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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Overview Economics Key Concepts
Flashcards
63 cards
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Practice quiz
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Questions
63
Answers
1
What is the Price Per Share?
121.70
148.16
148.30
0.01
2
Is the image an elastic or inelastic good?
Elastic
Inelastic
3
Which type of market structure does this image represent?
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
4
What brought the United States out of the Great Depression?
The Civil War
World War I
The Revolutionary War
World War II
5
Zuckerberg of Facebook SALARY in 2015?
10 Billion
150 Million
150,000
1
6
Which country on this list is most likely to have mass unemployment caused by robotics?
U.S.A.
Australia
Ireland
China
7
What did the episode of VICE (Immigrant Labor) really shed light on?
That illegal immigrant workers are exactly that... Workers.
That illegal immigrants should not be given jobs
That illegal immigrants should be thrown out of the US
That illegal immigrants are dangerous criminals
8
True or False: Robotics are currently replacing jobs, and will replace millions more
True
False
9
At what price is there a shortage of 200?
40
20
60
80
10
Elon Musk would argue that Artificial Intelligence is a great risk because it will...
end profit for big business
steal jobs
end humanity
cause laziness
11
Which of the following best defines an economy?
Free Market policies
Capitalist system of running the show
Rules of answering the Big 3 Questions
Economic policies that help the poor
12
Slavery in Dubai is best categorized by...
tricking poor Indian citizens into contracts & basic slavery
tricking wealthy land owners into doing their own work
tricking robots into working
Dubai uses animals for labor
13
Companies that avoid taxation in the United States, use islands called __________ ____________
tax heavens
tax havens
lost islands
tax exempts
14
Which type of market structure does this image represent?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
15
Who pays the highest tax rate, as a percent of their income, after the tax tricks, and breaks?
Middle Class
Companies
Rich
Poor
16
What does "per capita," really mean?
per state
per dollar
per country
per person
17
Which of the following is the best definition of Economics?
decisions based on financial concerns
Decisions based on scarcity
decisions by consumers
decisions by businesses and governments
18
At what price is there a shortage of 400 units?
70
30
90
50
19
What is the dividend yield %?
121.70
2.54
26.13
148.30
20
Is the image an elastic or inelastic good?
Inelastic
Elastic
21
Which of the following is a negative argument against the raising of minimum wage?
Rising Tax Revenue
Rising Investment
Rising Unemployment
Rising Income
22
Scarcity is...
a. the concept that all resources are unlimited
d. the concept that nothing is impossible
c. the concept that all resources are limited
b. the concept that all money is limited
23
Which is the best definition of the Invisible Hand?
Large companies providing all goods and services
Communism
The government providing goods for people
Selfishness/human nature, guiding buyers and sellers
24
Zuckerberg of Facebook CAPITAL GAINS in 2015?
120 Million
100 Billion
1 Billion
12 Billion
25
Law of Demand
price down and demand down
price up and demand up
price down and demand up
26
Which type of economy does the photo best represent?
Free Market
Command
Traditional
Mixed
27
How much was one share of McDonalds in 2012?
95.87
121.70
0.01
148.16
28
Who is the government supposed to be looking out for?
corporations
itself
other nations
the people
29
Is the image an example of an asset, or a liability?
Asset
Liability
30
Is the image an example of an asset, or a liability?
Asset
Liability
31
Efficiency is the maximum use of...
human talent you have
money available to you
time available to you
all of the above
32
Which type of economy does the photo best represent?
Mixed
Free Market
Traditional
Command
33
What is the name for where the x marks the spot, in the picture?
price
total price
market price
equilibrium price
34
Which of the following is the best example of a nest egg?
spending money on things like, cars, cell phones, and tech
savings that grows until it's time to invest in assets
spending money each time you get a check
basically an allowance
35
GDP is good for measuring economic activity, but is it the best measure of quality of life?
Yes
No
36
What does this image represent?
drones and robots replacing workers
robots are the bomb
robots losing jobs to humans
drones creating jobs
37
Which type of market structure does this image represent?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
38
How does the movie up reflect investing?
he invests a fortune of his money
he is a stock broker
he blows a bunch of money
money is not the only way you invest
39
Which type of economy does the photo best represent?
Command
Traditional
Free Market
Mixed
40
Is the image an elastic or inelastic good?
Elastic
Inelastic
41
Is the image an example of an asset, or a liability?
Asset
Liability
42
True or False: Because the U.S. spends so much on healthcare, we get free coverage
True
False
43
These guide all agreements, and lead the U.S. economic systems operation
Lawyers
Negotiators
Court Decisions
Contracts
44
What is the Price for 1,000 shares?
1.48 Million
148 Billion
$14,816
$148,160
45
At what price is this market at equilibrium?
90
10
50
30
46
Which best represents the image?
you never pay taxes, just like you never die
you pay taxes, but it's not a big deal
you don't pay taxes when you die
you will never get out of paying your taxes
47
Which of the following would NOT be considered a part of infrastructure in the United States?
Libraries/Schools/Government Centers
Car Dealerships
Roads
Sewers
48
At what quantity is this market in equilibrium?
100
600
400
200
49
True or False: The U.S. uses more tax money (per capita) on healthcare than any other nation
True
False
50
Is the image an elastic or inelastic good?
Inelastic
Elastic
51
These are the same as having partial ownership of a company and its profits
bonds
401 (k)'s
mutual funds
stocks or shares
52
The key difference between wants and needs is...
Political Opinions
Preference
Choice
Life or Death
53
This is how we measure economies (The amount of a stuff a country makes)
Human Development Index
Gross Breakfast
Gross Domestic Product
Gross Zombies
54
What are the goals of patents and copyrights?
The governments way of trying to encourage innovation
All of the Above
The governments way of trying to make you rich
The governments way of trying to protect your property
55
Is the image an elastic or inelastic good?
Inelastic
Elastic
56
Which type of market structure does this image represent?
Monopolistic Competition
Perfect Competition
Oligopoly
Monopoly
57
Which of the following would best describe the relationship between Law of D, and Law of S?
Equal
Same
No Common Theme
Opposites
58
What is the goal of rent control?
to make unemployment go up
to scare investors from expensive cities
to lower demand for apartments in expensive cities
make apartments more affordable in expensive cities
59
At which price is there a surplus of 800?
70
90
10
50
60
How many pages was the tax code in 2016?
75000
1250
7500
12500
61
Nearly all modern nations today, are an example of ________________ economies
Traditional
Free Market - Capitalist
Command - Communist
Mixed - Socialist
62
Which type of economy does the photo best represent?
Command
Mixed
Free Market
Traditional
63
Is the image an example of an asset, or a liability?
Liability
Asset
