes only during a recession
changes only when recovering from a recession
rarely changes
71
tariffs, quotas, sanctions, subsidies
determinants of supply
markets
trade restrictions
cause market failures
72
a change in it causes a shift along the supply or demand curve
price
money
liquidity
inflation
73
The experience of history has been that socialist economies:
have provided economic freedom and opportunity for millions
transition from authoritarian to peaceful communes quickly
produce more goods and services than capitalist economies
doesn't improve economic conditions and capitalist economies
74
If the people decide to produce mostly one item and few of the other, this is an example of
marginal production
opportunity cost
production capital
human resources
75
when one person or country can produce goods with a smaller input of resources than another
inflation
absolute advantage
determinants of supply
variable costs
76
the practice of loaning out the majority of the money that a bank has on deposit
fractional reserve banking
mutual funds
deadweight loss
derived demand
77
supply creates its own demand for what is produced
Say's Law
law of demand
close shop laws
absolute advantage
78
a measure of income among different businesses and occupations in the economy
functional distribution of income
price elasticity of demand
supply or demand curve shifts
public goods
79
when the quantity of money rises more rapidly than the output of goods and services
trade restrictions
root cause of inflation
absolute advantage
comparative advantage
80
banks, corporations, unions, and laws protecting property rights are examples of:
economic distribution
economic institutions
the evils of capitalism
transition economies
81
Early Christian movement characterized by voluntary poverty & living separate from the world.
protestantism
catholicism
iconoclasticism
monasticism
82
expenses that change depending on the amount of production taking place
price floor
securities
variable costs
unemployment
83
The Greek word from which we get the word economics means:
money
steward
resources
scarcity
84
The economic powers given to the Federal government in the Constitution were
intended to be extensive and wide-ranging.
useless since Congress did not have the power to coin money.
similar to governmental under the Articles of Confederation.
important but limited.
85
goods and services that can be used by more than one person at a time
public goods
capital gains
inflation
flat currency
86
management, planning, money, location, overexpansion
reasons businesses succeed or fail
unemployment
discount rate
marginal analysis
87
Money:
has value in itself, regardless of what it can buy
is a necessity
is a sin
is a medium of exchange
88
The thinking that led to efforts to colonize the New World included the idea that colonies
could produce wealth & become markets for the mother country
would be a place to send least productive members of society
would benefit the business interests but not the crown
could be a source of slaves for the mother country
89
The Christians in the early church in Jerusalem
organized a clothes closet in the church building
were suspicious of requests for assistance
practiced communism
believed that all things they owned were common property
90
Jesus told his followers:
not to be worried about money
that they all had to sell all of their possessions
that wealth is evidence of God's blessing
to follow the example of the rich and successful
91
Two major issues in monetary policy in the last half of the nineteenth century were
creation of national bank & rise in agricultural prices
redemption of Confederate money & creation of Treasury Dept
the use of paper money (greenbacks) & coining of silver
depression caused by electric lights & failure of railroads
92
The consequence you must accept when you make a decision is called a
economy of scale
margin
tradeoff
corporation
93
the ease with which an asset can be turned into money
discount rate
liquidity
market
marginal analysis
94
the price of money
inflation
mutual funds
interest
value
95
Bob's Plumbing Service, for example
sole proprietorship
closed shop laws
law of demand
business cycle
96
Economic downturns in the nineteenth century that we call recessions were then called
bank runs
disincentives
voodoos
panics
97
creates a shortage
closed shop laws
markets
price ceiling
price of labor
98
The Austrian school of economics and Milton Friedman have been advocates of:
free markets
communist states
higher taxes to pay for government projects
greater government involvement in the economy
99
If new technology enables greater production, the curve will
remain in the same place
shift to left or inward
become a straight line
shift to right or outward
100
Determining the additional cost of taking the next step is called:
creating a circular-flow diagram
identifying scarcity
alternative resources
marginal analysis
