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Economics Final Review Flashcards | StudBud
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Economics Final Review
Economics Final Review
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1
What are the 3 Economic Questions/Problems every community must answer?
What/How/For Where- to Produce?
What/How/For Whom- to Produce?
What/When/For Whom- to Produce?
Why/How/For Whom- to Produce?
2
The primary measure of a nation’s income and output is?
GNP
Per Capita
GDP
HDI
3
What are the Functions of Money?
Medium of Exchange, Standard of Gold, and Store of Value
Standard of Value and Store of Value
Medium of Exchange, Standard of Value, and Store of Value
Allows for easier Trade
4
What is a Check?
Written order to a bank to pay a stated sum from your Investment Account
Chess move saying the King is in danger
Written order to a bank to pay a stated sum from your Checking Account
Written order to a bank to pay a stated sum from your Savings Account
5
One of the largest Safety Net program in the United States is __, which provides income to retirees and disabled people.
Food Stamps
Medicare/Medicaid
Social Security
Welfare
6
The most common Trade Barriers are Tariffs (_____) and Embargoes (_____).
Export Taxes, Stoppages of Trade
Import Taxes, Stoppages of Trade
Export Taxes, Free Trade Agreements
Import Taxes, Free Trade Agreements
7
_____ Money inherently has value, _____ Money is backed by a Commodity, and _____Money is backed by a Government.
Representative, Commodity, Fiat
Fiat, Commodity, Representative
Commodity, Fiat, Representative
Commodity, Representative, Fiat
8
What is Labor?
Resources that have been processed into tools to produce other things
Resources in their natural state
Human effort that goes in producing
Managing all the Factors together in an cohesive way
9
The Federal Reserve uses ____ to control the amount of Money in the Economy to regulate Inflation and Unemployment.
Ideas
Monetary Policy (encouraging or discouraging borrowing)
Fiscal Policy (collecting taxes and spending money in the economy)
a hammer
10
_____, where producers want to be, is where Marginal Cost and Marginal Revenue are the same.
Profit Maximizing Output
Efficiency
Utilization
Full Employment
11
How will a Demand Curve change when there is an Increase in Demand?
Points Move along the Curve
Shifts Right
Shifts Left
No Visual Change
12
_____ advantage in producing means doing it at a higher output than the other country.
Comparative
Non-Dominant
Absolute
Dominant
13
The Federal Government uses ____ to control Economic Growth to regulate Inflation and Unemployment.
Monetary Policy (encouraging or discouraging borrowing)
a hammer
Fiscal Policy (collecting taxes and spending money in the economy)
Ideas
14
Unions can also have a Neutral Party come in to do Mediation (_____) or Arbitration (_____).
Team Bulding, Group Meditation Sessions
Legally Binding Agreements, Non-Binding Agreements
Group Meditation Sessions, Team Bulding
Non-Binding Agreements, Legally Binding Agreements
15
What are the Factors of Production?
Land,Labor, Capitol, and Entrepreneurship
Land, Tools, Capitol, and Entrepreneurship
Love, Gold, Money, and a Fast Car
Land, Labor, and Capitol
16
Electric/Water companies are __, Patents lead to ___, the Last Gas Station for 100 Miles is a __, and the USPS is a ___.
Government, Natural, Technological, Geographic (Monopolies)
Natural, Technological, Geographic, Government (Monopolies)
Technological, Geographic, Government, Natural (Monopolies)
Geographic, Government, Natural, Technological (Monopolies)
17
What is Fixed Cost?
Cost of producing one more unit
All of the Costs of Producing added together
Costs that change based on production
Costs that never change regardless of the level of production
18
What is Life Insurance?
Insurance that protects the insured from loss wages when sick or injured
Insurance that protects the insured from discrimination due to disabilities
Insurance that pays out a sum of money on the death of the insured person
Insurance that protects the insured from loss wages if you are fired
19
What is Market Equilibrium?
Space on both sides of the Supply and Demand Curves
Space above the Supply and Demand Curves
Point of intersection between Demand and Supply Curves
Space below the Supply and Demand Curves
20
Karl Marx’s theory of Communism runs counter to Classical Economics suggesting that Workers will revolt to _____.
take back the wealth and resources from the "Elite Class"
establish their own Unions and Guilds
demand better pay and working conditions
overthrow an unfair government
21
_____ Unemployment occurs when people are in their Off-Season.
Seasonal
Cyclical
Structural
Frictional
22
_____ has the Most Sellers/Producers, the Lowest Barriers to Entry/Exit, Standard Products, and Firms are Price Takers.
Oligopoly
Monopolistic Competition
Perfect/Pure Competition
Monopoly
23
Certificates of Deposits (CDs) have?
