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ECON Final Exam Review- Part 1 Flashcards | StudBud
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ECON Final Exam Review- Part 1
ECON Final Exam Review- Part 1
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Review guide for Exam
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Minimum wage is an example of a federal law that supports?
full employment
economic efficiency
economic equity
economic growth
2
In a general partnership...
partners draw up legal papers called articles of partnership
partners must pay specific business taxes
partners are liable for the debt they invested
the business continues if one partner dies
3
In a Market Economy, a HIGH PRICE is a signal for?
producers to supply less and Consumers to buy more
government to intervene and protect Consumers
Producers to supply more and Consumers to buy less
Producers to supply less & Consumers to buy less
4
The $ value of ALL final goods/services produced in a country in one year is the ?
GNP
GDP
GGP
ETA
5
The supply of a product decreases if...
the price of the product increases
more producers enter the market
taxes on the product increase
the costs of inputs goes down
6
Non-Profit Organizations may
provide goods and services to members
pay dividends
issue stock
pay income taxes
7
What is TOTAL COST?
all variable costs
sum of the fixed and variable costs
fixed costs and overhead
fixed and marginal costs
8
The Eastern Shore Chamber of Commerce works to ….
protect its members from consumer complaints
aid members in negotiating with labor unions
promote the welfare of its members and community
earn dividends for members
9
Voluntary Exchange means?
people freely engage in market transactions
only workers will benefit from the exchange
no money was exchanged
neither buyer nor seller has made a profit
10
The $ used to buy the tools and equipment for production is known as?
wealth
financial capital
factors of production
capital goods
11
A market economy
limits CHOICES of goods & services
does NOT provide for EVERYONE'S basic needs
offers a HIGH degree of certainty
permits extensive government intervention
12
All of the following are characteristics of allocation by RATIONING
except
?
efficiency
diminished incentive for workers
high admin costs
lack of fairness
13
GDP stands for?
Gross Domestic Product
Gross Demand Product
Great Demand Product
Grand Domain Product
14
Manufactured good
needed to produce other goods
and services are called?
non-durable goods
capital goods
GDP
consumer goods
15
An advantage of a corporation is that….
owners pay fewer taxes than owners of other firms
owners have LIMITED liability for debt
the government does not regulate them
owners have direct control over daily management
16
The United States economy is a ?
command economy
PURE free enterprise
traditional system
modified private enterprise (MIXED ECON)
17
A popular model used to represent OPPORTUNITY COST is?
paradox of value
entrepreurship
factors of production
production possibilities frontier
18
Advertising, fashion trends, and new product introductions serve to
create consumer needs
increase income effectiveness
create consumer demand
minimize the income effect
19
What does a demand schedule show?
the positive relationship between price & quantity demanded
flux in demand that occurred over specific amt of time
a listing quantity demanded at all prices in market
flux in demand forecasted to occur next year
20
An economy at its production possibilities frontier is operating at?
Full potential
as a free enterprise economy
w/o division of labor
with slow economic growth
