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Duplicate of IA Econ Final Review
Duplicate of IA Econ Final Review
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Econ final
Flashcards
86 cards
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Questions
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Answers
1
A subsidy is a
A tax on an individual
A government payment to a firm
government payment to an individual
A tax on a business
2
Which of the following can lead to a change in supply?
The price of related substitutes
Changes in resource prices
Changes in population
Consumer tastes and advertising
3
Examples of which productive resource - Hammer, copy machine, saw, and factories
labor
land
entrepreneur
capital
4
What percent of the world's population has red hair?
2%
6%
4%
8%
5
Risk taking individuals in search of profits
Entrepreneurship
Capital
Labor
Land
6
All of the following are determinants of demand EXCEPT
change in income
tastes and preferences
number of consumers
price
7
How many Starbucks are in Georgia?
715
265
188
326
8
Which state produces the most pickles every year?
Mississippi
California
North Carolina
Maine
9
Where is the tallest roller coaster in the world (456 feet high)?
New Jersey
Australia
Florida
Dubai
10
Any point/combination on the production possibilities frontier illustrates
Allocative efficiency
Productive efficiency
Increasing opportunity cost
inefficiency
11
Which of the following is a normative statement?
Inflation is steady
The Government should spend more on education
The interest rate is 5%
The unemployment rate is increasing
12
Pi is 3.141592653____ . . . . what is the next number?
2
0
9
5
13
The law of demand states
As prices increase, supply increases
As prices increase, demand falls
As prices increase, demand increases
As prices increase, supply falls
14
What does a demand curve show
Nothing
amount consumers are willing and able to purchase at various prices
The products
Amount buyers negotiate on
15
Which of the following is an investment in human capital?
A company builds a new factory
A state puts in a new highway
a machine builds more chainsaws
A country builds new schools
16
What type of economy has most factors of production owned by a government?
mixed
market
traditional
command
17
Which of the following examples would shift the PPF outwards - (illustrating economic growth)
Increase in Land resources
Increase in Labor resources
Increase in technology
All the above would shift the PPF outwards
18
Movement along the production possibilities frontier illustrates which economic concept?
opportunity cost
human capital
the four factors of production
scarcity
19
Social Security and Medicare are deductions from your paycheck that fall under the government program known as
Income equality
taxes
Benefits
FICA
20
________ is an economic word meaning "satisfaction" or "benefit"
compassion
happiness
value
utility
21
Is the picture a Demand Curve or a Supply Curve?
Supply Curve
Demand Curve
22
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
23
The equilibrium price and quantity would be...
P= $5, Q=5
P = $5, Q= 4
P= $6, Q= 5
P=$5, Q=6
24
A diagram used to show the exchange of goods between households and firms in a market economy
circular flow model
Lorenz Curve
production possibilities curve
supply and demand curve
25
The law of supply says that as price goes up, _____ goes ______.
quantity supplied goes down
quantity demanded goes down
quantity supplied goes up
quantity demanded goes up
26
A combination of goods and services outside/ (above) the PPF illustrates:
not possible OR unachievable production
full production
maximum production
underproduction
27
Any combination/point inside the production possibilities frontier illustrates
an unattainable level of production
A loss of resources
inefficiency
full/maximum production
28
What are the three basic economic questions?
When, where, and why to produce?
When, how, and with whom to trade?
How much, from whom, and when to borrow?
What, how, and for whom to produce?
29
Which state has the honeybee as its official insect?
Nebraska
Texas
Georgia
New Mexico
30
The situation of limited resources and unlimited needs and wants creates
Marginal Benefit
utility
scarcity
choices
31
The cost of borrowing money is known as
the required reserve ratio
interest
principal
monetary policy
32
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
quantity, demand
price, supply
demand, supply
price, quantity
33
The word utility in economics is best represented by this synonym:
Satisfaction
Pleasure
Happiness
Future benefit
34
An increase on the price of Coca-Cola would lead to
Total anarchy
a decrease in the demand for Pepsi
An increase in the quantity demand of Coca-Cola
an increase in the demand for Pepsi
35
The rule for marginal analysis says that an individual will take an action as long as
Marginal benefit > 0
Total benefit > or = Total cost
Marginal benefit > or = Marginal cost
There is some total benefit
36
The supply curve has shifted to the right causing price to increase.
True
False
37
The discovery of new technology would do what to a PPC?
Move to a point inside the curve
Shift the curve inward
Move to a point outside the curve
Shift the curve outward
38
An example of inefficiency in an economy is
Unemployment
A decrease in technology
A loss of resources
A decrease in demand
39
A shortage is best defined as a situation where
QD > QS
QD < QS
The good is scarce
QD = QS
40
Who is the best basketball player ever?
Please take 25 points off my exam
Please take 5 points off my exam
Please take 15 points off my exam
Larry Bird
41
The economic concept that consumers and suppliers work together to bring goods to market and set prices is known as
The Invisible Hand
Trade offs
Consumer surplus
The Fallacy of Composition
42
What is the fundamental problem that economics deals with?
inflation
scarcity
unemployment
recession
43
Which of the following is NOT a factor that affects demand
Changes in Technology
Changes in Population
Changes in Income
Price of a complementary good
44
All of the following are factors of production EXCEPT
labor
entrepreneurship
human capital
land
45
How many calories are in one Big Mac?
