stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Review Flashcards | StudBud
Explore
/
Economics Review
Economics Review
50 terms
·
StudBud Administration
·
1,162 plays
A review for the final exam.
Flashcards
50 cards
F
Practice quiz
P
Host live
L
Questions
50
Answers
1
The opportunity cost of going to college is...
the value of the best opportunity you gave up in order to go
The total $ spent on books, tuition, etc.
Zero, as long as you got a scholarship!
zero, since you'll make a bunch of money later.
2
The "invisible hand" promotes well being through...
Altruism (helping others)
Politics
Government intervention
Self interest
3
For the rancher, the opportunity cost of 1 pound of potatoes is ____.
2 hours of labor
4 hours of labor
1/4 pound of meat
4 pounds of meat
4
Who is not included when checking unemployment?
people that got laid off
part time workers
people incapable of working
employed workers
5
Who sings this song?
Billie Joe Armstrong
Pearl Jam
Green Day
Tom Petty
6
There is such thing as a free lunch.
Well, that depends on many factors...
Sure, why not?
False
Fasle
7
Money is...
only good in paper form.
the medium of exchange.
represented in gold and silver.
what people use to get what they want.
8
Which market structure is run by only a few large companies?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
9
When there is a shortage,
price needs to go up
sellers are producing more than buyers wish to buy
the market is in equilibrium
the price is above equilibrium
10
The amount that total cost rises with each additional unit of output is...
marginal cost
average cost
variable cost
fixed cost
11
What is the main concept of econ?
Scarcity
Power
Change
Poverty
12
What is the term for when society is getting the most out of its resources?
Opportunity cost
Inefficiency
Efficiency
Scarcity
13
Government efforts to stabilize an economy is called what?
fiscal policy
regulative policy
monetary policy
wage and price controls
14
When there is a surplus,
the market is in equilibrium
the buyers want to buy more than the sellers will offer
the price needs to go up
the price needs to go down
15
For the farmer, the opportunity cost of 1 pound of meat is ___.
1/2 pounds of potatoes
2 pounds of potatoes
4 hours of labor
8 hours of labor
16
If the country is in a recession, a common fiscal policy would be...
raise taxes and increase spending
cut all government spending and raise taxes
cut taxes and increase spending
cut taxes and cut spending
17
Profit is...
net revenue minus depreciation
average revenue minus average total cost
marginal revenue minus marginal cost
total revenue minus total cost
18
Which of the following is not a factor of production?
Money
Labor
Entrepreneur
Land
19
Which of the following is controlled by the FED?
Monetary policy
Fiscal policy
20
If the price of a good decreases, then...
demand will increase
quantity demanded will increase
demand will decrease
quantity demanded will decrease
21
Fixed costs...
change with the amount produced
go up with the more you produce
stay the same, no matter production
go down with the more you produce
22
Which of the following are laws designed to stabilize the economy?
Monetary policy
Fiscal policy
23
What is the address of CHS?
2125 suoth 11st street
2521 south 11th street
2125 south 11th street
2521 south 11th street
24
If a good is inferior, when a person's income goes down, this will result in...
a lower market price
an increase in the demand for the good
a decrease in the demand for the good
no change in the demand for the good
25
An increase in supply and a decrease in demand will have what effect on Ep and Eq?
Decrease Ep, Eq is n/a
Increase Ep, Eq is n/a
Decrease Ep, Increase Eq
Increase Ep, Decrease Eq
26
If the price of a complement for good X increases, then...
there will be a surplus
the demand for good X will decrease
the demand for good X will increase
nothing will change.
27
Which market structure has the most control over price?
Monopoly
Monopolistic competition
Oligopoly
Perfect competition
28
Which market sells identical products?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
29
If the price of a substitute for good X increases, then...
the price of good X will increase
the demand for good X will increase
the demand for good X will decrease
the demand will not change
30
Which of the following is NOT one of the 3 questions each society must answer?
How will the good be produced?
What determines consumer tastes?
What will be produced?
For whom is the good?
31
Which of the following would be considered an inferior good?
New house
New car
Steak dinner
Ramen noodles
32
On a production possibilities curve, production is efficient if the point is...
On the curve
On or inside the curve
Inside the curve
Outside the curve
33
What movie used this song?
Baby Driver
Hocus Pocus
Avengers: Endgame
Focus
34
Consumer incomes have increased. What's going to happen to the demand for steak?
demand decrease
quantity demanded increase
demand increase
quantity demanded decrease
35
How does price affect the demand of a good?
It decreases the demand.
It doesn't affect the demand.
It increase the demand.
None of the above
36
What is the downward sloping line that relates the price of the good with the quantity demanded?
Supply curve
Seriously, this is a gimme...
Demand curve
C'mon, you better get this one right...
37
In economics, people respond to...
Incentives
Politicians
Tax breaks
Complements
38
How will a decrease in the price of a good affect the supply of that good?
Supply will not change
Supply will increase
Indeterminate
Supply will decrease
39
There is no such thing as a free lunch.
False
True
It depends on your definition of "lunch"
It depends on your definition of "free"
40
Who wrote
Wealth of Nations
?
Adam Smith
Adam Smyth
Kurt Vonnegut
Karl Marx
41
Which market is easiest to enter AND sells differentiated products?
Monopolistic competition
Monopoly
Perfect Competition
Oligopoly
42
Taylor Swift is dating Travis Kelce. He went to the University of Cincinnati. What is their mascot?
Bobcats
Bearcats
Bears
Wolves
43
Which of the following would not be a tool the government can use to influence the economy?
taxation
spending
entitlements
44
Which country has the highest GDP?
China
Japan
USA
'Merica
45
You love economics.
False
True
46
Frank spends an extra hour working instead of hangin' with Mr. Cooper. What's his opp. cost?
The enjoyment of hangin' with Coop
The $8 he earns
Nothing...work is life
47
Which of the following deals with the economy as a whole, not individual firms?
Microeconomics
Macroeconomics
48
The point where Qs = Qd is...
Monopolistic price
Equilibrium
Coordinating price
49
On a PPC, what can't be reached?
A point on the curve
A point inside the curve
A point outside the curve
50
When the price of a good or service changes,
supply shifts
there is movement along the curve
demand shifts
both demand and supply shift