Low Risk and Returns
Very Low Risk and Returns
High risk and Returns
Moderate Risk and Returns
24
Price Fixing/Signals, Collusion, and Cartels are found in what kind of Market?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
25
Businesses give up partial Control/Profits to become a Corporation for ____, but another Trade-Off is _____.
100% Liability and Access to Capitol, Decreased Taxes and Regulations
0% Liability and Access to Capitol, Increased Taxes and Regulations
100% Liability and Access to Capitol, Increased Taxes and Regulations
0% Liability and Access to Capitol, Decreased Taxes and Regulations
26
Businesses/Producers are ALWAYS trying to Maximize what?
Supply and Demand
Love
Efficiency
Profits
27
What is Entrepreneurship?
Managing all the Factors together in an cohesive way
Being a manager
Creating a Business Plan
Being creative
28
Many Partnerships form with the idea that each Partner will _____ in their area of expertise.
Control
Handle
Focus
Specialize
29
The Law of Supply states?
As P goes up, QS goes up and P goes down, QS goes down
As P goes up, S goes up and P goes down S goes down
As P goes up, S goes down and P goes down, S goes up
As P goes up, QS goes down and P goes down, QS goes up
30
What infographic demonstrates how Resources, Goods/Services, People, and Businesses interact?
Supply and Demand Curve
PPC/PPF
Circular Flow
Business Cycle
31
What is Collective Bargaining?
Union and Business Owners meet to negotiate working conditions
Using mulitple coupons at the grocery store
Workers and thier bosses talking about salaries
Dads helping Moms to make important choices about families
32
Who is the “Father of Economics”? ("Invisible High Five" if you get it right!)
John Maynard-Keynes
Bill Gates
Adam Smith
Karl Marx
33
Durability, Portability, Divisibility, Uniformity, Acceptability, and a Limited Supply are what?
Purposes of Money
Types of Money
Characteristics of Money
Functions of Money
34
A big advantage of Mutual Funds is that they are _____ into many types of investments.
Speacialized
Funded
Diversified
Liquid
35
In the Modern Era there are no truly "Pure Economies", instead they can all be considered what?
Traditional Economy
Mixed Economy
Command/Centrally-Planned Economy
Free Market Economy
36
A Trade _____ is Importing more than Exporting, while a Trade ____ is Exporting more than Importing - between Countries.
Shortage, Surplus
Surplus, Shortage
Deficit, Surplus
Surplus, Deficit
37
Prices and Economic Questions answered according to Customs and Beliefs happens in a what?
Command/Centrally-Planned Economy
Free Market Economy
Traditional Economy
Mixed Economy
38
What are the New York Stock Exchange (NYSE) / National Association of Securities Dealers Automated Quotations (NASDAQ)?
Indexes that track and monitor Stock Prices and Economic Performance
Central Marketplace for regional rental propeties
Central Marketplace for Stocks and Securities
Indexes for finding insurance policies
39
Discount Rates are the _____ and the Reserve Ratio is the _____, both are Monetary Policy Tools used by the Fed.
Percent of a Bank’s deposits that can't be used, Interest Rates for Banks
Interest Rates for Banks, Percent of a Bank’s deposits that can be used
Interest Rates for Banks, Percent of a Bank’s deposits that can't be used
Percent of a Bank’s deposits that can be used, Interest Rates for Banks
40
_____ advantage in producing means doing it more Efficiently than the other country.
Dominant
Absolute
Comparative
Non-Dominant
41
What is Economics?
Study of Resources
Study of Money
Study of the Economy
Study of Choices
42
_____ Unemployment occurs when the Economy is in the Recession phase of the Business Cycle.
Structural
Frictional
Cyclical
Seasonal
43
What is Discretionary Income?
Money used at your discertion
Money for needs
Money earned from work
Money for wants left over after paying for needs
44
What is a Strike?
Knocking down all the pins when you are bowling
Workers refusing to work
Causing damage to a place of employment
Workers neogtiating with thier bosses
45
An ATM Card is used _____, while a Debit Card is used _____.
at banks to verify your identity, at businesses that accept any tender
anywhere, at machines that allow you to access your bank accounts
at machines that allow you to access your bank accounts, anywhere
at businesses that accept any tender, at banks to verify your identity
46
What is the best way to pay off Debt?
Pay more than the minimum, starting with the lowest interest rates
Pay less than the minimum, starting with the highest interest rates
Pay more than the minimum, starting with the highest interest rates
Pay your monthly payments at the required minimums
47
What is Unskilled Labor?
Work that anyone can do with little to no training
Work that requires a lot of official training like an apprenticeship
Work that requires years of study and degrees
Work that most people can do with some minimal training
48
_____ Unemployment occurs when Businesses have changed how they operate.
Frictional
Cyclical
Seasonal
Structural
49
As Income Increases Demand for _____ Goods will Decrease and Demand for _____ Goods will Increase, and Vice Versa.