563
466
710
245
46
Price changes shift the demand curve
True
False
47
The following combination accurately describes the condition of oil in Saudi Arabia:
Not Scarce; Surplus
Scarce; Surplus
Not Scarce; Shortage
Scarce; Shortage
48
All of the following are determinants of demand EXCEPT
price
a decrease in income
tastes and preferences
an increase in population
49
The minimum wage is an example of a price
floor
ceiling
50
Who is the current head of the Federal Reserve?
Jerome Powell
Janet Yellen
Ben Bernanke
Kamala Harris
51
In a market economy, who decides what goods and services are produced?
Congress
local government
national government
consumers and producers
52
A decrease in demand is shown graphically by
A shift to the left in the demand curve
A shift to the right in the demand curve.
A movement up
A movement down
53
The fact that you enjoy your 4th scoop of ice cream less than the previous scoop can best be explained by the concept of
Supply and Demand
Opportunity cost
Diminishing marginal utility
Scarcity
54
Tradeoffs are best thought of as
All of the other options when making a decision
The thing you gain when making a decision
The next best choice when making a decision
The time you give up when making a decision
55
Any point ON the PPC is considered Allocatively Efficient
True
False
56
A shift in the supply curve to the left means:
quantity producers offer at every price stays the same.
quantity producers offer at every price will be high.
none of the above
quantity producers offer at every price will be less.
57
Sum of people's skills, abilities, health, and motivation.
wealth
value
human capital
financial capital
58
The basic problem every economic system faces is
How to make sure prices are correct
How to make sure resources are allocated equally
How to allocate scarce resources
How to keep consumers happy
59
What percent of Americans officially live in poverty in the U.S. for 2015?
23%
12%
17%
6%
60
An economic system where the government answers all the economic questions and allocates all resources is known as
A market economy
A command economy
A traditional economy
A mixed economy
61
How many Constitutional Amendments are there?
10
43
20
27
62
The Law of Diminishing Marginal Utility states that
As consumption increases, marginal benefit/utility increases
As consumption increases, marginal benefit/utility decreases
People will stop consuming things only when their total benefit reaches 0
As consumption increases, total benefit/utility decreases
63
The additional satisfaction gained by consuming an additional unit of a good is known as
incentive
wealth
marginal benefit or utility
marginal cost
64
A resource cannot be considered scarce if
Countries have more than enough of the resource to meet current demand
The market cannot charge a price for the resource
You can buy as much as you want of it
There is a surplus of the resource
65
Which of the following examples would shift the PPF outwards - (illustrating economic growth)
Increase in Labor resources
All the above would shift the PPF outwards
Increase in Land resources
Increase in technology
66
When an economy produces the combination of goods that people desire it is known as
Command economy
Productive efficiency
Tastes and preferences
Allocative efficiency
67
What is the situation that occurs when supply is greater than demand?
inflation
shortage
equilibrium
surplus
68
The first IPhone came out in what year?
2012
2010
2007
2005
69
When Creating a supply and demand curve how do you label each axis?
X=Quantity Y=Price
X=Price Y= number of sellers
X=Quantity Y= number of buyers
X= number of buyers Y=number of sellers
70
What did my true love get on the 7th day of Christmas?
swans swimming
lords a leaping
pipers piping
sing birds
71
Which of the following examples best demonstrates opportunity cost?
You forget to bring a pencil to class
Your teacher assigns an essay for homework
Your brother chooses to read a book instead of watching TV
Your mother listens to the radio as she cooks dinner
72
A shift in the demand CURVE means which of the following?
a decrease in both price and quantity demanded
a change in demand at every price
a rise in prices
a change in consumer income
73
What was the name of the penguin in Toy Story?
Chester
Sammy
Fla fla
Weezy
74
How many full time employees does Google have?
24,505
47,100
100,300
61,814
75
What city has the most Burger King's per capita?
San Jose, CA
Chicago
Las Vegas
Orlando
76
Revenue equals
The total of all costs
Revenue and profit are the same thing
Profit - cost
Price x # of units sold
77
A move along the PPC (such as from B to C) best represents the concept of
supply
diminishing marginal utility
productive efficiency
opportunity cost
78
Price floors usually create a/an ________ of a good or service.
shortage
surplus
79
What is term for the expense of the next best alternative use of time, money, or resources?
capital
trade-off
opportunity cost
inflation
80
All of the following are determinants of supply EXCEPT
govt actions
tastes and preferences
cost or availability of resources
number of producers
81
All of the following contain Vitamin E EXCEPT
Wheat germ
Almonds
Pecans
Olive oil
82
What is productive efficiency?
Combination desired by society
Using all trade-offs
No resources wasted in production
Using the most technology
83
Per the Constitution, who has the power to declare war?
Mr. McGillicuddy
President
Congress
Generals
84
A leftward shift of supply will:
increase equilibrium quantity.
increase demand.
decrease demand.
decrease equilibrium quantity.
85
Tools, equipment, and factories used in the production of goods and services
Consumer goods
Durable goods
Capital goods
entrepreneur
86
Market Equilibrium is when the demand curve?
Meets the Supply Curve
When there is a steady supply
Is at its highest value
Is at its lowest value