Normal, Inferior
Substitute, Complement
Complement, Substitute
Inferior, Normal
50
What is the value of giving up the next best alternative?
Cost-Benefit Analysis
Compromise
Opportunity Cost
Trade-Off
51
_____ Unemployment occurs when people are between jobs voluntarily.
Structural
Frictional
Seasonal
Cyclical
52
We must make Choices because of _____, the concept that all "Resources are Limited".
Scarcity
Cost-Benefit Analysis
Opportunity Cost
Struggle (It IS Real)
53
Checking accounts are for _____, Savings is money for ______ or _____, and Investing is meant for _____ like retirement.
Spending, Emergencies or Long-Term Goals, Short-Term Goals
Emergencies, Spending or Long-Term Goals, Short-Term Goals
Emergencies, Spending or Short-Term Goals, Long-Term Goals
Spending, Emergencies or Short-Term Goals, Long-Term Goals
54
Debit Cards access money from a _____, while Credit Cards access money from a _____.
Personal Bank Account, Revolving Monthly Instant Loan
Checking Account, Investment Account
Revolving Monthly Instant Loan, Personal Bank Account
Investment Account, Checking Account
55
The ___ is a Global Organization that promotes Trade while ___ is a Trade Agreement between Canada, Mexico, and the U.S.
BRICS, EU
WTO, NAFTA
EU, BRICS
NAFTA, WTO
56
The Advantages and Disadvantages of Sole Proprietorships are?
100% control/profits and 0% Liability/Less Access to Capitol
100% control/profits and 100% Liability/Less Access to Capitol
Shared control/profits and Shared Liability/More Access to Capitol
Shared control/profits and 0% Liability/High Access to Capitol
57
Prices above Equilibrium lead to _____, while prices below Equilibrium lead to _____.
Benefits, Shortages
Surpluses, Costs
Shortages, Surpluses
Surpluses, Shortages
58
Products that consumers will buy much less of when there is a price increase have what?
Elastic Supply
Elastic Demand
Inelastic Supply
Inelastic Demand
59
Aside from Collective Bargaining and Strikes, employees can also appeal to Consumers by asking them to do what?
Cancel Culture
Boycott a Product
Giving money to thier GoFundMe pages
Buying American
60
How will a Demand Curve change when there is a Decrease in Demand?
Shifts Left
Shifts Right
Points Move along the Curve
No Visual Change
61
How will a Demand Curve change when there is a Change in Quantity Demanded?
Shifts Left
Points Move along the Curve
No Visual Change
Shifts Right
62
What is Skilled Labor?
Work that anyone can do with little to no training
Work that requires a lot of official training like an apprenticeship
Work that requires years of study and degrees
Work that most people can do with some minimal training
63
Investment Accounts like 401ks and IRAs try to discourage people from using money too early by doing what?
Suing people who do not comply
Adding money to accounts left alone
Frequent warnings about loss savings
Charging heavy fees for early withdrawals
64
When the price of Substitute Good 1 goes up, the Demand of Substitute Good 2?
Remains the Same
Decreases
Both Increases and decreases
Increases
65
What is Disability (Gap) Insurance?
Insurance that protects the insured from loss wages if you are fired
Insurance that protects the insured from loss wages when sick or injured
Insurance that protects the insured from discrimination due to disabilities
Insurance that pays out a sum of money on the death of the insured person
66
Prices set by Supply and Demand, Private Ownership of Resources, high levels of Competition happen in a what?
Command/Centrally-Planned Economy
Free Market Economy
Mixed Economy
Traditional Economy
67
The Law of Demand states?
As P goes up, D goes up and P goes down D goes down
As P goes up, D goes down and P goes down, D goes up
As P goes up, QD goes down and P goes down, QD goes up
As P goes up, QD goes up and P goes down, QD goes down
68
_____ is what you make in total before any deductions, ____ is what you take home after deductions.
Income, Taxable Income
Gross Pay, Net Pay
Taxable Income, Income
Net, Pay Gross Pay
69
A Market is where what happens?
Capitalism
People buy groceries
Where Stocks can be monitered
Trade/Exchange of Goods and Services
70
What is Variable Cost?
Cost of producing one more unit
Costs that change based on production
All of the Costs of Producing added together
Costs that never change regardless of the level of production
71
What are the three "C's" of Credit?
Capacity, Character, Credit
Coolness, Character, Credit
Capacity, Character, Commerce
Capacity, Creativity, Credit
72
A _____ is the repetitive economic changes that take place in a country over a period.
PPC/PPF
Supply and Demand Curve
Circular Flow Chart
Business Cycle
73
___ are Unintended Consequences, they can be Positive (New Roads improve Home Value) or Negative (New Factory Pollutes).
Free Riders
Externalities
Opportunity Costs
Trade-Offs
74
Compound Interest works by including Interest that has _____ in Future Returns/Debt Calculations.
already accrued
low value
high value
diversified
75
The Human Development Index (HDI) looks at Life Expectancy at Birth, Adult Literacy Rate, and GDP per Capita to do what?
Rate Countries on their Health
Rate Countries on their Happiness
Rate Countries on their Quality of Life
Rate Countries on their Technology
76
What is Capitol?
Managing all the Factors together in an cohesive way
Human effort that goes in producing
Resources that have been processed into tools to produce other things
Resources in their natural state
77
The _____ concept says minorities face difficulties in getting promotions, watching as others get promoted above them.
Glass Ceiling
Racism
Strike
Unskilled Labor
78
What is Semi-Skilled Labor?
Work that most people can do with some minimal training
Work that anyone can do with little to no training
Work that requires years of study and degrees
Work that requires a lot of official training like an apprenticeship
79
Prices Ceilings set Prices _____ Equilibrium and Price Floors set Prices _____ Equilibrium.
Above, Below
Outside, Inside
Inside, Outside
Below, Above
80
Stocks generally have?
Low Risk and Returns
Moderate Risk and Returns
Very Low Risk and Returns
Very High risk and Returns
81
Treasury Notes/Government Bonds have?
Very Low Risk and Returns
High risk and Returns
Low Risk and Returns
Moderate Risk and Returns
82
Trade allows countries to _____ in some goods and trade for others.
Specialize
Deal
Produce
Focus
83
Mutual Funds generally have?
Moderate Risk and Returns
Very High risk and Returns
Low Risk and Returns
Very Low Risk and Returns
84
What concept is being shown by this PPC/PPF?
Cost-Benefit Analysis
Opportunity Cost
Scarcity
Comparative Advantage
85
Economists against raising the Minimum Wage (Price Floor) suggest it leads to what?
Lower Unemployment and Higher Inflation
Lower Unemployment and Inflation
Higher Unemployment and Lower Inflation
Higher Unemployment and Inflation
86
What is Marginal Cost?
Costs that never change regardless of the level of production
Cost of producing one more unit
Costs that change based on production
All of the Costs of Producing added together
87
What is Total Cost?
All of the Costs of Producing added together
Cost of producing one more unit
Costs that change based on production
Costs that never change regardless of the level of production
88
___ is a major part of ___ Markets, sellers will often use Advertising and "Exclusives" to inspire your Brand Loyalty.
Product Differentiation, Pure/Perfect
Non-Price Competition, Pure/Perfect
Non-Price Competition, Monopolistic
Product Differentiation, Monopolistic
89
Better Transportation, Technology, and the Internet has made the Global Economy _____ fluid and interconnected.
Less
More
90
What are the Dow Jones Industrial Average (DJIA) and the Standard & Poor's 500 (S&P500)?
Indexes for finding insurance policies
Indexes that track and monitor Stock Prices and Economic Performance
Central Marketplace for Stocks and Securities
Central Marketplace for regional rental propeties
91
When the price of Complement Good 1 goes up, the Demand of Complement Good 2?
Increases
Decreases
Remains the Same
Both Increases and decreases
92
Classical Economics support _____ that have NO Government Regulation.
Centrally-Planned Economies
Free Market Economies
Traditional Economies
Command Economies
93
Allowing people to focus on what they are most efficient at is what?
Specialization
Human Capitol
Eating Pizza
Efficiency
94
Prices being set by the Government, Public Ownership of Resources, and heavy Government regulations happens in a what?
Command/Centrally-Planned Economy
Mixed Economy
Traditional Economy
Free Market Economy
95
The biggest advantage of Owning is _____, while the biggest advantage of Renting is _____.
Less Responsibility, Control of the Property
Control of the Property, Less Responsibility
Freedom of Mobility, Being able to build Equity
Being able to build Equity, Freedom of Mobility
96
Education and training are both considered what?
Efficiency
Human Capitol
Productivity
Skills
97
Bonds generally have?
High risk and Returns
Low Risk and Returns
Moderate Risk and Returns
Very Low Risk and Returns
98
Products that consumers will mostly continue to buy despite a price increase have what?
Elastic Supply
Inelastic Supply
Elastic Demand
Inelastic Demand
99
What is Land?
Managing all the Factors together in an cohesive way
Human effort that goes in producing
Resources in their natural state
Resources that have been processed into tools to produce other things
100
What is Professional Labor?
Work that requires years of study and degrees
Work that most people can do with some minimal training
Work that anyone can do with little to no training
Work that requires a lot of official training like an apprenticeship
